[MARKET ANALYSIS] USD pressured as oil reverses, EUR looks to EZ inflation; JOLTS due

Newsquawk Staff · 2 Jun 2026, 08:48 UTC

G10s are mixed but mostly stronger against the Buck as energy benchmarks pull back alongside more constructive Gulf headlines.
The Buck trades a touch lower after pressure seen in the early European morning attempted to push the Dollar index to the 99.00 level. Markets are generally more risk-on after headlines overnight were more constructive than those seen on Monday. See 08:20 BST headline for geopolitical specifics. US domestic newsflow has been light. Today sees the release of JOLTS job openings. The figure is expected to be broadly unchanged from the March figure. DXY trades 0.1% lower within a 99.05-9922 range.
EUR is a touch firmer against the weaker Buck in a reaction you would expect to see in response to the recent geopolitical headlines. EZ inflation due at 10:00 BST, which is expected to rise 0.2 ppts to 3.2%. The data shouldn't change much for the ECB into the June 11th meeting, where the Governing Council is overwhelmingly expected to tighten its policy rate. EUR/USD +0.2%, remains on 1.1600 handle.
JPY is the sole currency which does not post gains against the Buck, with the pair just flat/lower. Japan saw strong demand at its 10yr auction overnight, where demand rose beyond the 12-month average despite the BoJ slated to hike rates in two weeks. JPY saw modest strength on the results, though it proved fleeting with USD/JPY rangebound given the various fiscal/Terms of Trade headwinds. In a note this morning, ING wrote "The risk of new intervention does look a bit underpriced, considering Japanese authorities have remained rather hawkish with their intervention narrative." Katayama was on the wires overnight, she said: "Closely coordinating with the US on FX."

What our latest note said

US Market Open, 23 Oct, 10:15 UTC · what it led with

US President Trump says the US crushed Iran, and may want to do it a "little more".
Crude benchmarks firmer on ongoing tensions in the Middle East; recent bout of strength comes after the Houthis launched another missile towards Saudi interests.

Read the whole note Free to read.

Newsquawk Daily

Get the next one free, by email.

What moved overnight, where stocks, bonds, currencies and oil stand, and what’s due today. Written by our analysts.

Both market-open notes, EU and US, every weekday. No account needed. Unsubscribe any time.

If you trade

This headline was on the Newsquawk live feed at 08:28 UTC.

Use the Platform opens our news terminal in your browser, with the live headline feed. It’s news, not a broker.

Use the Platform

Free. No signup, no card.

Case studies

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.
DXY+0.1%
Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.
USD/JPY+0.1%
Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.
USD/JPY−0.5%

See all 183

More on this story

Make Newsquawk a preferred source on GoogleSelect this to see Newsquawk more often in Top Stories when you search Google.

More on this story

Related headlines