May Summary
- In May, the AUD/USD exchange rate ranged from 0.6466 to 0.6714, with a total movement of 248 pips.
- The primary focus remained on U.S. inflation and its effect on interest rates, with strong data reducing expectations for rate cuts and some predicting a rate hike by year-end.
- The Bank of Japan continued to sell USD/JPY to manage the Yen’s value.
- President Biden imposed tariffs on Chinese electric vehicles, influencing trade dynamics.
- UK Prime Minister Rishi Sunak announced a surprise election, adding political uncertainty.
- Ethereum surged 20% due to ETF speculation, while former President Trump was convicted on all counts.
Snapshot of the Month
Key Upcoming Dates
| 5th June | Australian GDP |
| 5th June | Bank of Canada Interest Rate Decision |
| 6th June | European Central Bank Interest Rate Decision |
| 6th June | US Services PMI |
| 7th June | US Non Farm Payrolls |
| 12th June | US CPI |
| 13th June | Australian Employment |
| 13th June | Federal Reserve Bank Interest Rate Decision |
| 13th June | US PPI |
| 14th June | Bank of Japan Interest Rate Decision |
| 18th June | Reserve Bank of Australia Interest Rate Decision |
| 20th June | Bank of England Interest Rate Decision |
| 20th June | Swiss National Bank Interest Rate Decision |
| 26th June | Australian CPI |
| 27th June | US GDP |
Want to keep up to date with our CCY Wrap?
Follow our LinkedIn for daily market insights or discover more at EbonFX