Optimism over the Fed's interest rate cut offsets demand concerns, causing oil prices to rise by more than 1%.

On Wednesday, June 5th, data showed an increase in crude oil and fuel inventories in the United States. At the same time, hopes for a September rate cut by the US Federal Reserve outweighed concerns about demand, causing oil prices to rebound from a four-month low and rise by more than 1%.

FX678 Finance16:24 ET

Technical analysis for EUR/USD, GBP/USD, USD/CAD, USD/JPY.

Due to traders' reaction to the US PMI data, the EUR/USD fell to the level of 1.0850. After the Bank of Canada lowered the interest rate from 5.00% to 4.75%, the USD/CAD rose above 1.3700. The USD/JPY rebounded above 156.00.

FX678 Finance16:19 ET

High mortgage interest rates remain in the United States. Applications for housing mortgage loans have experienced the largest drop since early April.

According to the Zhitong Finance APP, due to mortgage interest rates staying above 7%, the number of US housing mortgage applications last week experienced the largest decline since early April. Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that the mortgage application index for home purchases decreased by 4.4% for the week ending May 31 (including Memorial Day). The contract rate for 30-year fixed-rate mortgages increased by 2 basis points to 7.07%, the ninth consecutive week above 7%. However, the interest rate for adjustable-rate mortgages with a term of five years decreased by 27 basis points to a two-month low of 6.37%. Mortgage loans.

Zhitong FinanceJun 5 08:50 ET

Similar inflation trends in the United States and Europe? After this week, the European Central Bank's path to interest rate cuts may become increasingly difficult to navigate.

The eurozone may follow in the footsteps of the United States in terms of persistent inflation, and interest rate cuts after June may not be smooth sailing.

wallstreetcnJun 5 05:40 ET

EUR/USD Sidelines Ahead of ECB Policy Meeting

EUR/USD juggles in a tight range with the focus on the ECB policy meeting and US economic data.

FXStreetJun 5 05:33 ET

The expansion rate of commercial activity in the Eurozone in May reached a new high in a year, and the PMI rose to 52.2.

In May, business activity in the Eurozone experienced the fastest expansion in a year, thanks to the strong growth of the services sector.

Zhitong FinanceJun 5 05:23 ET