Currency news / June 3, 2025

Dollar steadies

3 min read Thanim Islam

Thanim IslamJune 3, 2025

Market snapshot:

US manufacturing contracts further
EU inflation in focus today

Yesterday's currency recap

The dollar remained weak yesterday after ISM manufacturing numbers came in short of expectations, indicating contraction for the third consecutive month.

Earlier in the day, the dollar started the week lower after US-China trade tensions escalated once again.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.34%	2.0866
GBPCAD	0.31%	1.8559
GBPCHF	0.04%	1.1075
GBPDKK	-0.04%	8.8425
GBPEUR	-0.04%	1.1852
GBPJPY	-0.25%	193.422
GBPNOK	-0.60%	13.6644
GBPNZD	-0.50%	2.2455
GBPSEK	0.10%	12.9203
GBPUSD	0.63%	1.3547

*Daily move - against G10 rates at 7:00 am, 03.06.25
** Indicative rates - interbank rates at 7:00 am, 03.06.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	CPI MoM	May	0.00%	0.60%
EUR	CPI YoY	May	2.00%	2.20%
EUR	Core	May	2.50%	2.70%
USD	JOLTS Job Openings	Apr	7,100,000	7,192,000

What we think

Today's spotlight is on EU inflation, with predictions indicating a continued decline in prices from April to May, strengthening the argument for additional European Central Bank (ECB) rate cuts this year. The bank is expected to cut rates by 0.25% this Thursday, with another cut projected by year's end.

From the US, we have the JOLTS report expected to show a decline in job openings numbers.

Read more about the ECB's interest rate decisions here - When is the next ECB interest rate decision?

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