(By ATFX Analyst Team)
Key TakeawaysInvestors were looking for clarity on the Middle East situation amid mixed signals from the U.S. and Iran. Positive U.S. economic data, particularly a rise in JOLTS job openings, boosted U.S. stocks and the dollar, while gold and crude oil also gained. Today’s focus is on U.S. economic data, with expectations that May ADP employment will increase by 117,000, indicating a resilient labor market. The ISM Non-Manufacturing PMI will provide insights into the health of the services sector. Later, attention will shift to the Federal Reserve’s Beige Book for signs of economic slowdowns and inflation trends. |
Global Market Review 03/06/2026
U.S. job openings surged in April, leading Wall Street to new record highs. The Dow rose 0.45%, the S&P 500 gained 0.13% to surpass 7,600, and the Nasdaq increased by 0.03%. Treasury yields were mixed, and the dollar edged higher. Gold prices closed up 0.03% at $4,484.59 per ounce, while crude oil reached a one-week high.
Key Events Today:
- 07:00 AU Services & Composite PMI Final MAY **
- 08:30 JP Services & Composite PMI Final MAY **
- 09:30 AU GDP Q1 ***
- 09:45 CN Services & Composite PMI MAY **
- 15:55 EU GERMANY Services & Composite PMI Final MAY **
- 16:00 EU Services & Composite PMI Final MAY **
- 16:30 GB Services & Composite PMI Final MAY **
- 16:30 BoJ Gov Ueda Speech ***
- 17:00 EU PPI APR ***
- 20:15 US ADP Employment Change MAY ***
- 21:45 US Services & Composite PMI Final MAY **
- 22:00 US ISM Services PMI MAY ***
- 22:30 EIA Crude Oil Stocks Change **
June 4th
- 02:00 Fed Beige Book ***
- 13:00 RBA Gov Bullock Speech ***
- 16:00 ECB President Lagarde Speech ***
- 17:00 EU Retail Sales MoM APR **
- 20:30 US Initial Jobless Claims ***
Markets Analysis 03/06/2026
- Resistance: 1.1649 / 1.1666
- Support: 1.1611 / 1.1593
Eurozone May inflation increases, supporting a potential rate hike by the European Central Bank. Meanwhile, with the U.S. dollar gaining, EUR/USD remained mostly unchanged, indicating low overall volatility.
Analyst View: The pair is currently in a wait-and-see mode, trading within a narrow range around the 10-day moving average. Whether it holds this level as support or turns it into resistance will dictate the short-term trend. Market participants are focused on U.S. ADP employment data and Eurozone PPI for guidance.
Bias: Range-bound
- Resistance: 1.3522 / 1.3564
- Support: 1.3386 / 1.3343
Bank of England Governor Andrew Bailey emphasized the importance of reducing UK inflation and bolstering household confidence in the central bank. GBP/USD rebounded from losses but remained in a tight trading range.
Analyst View: The pair is trading within the 10-day and 20-day moving averages, with markets looking to U.S. and European data releases for a potential catalyst to break the current range.
Bias: Range-bound
- Resistance: 160.08 / 160.41
- Support: 159.73 / 159.39
USD/JPY gained for consecutive days, reaching fresh highs not seen since April 30. As the rate approaches 160, concerns about possible Japanese government intervention have increased.
Analyst View: The pair nearly reached the 160 level yesterday and touched it briefly this morning before retracing. The 160 level remains a key resistance to watch, as it may trigger a short-term correction.
Bias: Cautious at highs
- Resistance: 96.47 / 98.38
- Support: 92.65 / 90.28
Market concerns over U.S.-Iran peace talks have deepened, causing slight increases in crude oil prices. Traders are awaiting more clarity on the negotiations.
Analyst View: Crude oil rebounded yesterday, moving slowly. After testing the 10-day moving average, attention now turns to the key resistance at the 20-day moving average around $96.70. A breakout needs positive news, or prices may remain within the current range due to market uncertainty.
Bias: Range-bound
- Resistance: 4504 / 4531
- Support: 4452 / 4419
Spot Silver (XAG/USD)
- Resistance: 76.17 / 77.00
- Support: 73.47 / 72.62
Gold prices rose slightly on Tuesday but were limited by uncertainty around U.S.-Iran peace negotiations and mixed signals from both sides. The metal ended the session below $4,500.
Analyst View: Gold is trading in a narrow range as markets await the U.S. ADP employment data for a potential breakout. With prices below the 10-day moving average, downward pressure persists, and a test of the $4,400 level remains possible.
Bias: Mildly bearish
- Resistance: 51391 / 51452
- Support: 51200 / 51140
Dow reached record highs again, driven by enthusiasm for artificial intelligence, despite mixed signals about the U.S.-Iran situation. Analyst View: Dow rallied late yesterday, with bulls pushing to new highs. Technical targets have risen to the 51391/51452 range, but investors should watch for the upcoming U.S. ISM Services PMI and ADP employment data for direction.
Bias: Bullish at highs
- Resistance: 30784 / 30912
- Support: 30362 / 30231
Chip stocks maintained their strong momentum with widespread gains, while “Big Tech” had mixed results: Microsoft dropped by over 4%, Google nearly 4%, and Apple rose almost 3%. Nasdaq ended the day with a modest gain.
Analyst View: Nasdaq remains at record highs, though upside momentum has slightly softened. The index retains a mildly bullish bias as attention shifts to tonight’s U.S. data releases and the Federal Reserve’s Beige Book for direction.
Bias: Mildly bullish at highs
- Resistance: 69675/71784
- Support: 64955/62881
Bitcoin fell to a two-month low on Tuesday after corporate holder Strategy sold its holdings for the first time in nearly three-and-a-half years. The price continued to decline during the Asian trading session on Wednesday.
Analyst View: BTC/USD fell sharply yesterday, marking its largest single-day drop since early February and hitting a two-month low. With prices dipping below $70,000, bearish pressure has increased. A drop below $66,000 could signal support in the 64955/62881 range.
Bias: Bearish at lows
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