Forex news for Asia trading on Friday 4 June 2021

Bitcoin dropped under US$38K on a tweet from TSLA CEO Elon Musk once again announcing his break up with the crypto (he tweeted weeks ago on better crypto alternatives). Pic of the tweet is below, note the broken heart emoji (I'm not sure if that is fundamental or technical analysis TBH).

Across major FX we tracked more or less sideways ahead, of course, of the much-awaited labour market report from the US, May figure for nonfarm payrolls (due at 1230GMT).

Gold was a little more decisive, it dropped towards US$1855 and as I update its mid-range circa $1864.

News flow was fairly light for the session, although we did get a cascade of Australian analyst forecasts from the RBA, all looking for a mini taper ahead (see bullets above).

Data - we had Japanese household spending surging y/y but up only small m/m. Y/y data continues to show the base effects of the economic shock in H1 of 2020. Australian housing finance growth continues to surge, what you get when interest rates are dribbling along at historic lows.

For previews of the nonfarm payroll report:

Forex news for Asia trading onFriday4June 2021