The weekly US labor market data showed that initial jobless claims rose to 247,000, surpassing the forecast of 236,000 and the previous week's 239,000. Meanwhile, the 4-week moving average for claims rose from 230,500 to 235,000. The total number of people receiving government support decreased from 1.907 million to 1.904 million, slightly below the expected 1.910 million. Furthermore, the Federal Reserve's Beige Book report highlighted that the national economy has slowed due to reduced hiring and growing concerns about rising prices tied to the trade tariffs imposed by President Donald Trump's administration. The report also mentioned that all districts reported heightened levels of economic and political uncertainty, leading to a cautious approach to business and household decisions.

Eurozone

The euro is strengthening against the yen and US dollar but weakening against the pound.

Today's attention is on the European Central Bank (ECB) meeting, during which the regulator lowered borrowing costs by 25 basis points, bringing the key rate to 2.15%, the marginal rate to 2.40%, and the deposit rate to 2.00%. Additionally, the ECB updated its inflation forecast for this year, lowering it to 2.0% from 2.3%, while the core Consumer Price Index (CPI) forecast was adjusted from 2.2% to 2.4%. This decision was influenced by potential corrections in energy prices and the strengthening of the euro. Many economists believe that the ECB will take a break from rate cuts and evaluate the effects of the new US tariff policy on the regional economy. The April Producer Price Index (PPI) data was also released, showing a monthly drop from 1.9% to 0.7%, and an annual decline from -1.7% to -2.2%, below the expected -1.8%.

United Kingdom

The British pound is strengthening against the US dollar, euro, and yen.

May data on business activity in the UK construction sector showed a rise in the index from 46.6 to 47.9, surpassing the forecast of 47.4, but still remaining in stagnation territory. Experts note that national construction companies reduced their workforce at the fastest pace in nearly five years due to a fall in housing demand and rising wage costs, which were 6.4% higher than the previous year.

Japan

The Japanese yen is weakening against the major currencies, including the euro, pound, and US dollar.

Japan's April labor data shows that real wages, adjusted for inflation, fell by 1.8% compared to the previous year. This marks the fourth consecutive month of decline due to persistent inflation outpacing wage adjustments. Regular pay increased by 2.2%, the highest rate in four months, while overtime pay rose by 0.8%, and special bonuses grew by 4.1%. Overall, households' financial conditions remain under pressure, which may prompt the Bank of Japan to tighten its monetary policy further.

Australia

The Australian dollar is strengthening against the yen, pound, US dollar, and euro.

Investors are focused on the latest data on Australia's trade balance for April. Exports fell by 2.4% after a 7.2% increase in the previous month, while imports grew by 1.1% after a -2.4% decline, leading to a reduction in the positive trade balance to AUD 5.413 billion. Also, the Australian Bureau of Statistics (ABS) reported a 0.1% increase in household consumption in April, indicating that consumer spending continues to lag behind income growth despite the Reserve Bank of Australia's (RBA) monetary easing and slowing inflation.

Oil

Oil prices continue to rise.

The market is supported by reports of production cuts in Canada due to large-scale forest fires, with output dropping by 344,000 barrels per day. On the other hand, the positive momentum is tempered by weak US employment data from Automatic Data Processing (ADP), which signals a slowdown in the leading global economy and raises concerns over global demand for energy. At 16:30 (GMT+2), the US Energy Information Administration (EIA) will release data on fuel reserves. Experts expect a decrease of 2.9 million barrels, which could further support the market.