Here is what you need to know on Tuesday, June 1: Investors are cautiously optimistic as UK and US traders return, pushing the dollar down and gold up. The US ISM Manufacturing PMI and Fede speakers stands out on a busy economic calendar. COVID-19 remains of worry in Asia but is in retreat in Europe and the US. American traders return from the long Memorial Day weekend to a marginally weaker US dollar, despite an increase in Treasury yields. S&P 500 futures are on the rise. The US ISM Manufacturing Purchasing Managers’ Index for May serves as the first hint toward Friday’s Nonfarm Payrolls release, yet the inflation component could have the most significant impact. Fears that the world’s largest economy could be overheating are weighing on markets. ISM Manufacturing PMI Preview: NFP Hint? Inflation component to steal the show, rock the dollar Federal Reserve Governors Randal Quarles and Lael Brainard are scheduled to speak later in the day and may signal potential moves toward the bank’s decision later this month. Speculation of tapering is rising following upbeat economic data. The greenback is retreating against the pound amid hopes that the UK vaccination campaign is ramped up. Immunization optimism trumps concerns about the Indian variant of coronavirus that could delay the June 21 reopening. Bank of England Governor Andrew Bailey is set to speak later. Speculation about a rate hike in 2021 is prevalent. EUR/USD is hovering above 1.22, benefiting from dollar weakness and hope that Germany could remove covid restrictions shortly, responding to falling cases. Markit’s final Purchasing Managers’ Indexes for the services sector are set to be upbeat. Preliminary inflation statistics for May are forecast to print a moderate increase in the headline Consumer Price Index. The Reserve Bank of Australia left its policy unchanged as expected and acknowledged the fast recovery. Nevertheless, the Canberra-based institution is holding back on tapering its bond buys, perhaps waiting for the Fed. AUD/USD is edging higher. China hiked the demand from financial institutions to and now requires 15% minimum in foreign reserves against 5% in an attempt to push the yuan lower. The currency appreciated to the highest since 2018. OPEC+ members are meeting on Tuesday and could decide to increase oil production in response to rising demand and higher prices. It is unclear if this additional output comes from Saudi Arabia or Iran, as the latter may be allowed to export crude if nuclear talks in Vienna end with a deal. Cryptocurrencies have been consolidating their gains, with Bitcoin hovering near $37,000 and Ethereum changing hands around $2,600. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index remains under pressure below 90.00 ahead of data FX Street 2 years Here is what you need to know on Tuesday, June 1: Investors are cautiously optimistic as UK and US traders return, pushing the dollar down and gold up. The US ISM Manufacturing PMI and Fede speakers stands out on a busy economic calendar. COVID-19 remains of worry in Asia but is in retreat in Europe and the US. American traders return from the long Memorial Day weekend to a marginally weaker US dollar, despite an increase in Treasury yields. S&P 500 futures are on the rise. The US ISM Manufacturing Purchasing Managers' Index for May serves as the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.