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The June U.S. jobs report points to a clear slowdown in the labor market, with weaker nonfarm payrolls growth, lower labor force participation, and easing wage pressure. While layoffs remain limited, the data reduce pressure on the Fed to tighten policy further and have weighed on the U.S. dollar.

USDCHF extended its upward move, gaining 1.3% this week and more than 3.3% since the start of the month. The pair was supported by a stronger US dollar after hawkish signals from the Fed, while the Swiss franc weakened as the SNB kept rates at 0% and signaled readiness to intervene in the FX market.

Bitcoin has fallen sharply below USD 60,000 as long liquidations, reduced rate-cut expectations, Strategy’s bitcoin sale, weak institutional demand and broader crypto market concerns deepen selling pressure.

Analysis of the ECB’s dilemma as persistent inflation in the eurozone’s largest economies raises the possibility of a June rate hike despite weaker growth prospects.

UK government bonds came under pressure as investors reacted to political uncertainty around Andy Burnham and fears of a looser fiscal policy. Rising yields, a weaker pound and memories of the 2022 gilt crisis have put fiscal discipline back at the centre of market concerns.

Copper prices are approaching record highs as investors focus on long-term demand from artificial intelligence, power grids and clean energy, while supply risks grow due to sulfuric acid disruptions, weaker output in Chile and new strategic mining projects in Congo.

European and UK central banks are preparing for possible interest-rate hikes as the Middle East conflict pushes energy prices higher and revives inflation risks.

U.S. consumer sentiment fell to a record low in April as the war with Iran, higher energy prices and rising inflation expectations weighed on household confidence. Oil market disruptions in the Gulf and the near-total halt in traffic through the Strait of Hormuz continue to keep pressure on crude prices.

The ECB is monitoring the economic impact of the Iran conflict, warning that higher energy prices could weaken euro area growth and increase inflation risks.

President Donald Trump increases pressure on Iran ahead of direct talks in Islamabad, while the closure of the Strait of Hormuz and renewed fighting in Lebanon threaten a fragile Middle East ceasefire.