Weekly news summary for June 3 to June 9
Friday, June 3: US Nonfarm Payrolls Climbs 390,000 in May
US nonfarm payrolls were up 390,000 in May, surpassing expectations of 328,000 despite concerns over the economy losing momentum and surging inflation.
The Labor Department also reported that the unemployment rate remained at 3.6% for the third consecutive month amid continued tightness in the labor market, only above its lowest level since December 1969
Monday, June 6: Oil Prices Rise as Saudi Arabia Hikes July OSPs
Oil prices gained on Monday after Saudi Arabia hiked the official selling price (OSP) of its July shipments for Asian buyers to an unexpected $2.1 per barrel, signaling tight supply, despite the Organization of the Petroleum Exporting Countries’ (OPEC) plans to increase production more quickly from next month.
Following the news, Brent crude oil futures added 0.7% to $120.56 per barrel, having reached an intraday high of $121.95, while the US West Texas Intermediate (WTI) crude futures also surged 0.7% to $119.75 per barrel.
Tuesday, June 7: Japanese Yen Hits 20-Year Low, Touches 133 Range
The Japanese yen hit a 20-year low against the US dollar on Tuesday as the Reserve Bank of Australia’s (RBA) 50-basis points interest rate increase underscored the difference between the central banks supporting policy tightening and those that do not.
The dollar-yen pair reached the 133 range, with the US Treasury yields’ four-week high also adding pressure on the safe-haven currency after oil and natural gas prices strengthened inflation concerns on Monday.
Wednesday, June 8: RBI Hikes Interest Rates to Counter 7.8% Inflation
The Reserve Bank of India (RBI) implemented stronger actions to curb its inflation which rose to 7.8% in April, as it brought its benchmark interest rates up by 50 bps to 4.90%
The central bank stated that it expected inflation to remain above its 6% target for the rest of 2022, although its forecast that economic growth would slow down by 4% in the first quarter of 2023 was unchanged.
Thursday, June 9: Stephenson to Launch Metaverse Blockchain Lamina1
Author Neal Stephenson, who created the term Metaverse in his sci-fi novel Snow Crash in 1992, announced plans to introduce a metaverse-focused blockchain, Lamina1, with the help of cryptocurrency pioneer and former Bitcoin Foundation chairman Peter Vessenes.
Stephenson said the Metaverse experience might mainly involve flat 2D screens instead of virtual or augmented reality integrations, while Vessenes stated that the project would build something that could be carbon negative and would help artists and other creators receive proper rewards for their work.
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