The first week of June delivered a masterclass in how quickly a market narrative can flip. For most of the week, traders were juggling two competing stories: a volatile Middle East standoff keeping oil prices elevated and safe-haven flows unpredictable, and a relentless stream of stronger-than-expected U.S. economic data quietly building the case that the Federal Reserve’s next move might be a rate hike rather than a cut. By Friday, there was no more room for quiet. A blowout May jobs report landed well above consensus, the dollar launched to new weekly highs, gold collapsed, the Nasdaq had its worst session in months, and Bitcoin slipped below $60,000 for the first time since October 2024. Canada threw in its own bombshell — a jobs report so far above expectations it nearly rewrote the loonie’s entire week in a single session.
