Week of 1 to 4 June 2026·Published
Week in Brief
Spreads held tight across most majors even as gold swung hard and USD/JPY pushed toward 160. BlackBull led on price again, posting the cheapest spread in every FX major and in gold. The one clear move was at the index desk: Swissquote widened US500 from 1.1 to 1.35 points and NAS100 from 2.2 to 2.7 points into Thursday, ahead of Friday payrolls.
Spread Movements by Instrument
EUR/USD
Stable- Week range
- 0.1 to 1.1 pips across brokers
- Cheapest
- BlackBull at 0.1 pips
- Notable
- Pepperstone tightened from 1.1 pips Monday to 0.1 by Thursday. IG held flat at 0.6 all week.
XAU/USD (Gold)
Stable- Week range
- 0.12 to 0.50 USD across comparable brokers
- Cheapest
- BlackBull at 0.12 USD
- Notable
- Gold spreads stayed flat all week despite a near 2 percent intraday swing back above 4,500. Spreads held under volatility rather than widening.
WTI/USD (Oil)
Stable, one outlier move- Week range
- 0.05 to 3.0 points across brokers
- Cheapest
- Swissquote at 0.062 points, BlackBull steady at 0.114
- Notable
- easyMarkets sat widest all week at 3.0 points.
GBP/USD
Stable- Week range
- 0.1 to 2.0 pips across brokers
- Cheapest
- BlackBull at 0.1 pips
- Notable
- OANDA and Swissquote sat widest at 2.0 pips. Sterling logged a second straight weekly loss on a softer Bank of England outlook.
US500
Widened at the top end- Week range
- 0.4 to 1.35 points across brokers
- Cheapest
- IG at 0.4 points
- Notable
- Swissquote widened from 1.1 to 1.35 points into the payrolls print, a 23 percent move.
NAS100
Widened at the top end- Week range
- 1.0 to 2.7 points across brokers
- Cheapest
- BlackBull at 1.0 points
- Notable
- Swissquote widened from 2.2 to 2.7 points, a 23 percent move, as index futures slid Thursday.
BTC/USD
Stable- Week range
- 45 to 101 USD across comparable brokers
- Cheapest
- easyMarkets at 45 USD
- Notable
- Swissquote held at 101 USD from Tuesday.
USD/JPY
Stable- Week range
- 0.1 to 1.6 pips across brokers
- Cheapest
- BlackBull at 0.1 pips
- Notable
- Spreads stayed tight even as USD/JPY approached the 160 intervention zone.
Broker Spotlight
BlackBull was the tightest book of the week, cheapest in EUR/USD, GBP/USD, USD/JPY and gold. IG was the steadiest, flat across all seven of its instruments every day and cheapest on US500. Swissquote was the widest mover, lifting both equity index spreads more than 20 percent into Thursday.
Market Context
- Pre-payrolls caution. Index futures slid Thursday with Nasdaq off more than 1 percent ahead of Friday NFP. Swissquote widened US500 and NAS100 spreads more than 20 percent into the event.
- Gold volatility. XAU/USD rebounded nearly 2 percent to top 4,500 on geopolitical relief. Comparable gold spreads stayed flat, holding tight under the move.
- Yen intervention risk. USD/JPY pressed toward 160. FX spreads stayed tight through Thursday with no measurable widening.
- Sterling weakness. GBP/USD headed for a second weekly loss as UK labour data tempered the Bank of England hiking outlook. Spreads were unaffected.
To Watch Next Week
- Fri 5 Jun: US Nonfarm Payrolls. Watch US500, NAS100 and EUR/USD for spread widening around the release.
- USD/JPY at 160. Watch for intervention headlines and any spread widening if the Bank of Japan steps in.
- Gold. Watch XAU/USD spreads if geopolitical headlines return and volatility picks back up.