USD/CAD drops as the Loonie gets a boost from tariff headlines

Loonie pops on headlines that the US' Mnuchin is trying to secure an exemption for steel tariffs. Market sentiment has shifted as traders await the next stage of ongoing trade talks between the US and key allies. The USD/CAD is trading into 1.2930 in the early Asia session followin ...

Mexico targets Trump strongholds with retaliiatory tariffs – Reuters

As reported by Reuters, Mexico's round of retaliatory tariffs against the US in response to President Trump's hefty steel and aluminum tariffs are meant to deliver a clear message by targeting exports from Republican voting centers. Key quotes "Mexico’s retaliatory list ...

PBOC may cut RRR, lift MLF and reverse repo yields – China Press

The China Securities Journal, a financial column sponsored by the state-run Xinhua News Agency, is reporting that the People's Bank of China (PBoC), may be getting ready to make some key rate adjustments. Key highlights China Securities Regulatory Commission (CSRC) may approve around 30 ...

Trump’s North Korea summit could come at a cost – Reuters

As reported by Reuters, US President Donald Trump's upcoming summit with North Korean leader Kim Jong Un could result in a peace declaration, but the attempt to secure action from North Korea could come at a cost. Key quotes "If Donald Trump’s summit next week with North Korea ...

AUD/USD lands back into 0.76 as Aussie bulls await improved GDP reports

Aussie has flattened out heading into Asia markets, AU GDP figures inbound. Market risk sentiment corkscrewed on Tuesday, traders now waiting improved growth figures. The AUD/USD is trading softly to the downside in early Asia trading for Wednesday, backing into the 0.7600 major handle ahead o ...

Expect the recent softening in job ads will be temporary – ANZ

Analysts at ANZ noted that the ANZ Job Ads increased 2.2% in May (seasonally adjusted), following a 2.0% fall in April. Key Quotes: "While job ads increased this month, they remain consistent with soft employment growth. Job ads are up only 0.1% q/q (3-month moving average). Annual growth wa ...

US data reviewed – Nomura

Analysts at Nomura offered their review of the US data from Tuesday. Key Quotes: "The ISM non-manufacturing index increased 1.8pp to 58.6 in May, above expectations (Nomura: 58.0, Consensus: 57.6). The strength across subindices was broad-based and is consistent with a rebound in othe ...

Market wrap: risk appetite was mostly cooler in London/NY – Westpac

Analysts at Westpac offered a market wrap, noting that risk appetite was mostly cooler in London/NY, with Italy under pressure again and US yields lower despite firm data. EUR bounced however on a hawkish ECB story. Key Quotes: "Italy's anointed PM Conte’s maiden parliamentar ...

Funda-FX wrap: plenty of fat to chew on, setting a market precedent

Monetary policy normalisation was a theme on Tuesday. Trade wars took another turn on Tuesday. The UK continued to print data beats. In Italy, the new prime minister, Giuseppe Conte, outlined the new government’s policy priorities. Monetary policy normalisation was a theme on Tuesda ...

Peru stocks higher at close of trade; S&P Lima General up 0.29%

Investing.com – Peru stocks were higher after the close on Tuesday, as gains in the Mining, Non-Metal Minerals and Services sectors led shares higher. At the close in Lima, the S&P Lima General gained 0.29%. The best performers of the session on the S&P Lima General were Trevali Mining ...

Bitcoin Inches Higher in Narrow Trade

Investing.com – Bitcoin inched higher Tuesday but trading was restricting to a narrow range amid a lack of market-moving data. Bitcoin rose 0.74% to $7,593.8 on the Bitfinex exchange after bouncing sharply off a session low of $7,372. Bitcoin traded in a roughly $300 range as investor ...

WTI fluctuates above $65 post API stock data

WTI drops to a multi-week low below $65 on Tuesday on OPEC headlines. API reports a larger-than-expected draw in crude oil inventories. With a late recovery, WTI rises back above $65 in post-settlement trade. Earlier in the day, crude oil prices remained under pressure with the barrel of Wes ...