Dollar a touch lower in European morning tradeWatch out for these two key macro risks aheadInterest rate expectations remain largely the same amid lack of changes in macro pictureTrump says it is extremely hard to make a deal with XiEU's Sefcovic: Constructive discussion with Greer, we are advancing in right directionUS and Canada to strike trade deal as early as next week?Eurozone May final services PMI 49.7 vs 48.9 prelimUK May final services PMI 50.9 vs 50.2 prelimUS MBA mortgage applications w.e. 30 May -3.9% vs -1.2% prior
Markets:
AUD leads, JPY lags on the dayEuropean equities higher; S&P 500 futures up 0.2%US 10-year yields up 0.4 bps to 4.463%Gold down 0.1% to $3,349.30WTI crude flat at $63.40Bitcoin down 0.5% to $105,275The appeals court ruling on Trump's reciprocal tariffs will need some response by the plaintiffs tomorrow and then by the administration by 9 June. So, that's one to watch out for.
And then we also have Trump looking to get Xi on a phone call. He offered a light remark on that in the late hours of the US yesterday, saying it is "extremely hard" to make a deal with Xi. We'll see how things go next but China clearly isn't waiting around as they are reportedly weighing a major Airbus deal. Preliminary figures suggest they could put in an order between 200 and 500 aircrafts, bolstering ties with the EU instead.
There wasn't too much action elsewhere with only the antipodes holding slightly higher. AUD/USD is seen up 0.4% to 0.6485 but still lacking any real impetus to breach the 0.6500 mark.
In the commodities space, gold is little changed as is oil so far on the day. So, all of that put together is not offering all too much to work with for now.
This article was written by Justin Low at www.forexlive.com. Read More Details
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