Weekend:
Walmart has notified Chinese suppliers to resume shipping goods - reportECB policymakers warm up to a June cut -- sources reportCanada votes on Monday: What the polls are saying and what's at stake for the loonieWe have had some market swings during the session here to open the new week, but not to the extent that we have become accustomed to.
USD/JPY traded above 143.85 (plenty of talk of offers gathering ahead of 144 seemed accurate today) and to lows under 143.40. Japan’s top currency official, vice finance minister Atsushi Mimura, put in a good deal of effort into denying that US Treasury Secretary Bessent supported a strong yen.
EUR, AUD, NZD, GBP all traded in ranges and as I update are little net changed on the day.
USD/CAD is a little higher as we head into Monday’s Canadian election where polls indicate a comeback win for Carney’s party. Let’s see if the polls get it correct.
From China we had a news conference from the National Development and Reform Commission (China's 'state planner'), the Ministry of Human Resources and Social Security, the Ministry of Commerce, and the People’s Bank of China. It outlined further measures to prompt economic growth and employment. As is usually the case nitty gritty details were not discussed.
Separately, China announced that domestic gold production grew 1.5% YoY in Q1, while gold consumption slumped nearly 6%.
Most notable from the weekend, U.S. Treasury Secretary Scott Bessent spoke with US media on Sunday. Bessent said that while he spoke with his Chinese counterparts last week during International Monetary Fund meetings in Washington, tariffs were not mentioned! More significantly, Bessent refused to back up Trump's assertion that Trump had spoken with China's President Xi:
"I don't know if President Trump has spoken with President Xi"Yikes … lets see how Trumpo responds to being thrown under the bus by Bessent!
US equity index futures have traded a little lower in Sunday evening (US time) trade, barely denting their big surge on Friday though.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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