- “Canada still aims to lift all Trump tariffs as part of deal with US”
- Goldman Sachs do not expect a large market reaction if OPEC8+ decides to increase output
- Goldman Sachs: June US jobs report could trigger further USD losses vs EUR and JPY
- European Central Bank President Lagarde will speak on Wednesday
- Goldman Sachs says S&P 500 rally has room to run — but not for long
- Australian data – Retail Sales May 2025: +0.2% m/m (expected +0.4%)
- Australian May 2025 building permits +3.2% m/m (expected +4.8%)
- PBOC sets USD/ CNY mid-point today at 7.1546 (vs. estimate at 7.1623)
- USD under pressure with foreign investors’ diminishing demand for US-denominated assets
- Heads up for the OPEC+ meeting this coming weekend – expected to boost output again
- Bessent says he is certain the Federal Reserve will cut rates by September
- UK wage growth picks up, raising pressure on Bank of England over inflation outlook
- Trump says that Israel has agreed to a 60-day Gaza ceasefire proposal
- Iran prepared to mine Strait of Hormuz after Israeli strikes, but held back — US officials
- BoA Federal Reserve outlook: “The lack of progress on inflation raises the bar for cuts”
- Powell might have cut but for tariffs. Lagarde said CPI target hit, Ueda says his not yet.
- One for the TSLA traders, ICYMI: Trump said he would look at having Elon Musk deported
- Forexlive Americas FX news wrap 1 Jul: JOLTs job openings rise.Powell say economy is solid
- Oil: private survey of inventory shows a headline crude oil build vs draw expected
- Flow of funds moves into Dow and small cap stocks. Nasdaq lags
- Trade ideas thread – Wednesday, 2 July, insightful charts, technical analysis, ideas
It was a mostly subdued session across Asian financial markets today.
The key data point was Australian retail sales for May, which rose just 0.2% m/m (vs. expected +0.4%) and 3.3% y/y. The modest gain highlights continued pressure on household spending amid cost-of-living strains and weak consumer confidence. The soft print added to expectations for a Reserve Bank of Australia rate cut at its July 7–8 meeting. AUD/USD edged lower in response, though the move was part of a broader lift in the USD.
Elsewhere, oil, regional equities, gold, and bond markets all traded within tight ranges. Tokyo stocks fell in morning trade with ongoing concerns about Japan-US tariff talks.
In geopolitics:
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The Pentagon has paused some air defense missile and precision weapon shipments to Ukraine amid concerns about depleted U.S. stockpiles, according to Reuters citing sources.
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Trump said Israel has agreed to a 60-day Gaza ceasefire proposal, posting on social media that the next move is up to Hamas.
This article was written by Eamonn Sheridan at www.forexlive.com.