- "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:
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.
Trump said Israel has agreed to a 60-day Gaza ceasefire proposal, posting on social media that the next move is up to Hamas.
