The USD is mostly higher with only a small declined vs the JPY (-0.08%). The greenback is higher vs the rest of the major currencies with the USD higher by 0.23% vs the NZD the biggest move. Versus the EUR, the greenback is higher by 0.12% and the GBP by 0.04%. IN the video above, I take a look at the 3 major currency pairs - the EURUSD, USDJPY and GBPUSD - from a technical perspective and outline the key levels in play for traders and explain why.
In the middle east, tensions remain elevated across region as Iran rejected renewed U.S. pressure, with Foreign Minister Abbas Araghchi warning that negotiations on a final agreement will not begin while threats continue. The comments came after President Trump said the United States would either reach a deal with Tehran or "finish the job." Meanwhile, regional security concerns persisted after an unknown projectile struck an oil tanker off the coast of Oman, sparking a fire but causing no reported casualties.Separately, Hamas announced it will relinquish governance of Gaza in favor of a technocratic committee, even as Israeli military operations continued in Gaza and Lebanon.
Meanwhile, Pres. Trump has landed in Turkey for the NATO summit where points of discussion include:
- Defense spending: NATO reaffirmed its goal of raising defense spending to 5% of GDP by 2035, though several members questioned whether they can meet the target.
- U.S. troops in Europe: European leaders pressed President Trump for clarity on future U.S. troop deployments after recent force reductions.
- Ukraine: Allies discussed boosting support for Ukraine as Europe works to offset reduced U.S. military assistance.
- Iran: Middle East tensions surfaced as President Trump criticized some NATO allies for not taking a stronger stance alongside the U.S. and Israel.
Looking at the major indices:
- Dow is up 236 points
- S&P is down -7.68 points
- Nasdaq is down -250 points
The US debt market is showing higher yields with the shorter end up a touch more that the longer end.
- 2 year 4.139%, up 1.4 basis points
- 5 year 4.230%, up 1.9 basis points
- 10 year 4.497%, up 18 basis poitns
- 30 year 5.0097%, up 1.5 basis points.
At 1 PM ET, the US treasury will auction 3 year notes.
IN other markets:
- Crude oil is trading up $0.47 at $69.02.
- Gold is down -$18.00 or 0.43% at $4147.29.
- Silver is down -$1.10 or -1.76% at $61.04.
- The price of bitcoin is trading at $63,151.
On the economic calendar today:
8:30 AM ET – U.S. International Trade Balance (May): Expected -$78.5B vs. -$55.9B prior.
8:30 AM ET – U.S. Goods Trade Balance (Revised, May): Prior -$105.8B.
8:30 AM ET – Canada Trade Balance (May): Expected C$2.85B surplus vs. C$2.72B prior. Exports prior C$75.16B. Imports prior C$72.44B
10:00 AM ET – Canada Ivey PMI (June): Expected 61.3. Canada Ivey PMI (Seasonally Adjusted, June): Prior 58.2.
