- Trump confirmed trade talks with China are ongoing in London and “going well,” though no specifics were given. Commerce Secretary Lutnick called the discussions “fruitful,” echoed by Treasury Secretary Bessent. Talks will resume Tuesday at 10am London time. The lack of negative headlines supported market optimism.
- The U.S. dollar strengthened across the board despite limited fresh news or data. GBP, AUD, JPY, NZD, CHF, and CAD all declined. Market movement reflected dollar resilience rather than strong alternative narratives. Risk assets also rose, including equities and Bitcoin.
- Australia’s Business Conditions hit 4.5-year low. The National Australia Bank’s May survey showed business conditions at their weakest since late 2020. Business confidence showed only a modest pickup. The soft survey supports the view of slowing economic momentum in Australia. AUD dropped following the release.
- BoJ Governor Ueda reiterated the bank has little room to cut rates, as real interest rates remain negative and inflation is still below target. He stated rate hikes are possible once inflation nears 2%. Markets interpreted the tone as dovish overall. JPY weakened as USD/JPY moved toward 145.
- Finance Minister Kato called on domestic investors to buy and hold Japanese government bonds. The appeal comes amid rising long-end yield volatility and soft auction demand. It reflects concern about demand for JGBs amid potential monetary policy shifts. The yen continued to weaken on policy uncertainty.
- Chinese Vice President Han Zheng met with French President Emmanuel Macron. China expressed readiness to expand EU cooperation and support small island states through multilateral projects. The meeting took place alongside the UN Ocean Conference. It signals China’s continued diplomatic engagement with Europe.
- Bitcoin rose above USD 110,000, extending its upward trend. The rally occurred alongside broad U.S. dollar strength and equity gains. There was no major crypto-specific catalyst. Sentiment appears buoyed by market-wide risk appetite.
- ECB Governing Council member Holzmann said the current pause in rate cuts could last, depending on incoming data. He noted that the inflation target is already within reach. He also expressed cautious optimism on Trump’s tariff policy direction. His remarks suggest the ECB will remain data-dependent.
- Trump stated Iran is demanding “things you cannot do” in nuclear negotiations. He warned alternatives to diplomacy are “very, very dire.” Talks continue but without concrete progress.
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