The US dollar has come under a little pressure as the new week gets going. Despite a stronger-than-expected May jobs report and robust wage growth, it seems the market is still wanting to be cautious ahead of Wednesday’s key US inflation data and US-China trade talks focusing on tariffs and technology.
The euro has gained modestly, supported by ECB signals indicating the end of rate cuts. Meanwhile, ECB President Lagarde’s push for a stronger global role for the euro is adding tailwinds for cryptocurrencies.
Japan’s economy shrank less than expected, while China’s persistent deflation—alongside a $103.2 billion trade surplus driven by weaker exports—underscores global economic challenges.
Political developments, including Trump’s warning to Elon Musk over opposition to a tax bill and protests in Los Angeles against immigration raids, add to market noise. Meanwhile, Japan’s potential buyback of long-term bonds has left the yen unmoved.
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