In a post published on Truth Social on Wednesday, United States (US) President Donald Trump said that the trade deal with China is done and added that it is subject to his and Chinese President Xi Jinping's final approval.
After two days of back-and-forth in London, the U.S.–China trade circus wrapped with what can only be described as a diplomatic tautology: a late-night announcement that both sides have “agreed in principle on a framework to implement the Geneva consensus”.
United States (US) Commerce Secretary Howard Lutnick told reporters on Tuesday that trade talks with China are going well and added that he expects talks to continue all day, per Reuters.
As US-China trade talks in London extend into a second day, investors are looking for direction amid a swirl of competing headlines—continued tariff threats, the Trump-Musk breakup, and civil unrest in LA.
According to the United States (US) Court of Appeals for the Federal Circuit, federal judges need more time to weigh the filings that have been brought by both sides of the US Court of International Trade (USCIT) decision to suspend President Donald Trump's far-reaching tariffs.
Just when traders thought they’d seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific. In a blow to Trump’s tariff-centric economic blueprint, the U.S. Court of International Trade slammed the brakes on his sweeping global levies—ruling that the President had overreached, misusing emergency economic powers to bulldoze through trade policy like a wrecking ball in a china shop.
EUR/USD now makes a reversal, up modestly for the day after surpassing the 1.1500 barrier. The pair’s rebound came on the back of increasing and renewed selling pressure around the Greenback, particularly after FOMC Governor M. Bowman opened the door to a July rate cut. Meanwhile, investors remain watchful of the geopolitical landscape ahead of a potential move by Iran in response to the recent US attacks.
As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.
After bottoming out in multi-week lows near 1.3370, GBP/USD now picks up pace and gains around a cent to hit new daily peaks around 1.3480 in response to fresh selling pressure hitting the Greenback. The knee-jerk in the US Dollar comes despite steady fears on the Iran-Israel-US front and firm results from preliminary US PMIs for the month of June. On the UK docket, all the attention remains on upcoming flash Manufacturing and Services PMIs.
Gold begins the week on a downward trend, trading below the key $3,400 mark per troy ounce. In the meantime, the precious metal has managed to limit its losses amid the stronger US Dollar (USD) and rising geopolitical tensions in the Middle East.
Geopolitical tensions in the Middle East caused a liquidation havoc of over $1 billion in the cryptocurrency market over the weekend, following US President Donald Trump’s direct involvement in the conflict between Israel and Iran.
