The weekend news hasn't been great for market confidenceUK PM Starmer expected to announce Brexit "reset" deal on Monday. (Is Brexin the word?)Australian PM Albanese says he's "up for a deal" with Europe on free tradeECB's Lagarde:EUR/USD up justified by the uncertainty & loss of confidence in US policiesEuropean Central Bank Board Member Schnabel cautious on a June ECB rate cutECB’s Kazaks: Rate cuts may be nearing end, but outlook still uncertainNewsquawk Week Ahead: UK-EU Summit, RBA, China Activity Data, Global PMI Data, Canada CPIFriday bombshell: Moody's downgrades US credit ratingForexlive Americas FX news wrap: Hot UMich inflation expectations cool Fed rate cut talk
Markets reopened for the new week digesting the late-Friday US credit rating downgrade by Moody’s. The agency announced the move after US markets had closed, a decision some have called oddly timed—perhaps even irresponsible.
As the session wore on, the dollar continued to soften a touch, the move was far from a rout.
China's April data was the key focus for the session:
Retail sales grew 5.1% y/y (vs. 5.5% expected, prior 5.9%)
Surveyed jobless rate dipped to 5.1% from 5.2% in March
Overall, the data were mixed. Industrial activity held up well, even as signs of weaker consumption and ongoing deflationary pressures linger. Trump’s tariffs have yet to cause significant damage, though slowing exports and falling bank lending suggest headwinds are mounting.
In the US, a House committee narrowly advanced President Trump’s tax cut package in a 17–16 vote on Sunday evening. Interestingly, four GOP “hardliners” who had opposed it earlier shifted their "no" stance to “present.” Hardliners? That label seems generous if they caved so easily—perhaps just political theatre.
Former US President Joe Biden has been diagnosed with an 'aggressive form' of prostate cancer that has metastasized to the bone, his office said in a statement, adding that 'the cancer appears to be hormone-sensitive which allows for effective management'
We wish him well.
This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about forexlive asia pacific fx news wrap usd opened week lower as moody s us downgrade weighs was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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