Forexlive Americas FX news wrap 2 Jun: USD declines as traders fear US/China trade issues ...Middle East

Major US indices close higher to start the new weekUS extends tariff pause on some Chinese goods through to August 31Crude oil futures and settle at $62.52Trump Administration: We want countries "best offer" by Wednesday in tariff talksUS deal with Iran allows them to enrich Uranium at low levelsUkraine Zelenskyy: Confirms Russia /Ukraine have agreed to exchange 1000 servicemenFed's Goolsbee: So fare we've had excellent inflation reportsBOE Mann: Must consider interactions of QT and rate decisionsRussia outlines in a memorandum the plans for cease-fire with UkraineEuropean indices close the day mixedAtlanta Fed GDPNow growth estimate for Q2 rises to 4.6% from 3.8%More Logan:With oil down, there is a risk of lower production, cap invest from energy cos.CNBC: Trump and XI to speak this week, but not todayFed's Logan: Despite the uncertainty, the US economy is resilientUS construction spending for April -0.4% versus 0.3% estimate.US ISM manufacturing index for May 48.5 versus 49.5 estimateUS S&P global manufacturing PMI for May 52.0 versus 52.3 preliminaryCanada S&P Global May manufacturing PMI 46.1 versus 45.3 in AprilGlobal Markets Brace for Impact: Central Bank Rate Cuts and Jobs Reports AwaitJ.P. Morgan Dimon: US deficit, debt is a big dealKickstart the new trading day, week, & month w/ technical look at EURUSD, USDJPY & GBPUSDForexLive European FX news wrap: A brand new month but same old story for the dollar17 out of 23 economists expect the BoC to cut at least twice more this year

China firmly rejected the claim and countered that it was the United States that breached the deal. The Chinese Ministry of Commerce stated that the U.S. had implemented several "discriminatory restrictive" measures against China, including:

Halting sales of chip design software to China

China asserted that these actions seriously undermine the consensus reached at the Geneva economic and trade talks and damage China's legitimate rights and interests.

Later today, the White House said we want countries "best offer" by Wednesday in tariff talks.

The USD is trading down the most vs the NZD (-1.33%) and the AUD (-1.00%). The greenback did the best vs CAD at -0.21% after a new move to the lowest level since October 2022 failed. The dollar was down -0.62%vs the GBP adn teh -0.83% vs the EUR.

The US stocks did erase early declines which was confusing unless you believe that all will pass over time. The Nasdaq led the way with a gain of 0.67%. The S&P was up 0.41% while the Dow rose 0.08%.

And to add more confusion in the "witches brew" that defines the markets (or doesn't), the Atlanta Fed GDPNow forecast for Q2 growth continued the surged to 4.6% from 3.8% in its current guesstimate. Recall first quarter GDP was at -0.2%.

This article was written by Greg Michalowski at www.forexlive.com.

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