US indices close lower. Dow Industrial Average unchanged.Bessent says countries negotiating in good faith could see tariff deadlines rolledCanada/US reportedly exchanging potential terms on economic and security dealCardholder data shows Canadian consumer spending continued to hold up in MayIran's Mission to UN: Diplomacy not militarism is the only path forward.Crude futures and settle at $68.15. Up $3.17 or 4.88%Markets move on reports that US State Dept authorizes departure of staff in Middle EastECBs Villeroy: ECB situation is favorable.Ted Cruz says there's no chance that the reconciliation bill will be ready by July 4Bessent says prepared to 'roll the date forward' for partners negotiating in good faithUS sells 10-year notes at 4.421% vs 4.428% WIMajor European indices closing the day mostly lowerUS Lutnick: China is going to approve all applications for magnets for US companiesEIA weekly US oil inventories -3644K vs -1960K expectedBessent: China needs to be a 'reliable partner' in trade negotiationsOil jumps after Trump says he's "much less confident in Iran deal"Trump: President Xi and I are going to work closely together on tradeUS official: Trump to hold China tariffs at 30%Canada building permits for April -6.6% vs 2.0% estimateUS May core CPI +2.8% vs +2.9% y/y expectedTrump: Our deal with China is done, relationship is excellentForexLive European FX news wrap: Dollar steady, US CPI report up next
Anyway, the US would continue to receive 55% in tariffs from China with 25% from Trump's first term, 20% from the current term, and 10% from the fentanyl penalty.
Trump ended his Truth post, by thanking us for our attention to this matter. Attention noted!
US yields and the USD moved lower on the news. Stocks went from negative to positive on the news but are closing lower on the day after the rally fizzled. .
For the USD, the greenback was mixed with the dollar falling -0.53% vs the EUR, and -0.36% vs the GBP, but was up 0.29% vs the AUD and 0.39% vs the NZD.
EUR, -0.53%JPY, -0.15%GBP, -0.36%CHF, -0.27%CAD, UnchangedAUD +0.29%NZD +0.39%
Later in the day, a report that the US was advising Middle Eastern families of servicemen to leave the country for security concerns helped to push elevated oil prices even higher. The price of Crude oil is trading above $68 at $68.07 going into the end of day. That is the highest level since April 3. The gain is $3.09 on the day or +4.75% and represents the largest % gain since April 9th.
Gold was also pushed higher on flight to safety flows with a gain of $30.76 or 0.93% at $3353.
This article was written by Greg Michalowski at www.forexlive.com.
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