Markets:
US 10-year yields up 2 bps to 4.27%WTI crude oil down 17-cens to $65.07Gold down $54 to $3273S&P 500 closes up 0.5% to recordEUR leads, CAD lagsThe day started with the PCE data and it painted a tough picture for policymakers as core inflation ran hot but spending cooled in something of a stagflationary impulse. That led to some early US dollar selling and the euro hit a fresh three-year high at 1.1750. That move didn't last long as selling pulled it back to 1.1715 at the European close. I suspect there might have been some flow-driven USD buying ahead of quarter end as it was a broader move.
The next big market move came late in the day when Trump said he was cutting off trade negotiations with Canada in a sign that Tariff Man is back. That led to a 70-pip rise in USD/CAD and we saw the US dollar rise broadly as risk assets came under pressure. The S&P 500 gave up a 40 point gain in the aftermath.
But the TACO trade kicked in late with the market concluding it's all a negotiating tactic and the S&P 500 closing up 32 points. USD/CAD gave back nearly all the gain as well and the dollar is doing the same on some other fronts.
Trump's issue with Canada is the long-planned digital services tax that will go into effect on Monday. That short timeline could lead to weekend risks and a potential short turnaround on a deal.
Have a great weekend.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about forexlive americas fx news wrap trump cancels trade talks with canada 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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