* After spiking sharply higher yesterday following President Trump's 50% tariff threat, copper fut...
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The Congressional Budget Office (CBO) estimates a federal deficit of $314B in May, which if confirmed in Wednesday's Treasury statement would mean the size of the deficit through the first 8 months of the fiscal year (Oct-Sep) came in at $1.363T. That would maintain the highest running total since this point of 2021, and up over $160B from $1.202T in the same period of the prior fiscal year.
Recent gains in USDJPY are considered corrective and the trend condition remains bearish. Attention is on the next important support at 142.12, the May 27 low. A clear break of this level would confirm a resumption of the bear leg and open 139.89, the Apr 22 low. Moving average studies remain in a clear bear-mode position too, highlighting a dominant downtrend. Key short-term resistance has been defined at 146.28, the May 29 high.