GBP: Starmer Says Reeves To Be Chancellor At Next Election - BBC Interview
UK Prime Minister Keir Starmer has tried to calm market sentiment around the UK political backdrop, ...
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ASIA: Coming Up In Asia Pac Markets On Tuesday
| 2230BST | 0530HKT | 0730AEST | BOE's Mann Speaks |
| 2345BST | 0645HKT | 0845AEST | New Zealand Q1 Terms of trade |
| 0050BST | 0750HKT | 0950AEST | Japan May Monetary Base |
| 0200BST | 0900HKT | 1100AEST | Australia 2037 Bond Sale |
| 0230BST | 0930HKT | 1130AEST | Australia Q1 Company Profits |
| 0230BST | 0930HKT | 1130AEST | RBA May Policy Minutes |
| 0230BST | 0930HKT | 1130AEST | Australia Q1 BoP/Net Exports |
| 0245BST | 0945HKT | 1145AEST | China May Caixin PMI |
| 0405BST | 1105HKT | 1305AEST | RBA's Hunter Speaks |
| 0435BST | 1135HKT | 1335AEST | Japan 10yr Bond Sale |
| 0850BST | 1550HKT | 1750AEST | BoJ Governor Ueda Speaks |
TARIFFS: Tariff Pause Extended On Older Tariffs
A headline crossing on wires after the close has brought significant attention but it's not referring to anything new: "*US EXTENDS TARIFF PAUSE ON SOME CHINESE GOODS TO AUGUST 31" -bbg
- The tariff exclusions on Section 301 goods relates to this announcement over the weekend (and made official in the federal register today) - the exclusions had been set to expire on May 31 but were extended: "United States Trade Representative announced the extension of exclusions in the Section 301 Investigation of China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation. The exclusions were previously scheduled to expire on May 31, 2025. The exclusions have been extended through August 31, 2025. "
- To clarify further - this is about older tariffs (ie those from Trump's first term), and not about the tariffs imposed in 2025.
- So the status quo remains, there should be no surprise and no market reaction from this announcement (which in any case was made over the weekend).
USDCAD TECHS: Pierces The Bear Trigger
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3957/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3854 20-day EMA
- PRICE: 1.3702 @ 16:39 BST Jun 2
- SUP 1: 1.3675 Intraday low
- SUP 2: 1.3643 Low Oct 9 ‘24
- SUP 3: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
A downtrend in USDCAD remains intact. The pair is trading lower today and has pierced support at 1.3686, the May 26 low and bear trigger. A clear breach of this short-term support would confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. This would open 1.3643, the Oct 9 2024 low. Resistance at the 50-day EMA is at 1.3957 - a key level. The 20- EMA is at 1.3854.
