Ian Reynolds
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Overnight
Holiday in the UK and US, so both major trading centres shut. Trump backing down with EU (already) leaves markets with a positive bias for the next 24 hours assuming a silent Trump on Memorial Day.
Can't help feeling that tomorrow's speech by Charles in Ottawa will have wide-ranging impact on UK, Canada and the US. Maybe not immediately but in consequence.
Itinerary unveiled for the 2025 Royal Visit of Their Majesties King Charles III and Queen Camilla [Canada Govt]
"His Majesty King Charles III will then deliver the Speech from the Throne to open the first session of the 45th Parliament of Canada. Having the speech delivered by the Sovereign is a rare moment where we witness Canadian democracy in all its depth: a balance between heritage and responsibility, tradition and action. Before concluding their visit, Their Majesties will pay their respects and lay a wreath and flowers at The Tomb of the Unknown Soldier at the National War Memorial."
King Charles to walk diplomatic high wire with Ottawa speech [FT]
Breaking
US House narrowly passes Trump's sweeping tax-cut bill, sends on to Senate [Reuters]
Bitcoin
Trump's agreement of 9 July for EU tariff deal gave BTC a boost this morning
BITCOIN / USD Daily
Commodities
Gold slightly lower as would be expected, but Silver higher. It's looking very positive very short term but long term a mess, you need to look at proper charts including when Bunker Hunt took the price over $50 in 1980 [Investopedia]
SILVER / USD Daily
Bonds
Nothing displays the change in macroeconomic landscape that happened during COVID better than UST30 yield. 35 years of deflation broken with a clear trend higher since the low in March 2020. This train won't stop until currency debasement stops with a global economic reset.
US 30 Year Government Bond Yield Monthly
Foreign Exchange
USD / CAD looking to hit support after a weaker USD pushes price lower. At least here Trump's stronger USD, but weaker USD, policy seems to be working for him.
USD / CAD Daily
Interesting
Economic Indicators Today
