Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Massive miss in ADP looks to influence NFP forecasts for tonight but watch out, bond yields spike higher!
The beginning of trade deal detail pushes long bond positions out but the USD really can't get a bid. We're seen this movie before.
July 4 tomorrow.
Solid day for US equities as the grind higher continues.
US Equities
Breaking
Trump sends handwritten note to Powell pushing for dramatically lower interest rates [MarketWatch]
Bessent Says He Wouldn't Boost Long-Term Bond Sales at Today's Rates [Bloomberg]
Exclusive: Circle applies for US trust bank license after bumper IPO [Reuters]
EU to Accept Trump Universal Tariff But Seeks Key Exemptions [Bloomberg]
Donald Trump says US has struck trade deal with Vietnam [FT]
The US will charge Vietnam a 40% tariff on 'any transhipping', a steep levy that could rattle countries still hoping to secure significant relief from Trump’s 'liberation day' tariffs.
UK bonds slump on doubts over Reeves’ future after tearful episode in Commons [FT]
Bitcoin
BTC above the downtrend as only the all time is in its way now.
Commodities
The downtrend channel in Brent, from March 2022, holds and a big reversal. Gold and Silver higher again.
Foreign Exchange
A bounce from the support channel, but not very convincing.
Bonds
Big rejection of the support line sees yields up globally. UK long dates up 20bps!
US 10 Year Government Bond Yield Daily
Equities
Retrace and confirm, tick, on the NASDAQ. Time to push higher.
Interesting
Economic Indicators Today
