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The US Dollar turns flat ahead of US session after gaining in early trading. The bond market is signalling issues ahead with Trump’s spending plans.  The US Dollar index hovers around 106.00 after harsh warnings from Powell on spending. The US Dollar (USD) is in a very choppy pattern this Tuesday, range trading between a profit and a loss. The markets saw first the bond market putting questions on the spending plans from former US President Donald Trump after a supreme court ruling on a legal matter, puts Trump back on track for the White House in November. US Federal Reserve Chairman Jerome Powell came out with harsh warnings during the European Central Bank symposium that the US deficit is getting unsustainable and needs to be addressed.  On the US economic front, the calendar only saw the US JOLTS report coming up. A surprise uptick while normally a decline was expected. Although markets reacted very tepid on the number, as it is a lagging number and markets rather will want to see the ADP number or the actual Nonfarm Payrolls number on Friday.  Daily digest market movers: US deficit concern At 13:30 GMT, Fed Chairman Jerome Powell and ECB President Christine Lagarde participated in a panel about monetary policy at the ECB Forum on Central Banking in Sintra, Portugal. Main element that markets zoomed in on was a comment from Powell saying that the US deficit is unsustainable.  The JOLTS Job Openings figure for May came in at a surprising 8.14 million, overshooting the 7.9 million expected,  against the previous count of 8.059 million.  Equities renain on the backfoot with both European and US equities in the red after JOLTS and Fed-ECB comments.  The CME Fedwatch Tool is broadly backing a rate cut in September despite recent comments from Fed officials. The…

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Filed under: News - @ July 2, 2024 9:18 pm