Year: 2025

Trump said he would increase tariffs on Steel and Aluminium to 50% from 25%, effective 4 June. He made the announcement as he visited a US Steel Corp. plant on Friday.

Current GBP/USD price movements still appear to be part of a range trading phase, likely between 1.3400 and 1.3600, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

OPEC+ agreed to another large supply hike over the weekend, increasing it by 411k b/d effective July. The increase is similar to those in May and June.

Function: Trend. Mode: Impulsive. Structure: Navy Blue Wave 1.

US Dollar (USD) problems are keeping EUR/USD bid, ING’s FX analyst Chris Turner notes.

Increase in momentum is not enough to indicate a sustained advance; Euro (EUR) is likely to trade in a range of 1.1270/1.1435 for now vs US Dollar (USD), UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data.

Lee currently holds a sizable lead in opinion polling. A Gallup poll reportedly showed that 49% of respondents were in favor of Lee becoming president.

Tensions between U.S. and China have flared up after a hiatus following a meeting between Treasury Secretary Scott Bessent and his Chinese counterpart in Geneva.

Oil sold off on Friday following the Reuters report saying that OPEC+ could discuss an oil output hike larger than 411,000 bpd for July over the weekend. That of course created expectations for a larger production increase and therefore weighed on the market.

The group though underdelivered on those expectations as it hiked by 411,000 bpd, which is the same amount of May and June. This triggered a rally as the market readjusted to new conditions.

In the bigger picture, the demand side continues to improve as the global fiscal and monetary easing filters through and the trade war de-escalation trend remains intact. The OPEC+ production hikes have been keeping a lid on the upside, but the market is now starting to look forward.

On the daily chart, we can see that the price is now approaching once again the key resistance zone around the 64.00 price area. That’s where we can expect the sellers to step in to position for a drop back into the 55.00 low. The buyers, on the other hand, will want to see the price breaking above the resistance and the trendline to open the door for a rally into the 72.00 handle.

On the 4 hour chart, we can see that we’ve been trading in a range for a few weeks. Following the Friday’s news, the buyers stepped in around the 60.00 support zone to position for a rally back into the resistance and increase the bullish bets following the weekend news. The sellers will want to see the price breaking below the support to increase the bearish bets into the 55.00 low.

This article was written by Giuseppe Dellamotta at www.forexlive.com.