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Like a thief in the night, Silver prices broke through $35/oz. Last time Silver broke this range, it took roughly 6 weeks to trade $50/oz, TDS’ Senior Commodity Strategist Daniel Ghali notes.

Today’s US jobs report calmed nerves but there are still some dark clouds on the horizon. Business Insider today reports that Amazon has frozen its hiring budget for its main retail business, citing internal emails.

The changes only apply to corporate employees, not those working in warehouses or the cloud computing division. However it does apply to Amazon’s online marketplace, its logistics arm and grocery business.

According to BI:

The company doubled its workforce to 1.6 million from 2019 to 2021, but
that number dipped to 1.55 million last year. Amazon has cut at least
27,000 employees since late 2022.

I wonder if this is a sign of the bigger economic picture: There aren’t layoffs but hiring stalls.

This article was written by Adam Button at www.forexlive.com.

• Prior was +1.1%
• Q3 was -1.2%

This article was written by Adam Button at www.forexlive.com.

Tokyo and Beijing are just waking up but it will be a lively start to the week for traders in both.

Here is a look at Asia-Pac calendar – in order (all times GMT)

• 22:45 – New Zealand Q1 manufacturing sales

• 23:50 – Japan data dump: May bank lending, Apr current-account balances and the final Q1 GDP print (with the full set of revisions)

• 01:30 – China May CPI & PPI

• 02:00 – China May trade balance (exports / imports in USD and CNY)

• 03:00 – Japan May reserve assets

Australia is closed for the King’s Birthday, so AUD liquidity will be thinner than usual.

For more, see the economic calendar.

This article was written by Adam Button at www.forexlive.com.

The comments Jamie Dimon on May 30 are worth re-upping.

He highlighted the ‘crack’ in the bond market in covid and the additional $10 trillion in US government debt issued since then, plus enormous amounts elsewhere.

“You are going to see a crack in the bond markets. It is going to happen. I am telling you its going to happen, and you’re going to panic. I’m not going to panic, we’ll be fine. We’ll probably make more money.”

He went onto say that some rules and regulations need to be changed so he might be talking his book.

He also didn’t put any kind of timeline a crack and said he didn’t know if was going to be in six months or six years.

I think that no one has learned anything from what happened at the start of covid, when yields shot higher before the Fed embarked on unlimited QE. We also got a taste of that after Liberation Day when yields jumped 70 basis points before settling down.

For me, the playbook right now in any crisis is to sell bonds first and I worry at this point that when that becomes conventional knowledge, it will add to the pressure on bonds in any ‘crack’.

This article was written by Adam Button at www.forexlive.com.

United Kingdom CFTC GBP NC Net Positions: £35.2K vs previous £35.4K

United States CFTC Oil NC Net Positions increased to 168K from previous 165.7K

United States Consumer Credit Change above expectations ($10.85B) in April: Actual ($17.87B)

FuelCell Energy came out with a quarterly loss of $1.79 per share versus the Zacks Consensus Estimate of a loss of $1.51. This compares to loss of $2.10 per share a year ago. These figures are adjusted for non-recurring items.

United States (US) President Donald Trump took to social media on Friday to call upon Federal Reserve (Fed) Chairman Jerome Powell to lower interest rates.