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Zelenskyy says:

• Russia and Ukraine agree to exchange 1000 military servicemen each
• It would be an additional 200 each.
• Ukraine and Russia to exchange lists for the POW exchange this week

Another step in the right direction. I wonder if a POW does not want to be a POW again. So why continue to be responsible for them?

This article was written by Greg Michalowski at www.forexlive.com.

• So far we’ve had excellent inflation reports; Surprisingly little direct impact of tariffs.
• Don’t know if that will remain true in the next one – two months.
• Thinks underneath all the Tariff dirt in the air, rates can come down over 12 – 18 months
• Thinks if we can get past this bumpy period, dual mandate looks pretty good.

This article was written by Greg Michalowski at www.forexlive.com.

BOE Mann says:

• Must consider interactions of QT and rate decisions.
• QT tightening cannot perfectly offset rate cuts

This article was written by Greg Michalowski at www.forexlive.com.

People take way to long to make decisions, says Nell Wulfhart, a decision coach who’s helped more than 500 clients. Take three simple steps to speed things up.

Russia sees the beginning of complete withdrawal of Ukrainian troops from Russian territory – including Donetsk, Luhansk, Zaporizhzhia and Kherson regions – as one of the options for establishing a ceasefire.

• As part of the memorandum envisions lifting of all existing and rejection of new economic sanctions and restrictive measures between Russia and Ukraine
• envisions restoration of economic relations with Ukraine, including gas transit
• Proposing limiting the number of Ukrainian troops and weapons.
• Suggest confirmation of Ukraine’s status as non-– nuclear weapon state with explicit ban on deployment of nuclear weapons on its territories.
• Western arms supplies to Ukraine are ruled out for a cease-fire, this also applies for intelligence.
• Envisions holding elections in Ukraine and then signing a peace treaty.
• Implies end to mobilization and start of demobilization in Ukraine for cease-fire
• Ukraine’s neutrality and ban on any military activities of third states on its territory

When you get to the details and Russia’s vision, there are probably things that would take a huge leap of faith from the EU and US perspective. Perhaps it is a start for further negotiations, but I can’t see it being accepted

This article was written by Greg Michalowski at www.forexlive.com.

The major European indices are closing the day with mixed results:

Looking at the closing levels:

• German DAX, -0.28%
• Frances CAC -0.19%
• UK’s FTSE 100 +0.02%
• Spain’s Ibex +0.36%
• Italy FTSE MIB -0.26%

as London/European traders look to exit, the US stock indices are also mixed:

• Dow Industrial Average -0.47%
• S&P index -0.08%
• NASDAQ index +0.26%

In the US market, yields remain higher with a steeper yield curve:

• 2-year yield 3.926%, +1.2 basis points
• 5-year yield 4.001%, +2.3 basis points
• 10-year 4.451%, +3.4 basis points
• 30 year 4.987%, +5.5 basis points

Looking at other markets,

• Crude oil is trading up $2.18 and $62.85
• Gold is trading up $82 or 2.5% at $3370
• Bitcoin is trading at $104,213. The high price reached in May extended to $112,000

This article was written by Greg Michalowski at www.forexlive.com.

More office space is now being removed than is being added. That should help the recovery in a real estate sector that was crushed by the pandemic.