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Regulators alleged that Amazon’s price caps limit the visibility of merchants’ products and interfere with their freedom to set prices.

UK Trade Minister Jonathan Reynolds will meet with U.S. Trade Representative Jamieson Greer on Tuesday to discuss how to implement a recent trade pact, as concerns mount over new U.S. steel tariffs. The meeting comes during Reynolds’ three-day trip to Paris and Brussels, where he will also review recent political trade understandings with both the U.S. and EU.

Although the deals struck last month aimed to lower tariffs on British car and steel exports to the U.S., they remain informal political agreements with key implementation details still unresolved. The situation has become more complicated after President Trump announced plans to double steel tariffs to 50% from Wednesday.

UK Steel has warned the move could severely hurt British producers. A UK government spokesperson said talks with Washington are ongoing to clarify how the new tariffs affect the deal. Reynolds stressed the importance of adapting relationships with the G7 and EU to support UK businesses and exporters.

Much ado about nothing back in May

This article was written by Eamonn Sheridan at www.forexlive.com.

A call between President Donald Trump and China’s Xi Jinping could help deescalate trade tensions that have grown increasingly heated in the past week.

Byron Allen is putting his 28 broadcast TV stations up for sale in a bid to reduce his company’s debt load.

Bank of Japan Governor Ueda is appearing in the Japanese parliament:

• Japanese economy modestly recovering despite some weakness seen
• Corporate profits are improving, with business sentiment solid
• As slowdown in overseas economy pressuring corporate profits, pace of economic growth expected to slow down
• Import prices pushing up inflation are expected to wane
• Uncertainties over overseas trade policies and economic, price situations remain extremely high
• Will continue to raise interest rates if economy, price move in line with forecasts
• Will conduct monetary policy appropriately depending on price, economic developments to achieve 2% target in a stable and sustainable manner
• Important to make judgment without any preset ideas

more to come

Nothing surprising from Ueda so far.

This article was written by Eamonn Sheridan at www.forexlive.com.

Deutsche Bank expects the European Central Bank to lower its key interest rate by 25 basis points to 2.00% at its June 5 meeting, marking a cumulative 200bp of cuts from the peak and bringing rates closer to a neutral stance. The bank anticipates the ECB will maintain its meeting-by-meeting, data-driven approach to policy decisions.

However, analysts at DB warn that convincing more hawkish Governing Council members to support the move may require signaling a degree of patience on further cuts. Deutsche is holding to its terminal rate forecast of 1.50% but acknowledges that growing macroeconomic resilience and a looming ramp-up in defence spending may limit the ECB’s scope to ease further.

The analysts say that if the trade war dampens growth in the second half and disinflation trends hold, a September cut to 1.75% would be justified. But whether the ECB will go as far as 1.50% before year-end is increasingly uncertain. Recent developments have raised the risk that the easing cycle could stop short of that level, with Deutsche concluding that the policy outlook remains highly fluid.

This article was written by Eamonn Sheridan at www.forexlive.com.

Bank of Japan (BoJ) former board member Makoto Sakurai said on Tuesday that the Japanese central bank will probably halt its quarterly reductions in government bond purchases starting next fiscal year, per Bloomberg. 

From July 1, the minimum wage will be increased from $24.10 per hour, to $24.94 an hour.

• the increase is above inflation, currently at 2.4%
• but less than the 4.5% called for by the Australian Council of Trade Unions

This article was written by Eamonn Sheridan at www.forexlive.com.