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White House official:
This is in response to Musk’s oppostiion to Trump’s ‘big bill’ that will skyrocket US debt and fiscal troubles:
Gonna need a new hat
This article was written by Eamonn Sheridan at www.forexlive.com.
TD Securities has updated its forecast for the Reserve Bank of Australia (RBA), now projecting two 25 basis point (bps) interest rate cuts in 2025—one in August and another in November—bringing the cash rate down to 3.35%.
This revision comes amid signs of economic weakness in Australia. The March 2025 quarter saw GDP growth slow to 0.2%, with per capita GDP contracting for the ninth time in eleven quarters. Factors such as subdued consumer spending, adverse weather events, and global uncertainties have contributed to this slowdown.
Despite these challenges, the RBA remains cautious. TD say that while a July rate cut is not anticipated, the Bank could consider it as a form of “insurance” against further economic deterioration. The RBA has indicated readiness to implement rapid rate cuts if global economic disruptions, such as those stemming from US trade policies, threaten Australia’s economic stability.
Market expectations align with TD Securities’ outlook, with many economists forecasting multiple rate reductions by early 2026 to support growth. However, the RBA emphasizes that any policy adjustments will be data-dependent, balancing the need to control inflation with the goal of sustaining economic growth.
The Reserve Bank of Australia cut at its May meeting. The next meeting is scheduled for July 7 and 8.
This article was written by Eamonn Sheridan at www.forexlive.com.
Consecutive misses on US data in the North-American Morning Session as the US Services PMI came in at 49.9 vs 52 expected. Equity markets which rallied back after the miss on ADP Data, gapped right back down as Services Data, which has been holding strong throughout Hike cycles and geopolitical certainty is now showing weakness. […]
The post US Services PMI Dipping into Contraction – Equities Continue to Reject Highs appeared first on Action Forex.
Trading remains subdued as markets drift into the US session, with little conviction across asset classes. US futures dipped slightly after a dismal ADP employment report showing only 37k job additions in May, sharply below expectations. Still, the reaction was contained, with no clear evidence of a broad risk-off move. US President Donald Trump added […]
The post Muted Trading Persists as Trump Pressures Fed after ADP Miss appeared first on Action Forex.
The UK services sector returned to modest growth in May, with PMI Services finalized at 50.9, rebounding from April’s 27-month low of 49.0. Composite PMI also edged into expansion at 50.3, up from 48.5. Tim Moore of S&P Global highlighted that easing fears over US tariffs, firmer global markets, and renewed client confidence underpinned the […]
The post UK PMI services finalized at 50.9, rebound as tariff concerns ease appeared first on Action Forex.
Eurozone’s services sector contracted modestly in May, with the final PMI Services reading falling to 49.7, down from April’s 50.1, marking a six-month low. This decline pulled the Composite PMI down to 50.2, indicating only marginal overall growth in private sector activity. The divergence in national performance was notable: Italy led with a 13-month high […]
The post Eurozone PMI composite finalized at 50.2, ECB cuts and Germany to suhion tariffs impact ahead appeared first on Action Forex.
In all likelihood, this is going to result in a Russian escalation and on we go.
This article was written by Adam Button at www.forexlive.com.
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