News

A man who was allegedly framed for sending letters threatening to kill President Donald Trump still faces possible removal from the United States.

The U.S. economy is now expected to expand by just 1.6% in 2025, while the global economy is set to grow by 2.9%.

1230 GMT/0830 US Eastern time

• Federal Reserve Bank of Atlanta President Raphael Bostic
• gives welcome and closing remarks before a Fed Listens event
• “How Monetary Policy and Macroeconomic Conditions Affect Individuals and Businesses”
• at the Federal Reserve Bank of Atlanta

Bostic spoke Tuesday, I doubt there will be any change in content:

• Fed’s Bostic: Best monetary policy approach now is ‘patience’

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

Japan Jibun Bank PMI

May 2025 Services PMI 51.0

• preliminary 50.8, prior 52.4

Composite 50.2

• preliminary 49.8, prior 51.2

PMI manufacturing, final for May 2025 49.4 (prior 48.7)

Report in summary:

• Service sector growth slowed due to weaker demand and the slowest new business growth since November.

• Employment growth in services was the weakest since December 2023.

• Business sentiment improved from April’s low but remained below the post-pandemic average.

• Input costs stayed high, keeping inflation pressures elevated. Combined with weak manufacturing, overall private sector growth nearly stalled, with the composite PMI slipping to 50.2.

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

Canada PM’s office:

• Additional U.S. tariffs on Canadian steel and aluminum are ‘unlawful and unjustified’
• Canada government is engaged in intensive and ‘live negotiations’ to have U.S. tariffs removed

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

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FBI Director Kash Patel via Twitter confirms the arrests:

• Two Chinese nationals charged for smuggling potential bioterror fungus into the US

Says:

• This case is a sobering reminder that the CCP is working around the clock to deploy operatives and researchers to infiltrate American institutions and target our food supply, which would have grave consequences… putting American lives and our economy at serious risk.

Part of the tweet.

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

Australia S&P Global Composite PMI fell from previous 50.6 to 50.5 in May

People’s Bank of China USD/CNY reference rate is due around 0115 GMT.

The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.

How the process works:

• Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day’s trading.
• The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.
• Intervention: If the yuan’s value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency’s value.

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

Tesla CEO Elon Musk previously led DOGE for the Trump administration, but bemoans the effect on the deficit from the ‘big, beautiful bill.”

CNBC’s Jim Cramer reviewed Tuesday’s Wall Street action.