Open: New York Session | Forex, Metals, Oil, Agriculture June 08, 2023

A member of the National Guard plays a trumpet during a flag rai


A measure of the dollar is weakening slightly, while oil prices erase early gains to sink lower.


Gold prices are rebounding from yesterday s fall, while iron ore is also on the up.


Saudi Arabia s slashing of oil production might have the unintended negative impact of worsening its fiscal outlook as oil prices have barely budged. Oil prices rose on expected fall in supply from Saudi output cuts.

United States

The reason they want to pause is risk management: There are a lot of uncertainties, and they want to gather more data, said former Fed Governor Laurence Meyer. Though traders still expect some easing by year-end, multiple rate cuts have been priced out of markets, flattening sections of the US yield curve. The big question now is whether the Fed might follow up with a hike of their own next Wednesday, said Deutsche Bank strategists. The US-China diplomatic reengagement is still in its early phase after tensions led to a rupture in communications, the White House s top Asia official said.
Global Headlines A revolt by hardliners in the US House prompted Speaker Kevin McCarthy to call off votes for the remainder of the week and send lawmakers home. It s a question Fed Chair Jerome Powell will be at pains to answer in next Wednesday s press conference if indeed he and his colleagues forgo an increase. The US trade deficit widened in April to the largest in six months as exports declined by the most since the start of the pandemic and imports picked up.
What we re reading An ex-Wall Street analyst started a membership club to help corporate America recruit and hire diverse talent. After all, history suggested that when the Fed halted what had been a steady series of rate hikes, that was it. In more-affordable parts of the US, saving for a wedding could take about half as much time.


The survey also found that a solid majority wants to stay out of a US-China dispute over Taiwan, the self-ruled island that Beijing claims as its own.


However, a lower tribunal in 2021 scrapped the EU decision, dealing a blow to EU competition chief Margrethe Vestager’s crackdown on preferential deals. “Mark Zuckerberg must now explain and take immediate action,” he said, confirming what an EU official had earlier told Reuters. The EU antitrust watchdog equated the tax deal to illegal state aid.