Yen, euro lifted by progress on trade By Rae Wee SINGAPORE (Reuters) -The euro crept toward its highest level in nearly four years on Thursday while the yen held to gains following more progress on trade deals between the United States and its largest trading partners, which in turn lifted the broader market mood. The European Union and the U.S. are moving towards a trade agreement that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday. That came on the heels of Washington’s trade deal with Tokyo that lowers tariffs on auto imports and spares the latter from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. Global markets took to the latest developments positively, as risk assets rallied and investors sold the U.S. dollar. The risk-sensitive Australian dollar rose to an eight-month high of $0.6604 early on Thursday. The euro steadied at $1.1768, hovering near a high of $1.1830 it hit earlier this month, which marked its strongest level in more than three years. "These trade frameworks agreed between the U.S. and the major economies are definitely positive for risk sentiment," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (OTC:CMWAY). "We actually anticipated a risk of the U.S. and the European Union getting into retaliation mode ... but that risk of a retaliation seems to have dissipated." Against the yen, the dollar dipped 0.03% to 146.38, extending its fall against the Japanese currency to a fourth straight session. While news of Japan’s trade deal has lit a fire under domestic stocks, gains in the yen have been capped by lingering political uncertainty at home. Japanese Prime Minister Shigeru Ishiba denied on Wednesday he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat. "In the near term, the yen will still face headwinds from ongoing political uncertainty. We still don’t know what Prime Minister Ishiba will do ... so I think there is still some uncertainty with regard to the fiscal outlook in Japan and Bank of Japan policy," said Kong. Elsewhere, sterling was firm at $1.3582, after having gained 0.36% in the previous session. The dollar index was last little changed at 97.21, while the New Zealand dollar dipped 0.01% to $0.6046. Expectations are for policymakers to stand pat on rates, though markets will look out for what they say regarding the outlook for monetary policy. Investors generally expect one more ECB rate cut by the end of the year, most likely in December.

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6/8 Despite the friction, there are glimmers of hope.

Canada and China agreed to convene their Joint Economic and Trade Commission "to work through some of these issues."

The UK wants Canada to ratify its Pacific trade partnership accession.
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European shares rise; investors await signs on trade progress Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Morning Bid: Markets sit tight for trade progress Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Treasury secretary highlights tax filing success, trade progress Treasury Secretary Scott Bessent reported Wednesday that the Treasury Department completed its "most successful tax filing season in years" while improving efficiencies and cutting costs at the IRS. Speaking before the House Ways and Means Committee, Bessent noted that April tax receipts increased 9.5% over the previous year, while May receipts rose 14.7%. Bessent highlighted the administration’s proposed One Big Beautiful Bill Act, which would make the 2017 tax cuts permanent. According to the Council of Economic Advisers, the legislation would raise take-home pay between $7,800 and $13,300 for the average family of four and increase wages between $6,100 to $11,600 for the average worker. The secretary also emphasized the bill’s manufacturing incentives, including 100% expensing for new factories and existing factories that expand operations. Bessent said the administration is working with Senate members to advance the legislation after its passage in the House. On trade, Bessent referenced the recently announced US-UK trade deal, which he described as creating a "$5 billion export opportunity for American ranchers, farmers, and manufacturers." He noted that dozens of countries have engaged with the administration to improve trade relations, including China. Bessent stated that more than 500,000 private-sector payroll jobs have been added since January, and U.S. inflation is at its slowest pace since 2021. He attributed these economic improvements to the administration’s policies, noting that the labor market "remains strong with low unemployment and plentiful labor demand." This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

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FTSE 100 Live: UK Stocks Rise, Pound Sinks on US-China Trade Progress - Bloomberg.com FTSE 100 Live: UK Stocks Rise, Pound Sinks on US-China Trade Progress  Bloomberg.com

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Stocks close with gains as White House signals trade progress with China - The Hill Stocks close with gains as White House signals trade progress with China  The Hill

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