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U.S. indices remain cautiously optimistic today amid the unpredictable stance of Donald Trump and the White House. Today's macroeconomic data has taken a back seat.
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At the time of reporting, the US500 is up 0.37%, US100 by 0.18%, and the US2000 by 0.85%. The U.S. dollar is one of the weakest G10 currencies today, while the euro leads the gains. The EURUSD pair is up 0.46%, trading at 1.1655.
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Former President Donald Trump again criticized Federal Reserve Chair Jerome Powell, calling him “too late” and a “knucklehead,” though he stated he does not currently plan to remove him.
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His remarks followed a New York Times report claiming that Trump had prepared legal documents to remove Powell for “gross incompetence.” While nothing has been confirmed, the speculation rattled markets, weakening the dollar and boosting gold prices due to concerns about the independence of the Fed.
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U.S. mortgage applications fell to their lowest level since late May, with the average 30-year mortgage rate rising by 5 bps to 6.82%.
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Producer price inflation (PPI) remained flat on a monthly basis, partly due to a drop in service prices. However, the weak PPI reading is not expected to affect the Fed's stance.
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Industrial production rose more than expected last month, driven by a surge in energy output and a modest increase in manufacturing.
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Goldman Sachs (GS.US) reported strong revenues of $14.58 billion, up 15% YoY, thanks to a rebound in financial markets after the April sell-off. Though below Q1 results, this beat estimates of $13.53 billion.
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Platinum prices are up 4.5% due to the weakening U.S. dollar, positive sentiment in the precious metals market, and a general risk-on approach in investors' strategies.
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Tuesday brought a dramatic twist in what was supposed to be a breakthrough week for U.S. cryptocurrency legislation. Labeled “Crypto Week” by Republicans, the legislative process faced a surprise procedural setback when 13 Republicans sided with Democrats, blocking debate on the bills.
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However, the Republican Party in the House of Representatives has now resumed efforts to pass crypto regulations after Donald Trump persuaded conservative opponents to support the legislative package. As a result, all proposed bills have now been passed.
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In response, Ethereum is up nearly 5% to $3,300, Bitcoin gains 1.40% to $19,400, and the altcoin market capitalization is up 2.00%.
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