- The session started with a slight risk-on feel after Trump announced a deal on immigration with Mexico over the weekend. Index futures gapped higher and the Mexican peso rallied 2% higher, seeing USD/MXN unwind a lot of gains made since trump announced the tariff threat.
- The USD is currently the strongest major, NZD and AUD are the weakest. Asian equities trade broadly higher whilst gold and silver have shed -0.9% and -1.3% respectively.
- Trump defended the US-Mexican deal on immigration after critics pointed out no new concessions had been made by Mexico, vowing to offer more details (without offering any new details).
- China’s exports rose in May as exporters rushed shipments to avoid new tariffs, although imports fell to a near 3-year low.
- Japan’s Q1 GDP grew slightly faster than expected, supported by stronger capital spending although analysts warn capex is due to soften and weigh on growth in upcoming quarters. Bank lending rose to its highest level since November 2017.
- South Korea and UK agreed to sign a free trade deal ahead of Brexit.
US-Mexico Immigration Agreement Boosts Sentiment At The Open | MXN, SPX
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Week Ahead: Interest rates, Mexican stand-off and US CPI
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