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Markets remain on the quieter side. US equities held firm on Friday after a test lower, as Trump extended the deadline to impose 50% tariffs on the EU to July 9th, allowing time for further negotiations.

The USD continues to remain weak, with the Bloomberg Dollar Spot Index dropping 0.3% and extending its weekly loss to 1.2%—the biggest move in six weeks. Today, the dollar has retreated against all G10 peers.

Markets are primarily reacting to a proposed tax-cut bill in the US, which threatens to enlarge the US deficit. House Republican leaders released a new version of Trump’s massive tax and spending bill...