Market Commentary: Thursday 22nd May

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, including a higher limit on the deduction for state and local taxes.
The vote is expected to take place as soon as today.

The USD continues to weaken, and Treasuries have steadied after a recent sell-off. Yields on the 30-year US sovereign bond remain above the 5% mark.

Gold continues to climb this week, now trading around $3,300, while Bitcoin sits near new highs around $110,000.

A steady flow of news releases is expected today, including PMIs for Europe and the US, as well as US unemployment data. BoC Governor Macklem is also scheduled to speak later.

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