Morning Commentary: Monday 30th June

Indices drifted higher as progress in trade negotiations boosted sentiment. The S&P and Nasdaq continue to test new all-time highs.

Both Japan’s and India’s negotiation teams have extended their stays in the US. Canada is looking to get a deal done by July 21.

French Finance Minister Eric Lombard said the European Union can clinch some form of a trade agreement with the US before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products.

The USD continues its decline and dipped 0.3% as Senate negotiations over Trump's tax-cut package are ongoing.

The Bloomberg Dollar Spot Index has posted its worst start to a year since at least 2005, down 8.8% year-to-date.

• The Japanese yen rose 0.5% to 143.89 per dollar.

• The offshore yuan rose 0.2% to 7.1602 per dollar.

• The British pound rose 0.1% to $1.3730.

• Spot gold rose 0.5% to $3,291.21 an ounce.

• Crude fell 0.1% to $65.43 a barrel.

• Bitcoin rose 0.8% to $108,267.53.

• Ether rose 2.8% to $2,501.50.

It’s a light news day for scheduled releases, but updates on current political tensions, Trump’s tax bill, and trade negotiations are likely to be the main drivers of the markets.

US Non-Farm Payrolls will be moved to Thursday this week due to the July 4th holiday on Friday.