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#sp500

📈 The S&P 500 is trading at 5870.

⚠️ Last Friday, US President Donald Trump announced a doubling of tariffs on steel and aluminum imports from 25% to 50%. Investors fear that such duties could slow down the growth rate of national GDP and increase inflation in the US. Recall that in the first quarter, US GDP fell by 0.2%.

📰 In addition, market participants are increasingly doubting the fiscal stability of the American economy. It is expected that Trump's "big, beautiful bill", which will be discussed in the Senate in the coming weeks, will add trillions of dollars to the already colossal level of national debt, which exceeds $36 trillion. Against this background, the "sell America" ​​strategy is gaining popularity among investors.

📉 Given the above, the S&P 500 index still has downside potential.

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⚠️ The European Union expressed "strong" regret over Trump's plan to double steel and aluminum tariffs, which could derail bilateral trade talks;

🇨🇦 Canada's S&P Global manufacturing PMI rose to 46.1 in May from 45.3 in April, indicating the sector remained in contraction territory for a fourth straight month;

🇺🇸 The U.S. ISM manufacturing PMI fell to 48.5 in May from 48.7;

📣 Federal Reserve Board member Christopher Waller changed his stance to more dovish, saying a rate cut remains possible later this year;

🇨🇳 China's Caixin manufacturing PMI unexpectedly fell to 48.3 in May from 50.4 in April.

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#usdchf

🇺🇸🇨🇭 The USD/CHF pair is trading at 0.8190.

📊 Market participants continue to analyze macroeconomic statistics from Switzerland. According to data published today, the inflation rate in Switzerland last month fell by 0.1% year-on-year, which was the lowest level in more than 10 years. Thus, the high exchange rate of the national currency, which has been worrying the regulator lately, continues to have a negative impact on consumer activity in the country.

🏛 The realization of the risk of deflation will most likely convince the Swiss National Bank to continue easing the national monetary policy at its next meeting at the end of June. It is expected that the Swiss regulator will reduce the key interest rate to zero and, thus, create conditions for the weakening of the national currency.

📈 Given the above, the USD/CHF pair retains growth potential.

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⚠️ According to Reuters, US President Donald Trump plans to hold telephone talks with Chinese President Xi Jinping before the end of the week;

🏛 The Bank of Canada will meet today at 13:45 GMT. The Canadian regulator is expected to keep the rate unchanged at 2.75%;

📊 The number of open JOLTS vacancies in the US in April increased to 7.39 million from 7.2 million in March;

🛢 According to the American Petroleum Institute (API), US oil inventories fell by 3.3 million barrels last week after falling by 4.2 million two weeks earlier;

🇦🇺 Australia's gross domestic product (GDP) grew by 0.2% in the first quarter of 2025, compared with an increase of 0.6% in the previous quarter.