币界网报道：Trump cancels trade talks with Canada Carney says he didn't talk to Trump today US May core PCE data +2.7% year-on-year, expected +2.6% Canada's GDP in April was -0.1%, expected +0.0% US June University of Michigan Consumer Confidence Index final value was 60.7, expected 60.5 Trump: I've ended sanctions relief on Iran because the Ayatollah didn't say thank you Trump: Trade deal is being worked on US oil rigs fell for the ninth consecutive week Bessent: I'm not sure why the dollar's move bothers me Fed's Kashkari: I still expect two rate cuts in 2025 US Bessent: I think we can get a trade done before Labor Day US Bessent: Confident magnets will flow in China-US agreement Market: US 10-year Treasury yield rises 2 basis points to 4.27% WTI crude oil falls 17 cents to $65.07 Gold falls $54 to $3273 S&P 500 closes up 0.5% at record high EUR leads gains, CAD lags The day started with PCE data, which painted a tough picture for policymakers as core inflation is hot but spending has cooled, with a stagflationary tone. This led to an early USD sell-off, with the euro hitting a three-year high of 1.1750. But the move didn’t last long, with the sell-off pulling it back to 1.1715 by the European close. I suspect there may have been some flow-driven USD buying ahead of quarter end, as this was a broader move. The next big market move came later in the day, when Trump said he was cutting off trade talks with Canada, suggesting the tariff man is back. This led to a 70bps rise in USD/CAD, and we saw broad gains in the dollar as risk assets came under pressure. The S&P 500 gave up the subsequent 40-point gain. But the TACO trade kicked in late trading, with the market concluding it was just a negotiating tactic, and the S&P 500 closed up 32 points. USD/CAD also gave back nearly all of its gains, with the dollar following similar moves elsewhere. Trump’s issue with Canada is the long-planned digital services tax, which is set to take effect on Monday. This short timeline could lead to weekend risk and potential quick trade turns. Have a great weekend.