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๐ŸŒž Chump Profit Forex Morning Brief - Tuesday Edition ๐ŸŒž

Headline News:

1. US regulators sue Binance and founder Zhao, alleging a "web of deception."

- Lawsuit adds pressure on Binance, causing decline in Bitcoin price.

- Analysts predict crippling effect on Binance, according to Ed Moya from Oanda.


Market Update:

2. Asian stock markets open lower due to weakening US services sector.

- Softening services sector data raises expectation of no interest rate hike by the Federal Reserve.

- US services sector shows minimal growth in May, with new orders slowing down.

- Prices paid by businesses for inputs hit a three-year low, supporting Fed's inflation-fighting efforts.

- Services industry accounts for over two-thirds of the US economy.


Currency and Bond Market:

3. US dollar weakens against most G10 currencies; 10-year Treasury yield stable.

- Shorter-term US rates experience slight increase following near stagnation of services sector in May.

- Reassessment of Fed's interest rate hike path prompted by services sector data.


Commodities:

4. Oil prices decline amid uncertainty over supply and demand.

- Traders assessing supply and demand outlook, particularly after Saudi Arabia's supply cut announcement.

- Uncertainty impacting oil market; traders closely monitoring developments.


US Treasury:

5. Bill issuance flood begins, potentially impacting liquidity.

- US Treasury initiates significant bill issuance, attracting buyers and draining liquidity.

- Liquidity risks may keep market range-bound until further clarity, including Fed's interest rate decision.


Precious Metals:

6. Gold remains steady after previous session's gains.

- Investors closely monitoring gold for further price movements and market developments.


Tech News:

7. Apple unveils highly anticipated augmented reality headset, Apple Vision Pro.

- Tim Cook describes the headset as seamlessly blending real and virtual worlds.

- Apple's first major hardware launch in nearly a decade.

- Alongside AR headset, Apple introduces latest iPhone OS and announces MacBook Air updates.

- Apple Vision Pro features a two-hour battery life, priced at $3,499, to hit the market early next year.


Key Events This Week:

- Rate decisions in Australia and Poland on Tuesday.

- China's forex reserves and trade data on Wednesday.

- US trade and consumer credit data on Wednesday.

- Canada rate decision on Wednesday.

- EIA crude oil inventory data on Wednesday.


This concludes the Morning Brief for June 6, 2023. Stay tuned for more updates throughout the day.

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