FOREX NEWS & BLOG

The Wall Street Journal is gated, key points of the article:

• The U.S. is increasing intelligence efforts in Greenland as President Trump has expressed interest in the island.

• Intelligence agencies are to identify Greenland and Denmark residents who support U.S. objectives.

• Trump has said he wants to take over Greenland for security purposes.

“Step Up Spying on Greenland”

Hide a microphone anywhere its warm. How hard could it be?

This article was written by Eamonn Sheridan at www.forexlive.com.

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Bessent will meet with China’s vice premier in Switzerland to break the ice on trade talks.

Reading these comments from Bessent you get the sense he is trying to lower our expectations. I don’t think that’s necessary. Anyone with half a brain knows this upcoming talk fest will achieve very, very little. Its just a beginning, that’s all.

• We’ve agreed to talk
• Then on Saturday and Sunday we will agree what we’re going to talk about
• My sense is this will be about de-escalation
• We’ve got to de-escalate before we can move forward

• We don’t want to decouple with China over textiles and things like that

• We do want to decouple over strategic industries

• Steel, semiconductors, medicines, we are going to build it here

• I think trade frictions can go down, Americans can get fairer deal

• Indonesia has come with very strong trade offers, willing to take off tariffs and non-tariff barriers

Earlier news:

• “Sources” say US’ Bessent and Greer to meet with China rep on Economic Matters this week
• Australian dollar higher on talk of Bessent/Greer/ China Vice Premier He Lifeng meeting

• China confirms Vice Premier He Lifeng to talk trade with Bessent this week

• China’ s Ministry of Commerce says is has “decided to agree to engage with the US”

This article was written by Eamonn Sheridan at www.forexlive.com.

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India has confirmed carrying out missile strikes on what it described as terrorist camps across the border in Pakistan, including areas in Pakistan-occupied Jammu and Kashmir. According to the Indian government, the operation targeted nine sites and was executed with “considerable restraint” in both target selection and method.

Pakistani security officials reported that missiles were fired into three locations along the border. The strikes mark a significant escalation in cross-border tensions, though India has framed the operation as a limited and precise response to security threats.

**

More, as updates come in:

• Pakistan has closed its airspace to all flights, effective immediately – for 48 hours.
• Pakistan said five locations have been hit
• at least three died and 12 injured
• Pakistan’s response is underway
• India says all air defence units have been activated all along the India-Pakistan border

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The missile strikes carried out by India, were a response to a deadly terrorist attack that occurred two weeks earlier in the town of Pahalgam, located in Indian-administered Kashmir. On April 22, gunmen opened fire on a group of Hindu tourists, resulting in the deaths of 26 individuals and injuring several others. The Resistance Front, a militant group believed to be linked to Pakistan-based Lashkar-e-Taiba, claimed responsibility for the attack.

India accused Pakistan’s military and intelligence services of orchestrating the massacre, an allegation that Islamabad has vehemently denied. In the aftermath, India undertook a series of retaliatory measures, including suspending the Indus Waters Treaty, expelling Pakistani diplomats, halting bilateral trade, and closing the Attari-Wagah border crossing. These actions significantly escalated tensions between the two nuclear-armed neighbors and set the stage for the subsequent missile strikes.

This article was written by Eamonn Sheridan at www.forexlive.com.

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Reserve Bank of NZ Financial Stability Report:

• Risks to the financial system have increased over the past six months
• While global economic environment has become more volatile, our financial institutions are in a strong position to support the economy
• Banks have strong capital and liquidity buffers in place to maintain credit flows even if conditions deteriorate further
• Banks also remain profitable, with non-performing loans expected to decline as mortgage rates reprice lower
• General insurers are experiencing more stable conditions
• Recent insurance stress test highlighted improved resilience in the sector
• Geopolitical risks have heightened financial market volatility and pose a material risk to global economic activity

NZD/USD update, down a few tics after its rally on Tuesday:

This article was written by Eamonn Sheridan at www.forexlive.com.

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