FOREX NEWS & BLOG

USD/CAD takes the first Trump-Carney meeting in stride. Discussions were ‘constructive’

USD/CAD takes the first Trump-Carney meeting in stride. Discussions were ‘constructive’

May 6, 2025 8:26 pm |

Carney didn’t get “Zelensky’d”.

That bar for today’s meeting between the North American leaders was to avoid a meltdown and as the picture above shows, it went well enough.

The Canadian PM is out with a readout now and said discussions were ‘constructive’ and ‘wide ranging’ and agreed to discuss more and have a meeting at the G7. Those are mostly coded words and not exactly great ones.

If you are a CAD bull, you would have hoped for some positive talk about a reset and a North American bloc but that wasn’t really the case. If you are a CAD bear, you would have hoped for a damaging breakdown.

Neither of those things happened so it looks like the status quo.

“I think we established a good basis today,” Carney said.

In the bigger picture today, the US dollar is selling off broadly and that has USD/CAD down 56 pips to 1.3769. The broader market is starting to worry about the lack of progress on trade deals.

I fear that a nine-day stock market rally has emboldened Trump to push harder on tariffs and that’s going to make trade deals with allies a very tough proposition.

More from Carney:

  • There were no decisions on tariffs today
  • It is a very complex situation
  • I was clear with Trump that Canada will never be for sale

This article was written by Adam Button at www.forexlive.com.

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Cor Prime Appoints Tim Bevan as CEO, Eyes Institutional Digital Asset Lending Launch

Cor Prime Appoints Tim Bevan as CEO, Eyes Institutional Digital Asset Lending Launch

May 6, 2025 8:26 pm |

Cor Prime, a recently launched crypto prime broker and part of Deus X
Capital, appointed seasoned finance executive Tim Bevan as its CEO. The move
comes as the firm gears up for its go-live phase and positions itself as a
regulated player in institutional digital asset lending.

Industry Veteran Returns to Prime Brokerage

Bevan takes over from Deus X Capital CEO Tim Grant,
who had been acting as CEO during Cor Prime’s build-out phase.

“Very excited to have joined Cor Prime as CEO”, Bevan announced
on LinkedIn. “It’s an incredibly talented group of people dedicated to
delivering what the digital assets market desperately needs: access to
wholesale finance through sophisticated & regulated global infrastructure.”

Bevan most recently served as CEO of ETC Group, a
crypto ETF issuer, for four years. He exited the firm following its acquisition
by Bitwise in late 2023. Before that, Bevan led BCS Global Markets’ UK
operations and oversaw global prime services for seven years.

Targeting Global Expansion

Based in London, Cor Prime aims to offer principal and
prime lending services to institutional players in digital assets. The firm is reportedly
seeking regulatory approval in Bermuda and Abu Dhabi, where it intends to be
initially licensed. It also plans to operate globally, targeting
institutions with wholesale finance needs through a risk-managed
infrastructure.

Last year, Alexander Royle, a long-time expert in
financial market regulations, joined Cor Prime. Earlier, Royle spent over five
years with two prominent European regulatory commissions, the UK’s Financial
Conduct Authority and the European Securities and Markets Authority.

Grant was appointed as CEO of the new project, and
the firm’s launch was officially announced after Deus X successfully closed its
first equity funding round. Moreover, the company has committed up to $100
million of risk capital to the business.

“Digital asset markets are starved of the risk capital, and we see a major opportunity to oxygenate this market by unlocking new
sources of capital,” commented Grant. “Institutional investors need a safe,
sensible investment opportunity backed by a next-generation risk paradigm that
they understand before they can enter new markets and help them grow, and that
is exactly what we will be launching within 2025,” commented Grant.

This article was written by Jared Kirui at www.financemagnates.com.

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US treasury auctions off $42 billion of tenure notes at a high yield of 4.342%

US treasury auctions off $42 billion of tenure notes at a high yield of 4.342%

May 6, 2025 7:22 pm |

  • High yield 4.342%
  • WI yield before the auction 4.354%
  • Tail -1.2 basis points vs six-month average of 0.7 basis points
  • Bid to cover 2.60x versus the six-month average of 2.59X
  • Direct 19.88% vs the six-month average of 16.8%
  • Indirects 71.2% vs six-month average of 70.0%
  • Dealers 8.93% versus the six-month average of 13.2%

AUCTION GRADE: A

Domestic buyers were higher than the average. International buyers are also higher than the average. The dealers therefore were saddled with less than average.

The US 10 year yield is now trading near loss for the day at 4.321% down 2.1 basis points

This article was written by Greg Michalowski at www.forexlive.com.

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Gold surges for the second day as it climbs $80. What’s driving the move

Gold surges for the second day as it climbs $80. What’s driving the move

May 6, 2025 7:00 pm |

The gold buyers are back in a big way following the holiday in China and other parts of Asia.

Gold surged yesterday and traced out an outside bullish reversal. That pattern extended today in a powerful signal for gold buyers. If we close here it will be the second-best closing level ever and just $10 from the closing record on April 21.

The big level though is $3500, which is where gold stalled on April 22. That was followed by a heavy round of profit taking that coincided with optimism about US trade deals.

Lately though, progress appears to have stalled. Treasury Secretary Scott Bessent today confirmed that the US and China aren’t talking. He continued to tease other trade deals but the market is at the point where it wants to see less talk and more signed papers.

Trump today said he’s tired of questions about when deals would be struck and “we’re going to put down the price the people are going to have to pay to shop in the United States.”

“We’re going to put very fair numbers down, and we’re going to say, here’s – what this country, what we want. And congratulations, we have a deal. And they’ll either say ‘great,’ and they’ll start shopping, or they’ll say, not good,'” Trump said alongside Canadian Prime Minister Mark Carney.

“It’s going to be a very fair number, it’ll be a low number. We’re not looking to hurt countries,” he said.

This all sounds like improvisation and Trump has likely been emboldened by the bounce back in stock markets.

This article was written by Adam Button at www.forexlive.com.

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Trump and Carney talk to the press: We will possibly start to renegotiate USMCA

Trump and Carney talk to the press: We will possibly start to renegotiate USMCA

May 6, 2025 6:58 pm |

  • Canada chose a talented person
  • Oval office improved with the help of gold ; )
  • Houthis don’t want to fight anymore
  • We will stop bombing
  • We will discuss Ukraine
  • We will have a very big announcement before middle east trip
  • Announcement will be made Thursday, Friday or Monday before we leave.
  • USMCA is still very effective.
  • USMCA was a transitional step
  • We’ll possibly start to renegotiate USMCA
  • We will be friends with Canada
  • Being 51st state would be a massive tax cut, free military. I do feel it will be much better for Canada
  • Want to protect auto industry business
  • We have tremendous amounts of energy.
  • On sale of Canada to US, “Time will tell”
  • China wants to negotiate and we will meet at the right time
  • Massive amount of companies are moving into the United States
  • Could have $9 trillion of investment in the United States
  • The announcement over next few days not necessarily on trade
  • On trade deals, were not chaotic, we are flexible.
  • On India, not going to put up with high tariffs from India
  • Think of US as a super luxury store.
  • USMCA is fine. It’s there. It’s good.
  • Some things of USMCA will have to change.
  • We won’t do much business with Canada
  • Dealing more with concepts right now
  • They are paying tariffs and steel right now
  • We dont really want cars from Canada
  • At some point it won’t make economic sense for Canada to build these cars
  • There is no reason for us to subsidize Canada
  • We subsidize Canada $200B a year.

Carney:

  • You are a transformational leader
  • I have been elected to transform Canada with focus on the economy.
  • History is Canada – US stronger when we work together
  • Canada is not for sale and would never be for sale
  • My government is commited for a step change in providing international security
  • Some things on USMCA will have to change.
  • This is a bigger discussion which will take time.

For what it is worth, Trump ended by saying US subsidizes Canada by $200B per year which is a little high.

The US/Canada goods deficit is more like $63.3 billion in 2024 with a trader surplus of $31.7 billion for a net deficit of about $32B.

For NATO, it is calculated that Canada owes around $20B more per year. So overall, the $200B is exaggerated.

The USDCAD has moved lower and trades to a new low for the year and looks to the 61.8% of the move up from the 2023 low. That level comes in at 1.37415.

US stocks

This article was written by Greg Michalowski at www.forexlive.com.

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Atlanta Fed GDPNow 2.2% versus 1.1% previously

Atlanta Fed GDPNow 2.2% versus 1.1% previously

May 6, 2025 6:19 pm |

The GDPNow growht estimate for the Q2 rose to 2.2% from 1.1% prior. In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2025 is 2.2 percent on May 6, up from 1.1 percent on May 1. After recent releases from the US Bureau of Labor Statistics, the US Census Bureau, and the US Bureau of Economic Analysis, the nowcasts of second-quarter real personal consumption expenditures growth and real private fixed investment growth increased from 1.9 percent and 1.3 percent, respectively, to 3.3 percent and 3.6 percent.

The next GDPNow update is Thursday, May 8. Please see the “Release Dates” tab below for a list of upcoming releases.

This article was written by Greg Michalowski at www.forexlive.com.

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eToro Appoints Yaki Razmovich as Managing Director for Singapore and Asia

eToro Appoints Yaki Razmovich as Managing Director for Singapore and Asia

May 6, 2025 5:49 pm |

eToro appointed Yaki Razmovich as Managing Director
for Singapore and the wider Asia region. Razmovich brings more than 20 years of
experience in financial services, with a deep focus on Asia’s regulatory and
commercial environments.

Seasoned Financial Expert

He previously held senior roles at ABN AMRO and
Standard Chartered, where he led strategic initiatives and regional expansions.
At ABN AMRO, he oversaw operations across the Asia-Pacific, managing risk,
controls, and new market entries, including the bank’s move into Australia.

His prior roles at Standard Chartered focused on SME
banking strategy and client propositions across Southeast Asia. Now based in
Singapore, Razmovich will oversee eToro’s growth strategy across Asia.

“I’m honoured and excited to join eToro and lead its
growth in Singapore and Asia. We have received an In-Principle Approval for a
Capital Markets Services license from MAS and are working towards activating it
in the foreseeable future,” said Yaki Razmovich, Managing Director of eToro
Singapore and Asia.

“Singapore is a key wealth management and financial
hub in Asia and is the natural choice for eToro to expand its services to the
Asia Pacific region.”

Building a Regional Franchise

His appointment comes as eToro works towards
activating its Capital Markets Services license, having already received
in-principle approval from the Monetary Authority of Singapore (MAS). The license would mark a key regulatory milestone,
enabling eToro to expand its trading and investment offerings more broadly
across the region.

The hiring decision reflects eToro’s broader ambition
to grow its presence in high-potential Asian markets. Etay Cohen, eToro’s Chief Customer Officer, emphasized Razmovich’s track record in leading
expansions and navigating regional regulatory landscapes.

As regulatory frameworks in key Asian markets evolve,
platforms like eToro are racing to align with local requirements and seize new
opportunities. With Razmovich at the helm, the company aims to accelerate its
plans and solidify its position in the region’s increasingly competitive
fintech ecosystem.

Meanwhile, eToro Group Ltd announced early this week that it is targeting a valuation of up to $4 billion in its initial public offering in the United States. The fintech giant has reportedly started a roadshow
for its planned initial public offering. It aims to list 10 million Class A
common shares, half of which will be offered by eToro, while the remaining will
be sold by existing shareholders.

This article was written by Jared Kirui at www.financemagnates.com.

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