Trump announced a huge trade agreement with Vietnam, whereby Vietnam will pay 20% tariffs, signalling a probable string of agreements, before the July 9th deadline. The news is extremely positive on the trade front, easing concerns the Federal Reserve had, while the US labour market may provide the trigger to begin a series of interest rate cuts. The ADP Jobs report revealed the private sector lost 33,000 jobs, the biggest loss since March 2023, and a shock as markets were expecting 100,000 jobs to be added. The pressure heaped upon Fed Chairman Powell from the Whitehouse, may well take its toll, with this data providing cover for the Fed. UK Gilts spiked higher, as the Labour Government comes under extreme pressure, as a result of economic and social mismanagement. Pressure is coming on both Chancellor of the Exchequer, Rachel Reeves, and the PM. The GBP slumped to 1.3630, despite the sharp spike in bond yields, while the EUR headed towards 1.1800.Commodity currencies continued to show favour, with the AUD heading towards 0.6600, while the NZD looks to regain 0.6100. These trade exposed Countries are yet to secure a trade agreement with the USA, but their current tariffs, are only 10%. This will be an action-packed trading day ahead, as US markets close Friday, for Independence Day.