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After Los Angeles, New York also fell into chaos, with more than 20 demonstrators arrested. Federal agencies' enforcement actions against illegal immigrants in California sparked protests, and Trump deployed 2,000 National Guard troops to Los Angeles. This news is bearish for the US dollar and US stocks.
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US non-farm payrolls in May were slightly better than expected, with significant downward revisions to the previous two months' data; the unemployment rate remained stable, and average hourly wages were better than expected; Fed rate cut bets decreased. This news is bullish for the dollar.
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Trump commented on the non-farm payroll data, highlighting impressive employment figures and a surge in the stock market! He once again called on Powell to cut interest rates by 100 basis points. In an interview, he mentioned that the appointment result for the new Federal Reserve chairman will be announced soon. This news is bearish for the dollar.
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