US Proposes New Tariffs After Investigation; US, Iran Exchange Clashes | Bloomberg Brief 6/3/2026
Speakers
Mark McCormick
— Editor-in-Chief, CoinDesk
Chloe Meley
— Bloomberg Reporter
Summary
US equity futures hover near record highs as oil climbs on US-Iran clashes. The US proposes new tariffs on 60 trading partners. Partners Group caps withdrawals on an evergreen fund. Mark McCormack expects USD/JPY to test 160 and EUR/USD to fall to 1.11.
- US equity futures near record levels after six consecutive S&P 500 record closes.
- Oil prices rise amid renewed US-Iran hostilities and fragile ceasefire.
- US proposes 10% tariffs on imports from 60 trading partners under new investigation.
- Partners Group limits redemptions to 5% quarterly on a private equity evergreen fund.
- Marvell Technology surges on AI enthusiasm; GameStop rises on strong sales and buyback.
- Mark McCormack forecasts USD/JPY to reach 160, citing BOJ behind the curve.
- McCormack expects EUR/USD to decline to 1.11, supporting dollar strength.
- Korean won underperforms due to trade stock costs and LNG price pressures.
Trade Ideas
Yen to weaken further, USD/JPY to 160
The BOJ is behind the curve, inflation embedded, and intervention ineffective. The market wants to push USD/JPY through 160, and BMO's forecast has it going to 160. The high interest rate, high inflation regime favors the dollar over the yen.
Euro to fall back to 1.11
The dollar is strong and will remain strong for longer. The macro regime of high rates, equity momentum, carry, and growth supports the dollar. BMO's core view is that EUR/USD will go back to 1.11, implying a weaker euro.
Up Next
This Bloomberg Markets video, published June 03, 2026, features Mark McCormick discussing USD/JPY, EUR/USD. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Mark McCormick · Tickers: USD/JPY, EUR/USD