ForexLive Asia-Pacific FX news wrap: A subdued range session for major FX

• Trump plans to invoke emergency powers to fast-track critical minerals domestic production
• Australian Q1 2025 GDP 0.2% q/q (vs. expected 0.4%)
• PBOC sets USD/ CNY central rate at 7.1886 (vs. estimate at 7.1977)
• Federal Reserve Bank of Atlanta President Raphael Bostic is speaking on Wednesday, June 4
• Japan May 2025 Services PMI 51.0 (preliminary 50.8, prior 52.4)
• Canada says additional US tariffs on steel, aluminium are unlawful, unjustified
• US FBI Director: China target our food supply, putting American lives serious risk
• Iran open to nuclear deal around the idea of a regional uranium enrichment consortium
• Japan's ruling coalition partner to propose sales tax cut on food
• Majority of economists expect Bank of Canada hold at its meeting today, Wednesday, June 4
• Two Chinese nationals charged for smuggling potential bioterror fungus into the US
• China Commerce Minister met with the European Trade Commissioner Sefcovic
• Australian S&P Global Services PMI Final for May 2025: 50.6 (prior 51.0)
• UBS warn that trade wars continue to pose a threat to the US dollar
• Trump ramping up steel tariffs by double is likely to cut jobs in US manufacturing
• Oil: private survey of inventory shows a larger headline crude oil draw than expected
• Trump-owned Truth Social files for Bitcoin ETF - New York Stock Exchange listing sought
• Trump and Xi to talk on Friday? That's the latest chatter.
• ICYMI - SNB's Tschudin dismisses the monthly inflation number as just one data point
• Barclays turning less negative on oil prices
• Japan to form think tank focused on Trump tariffs and Taiwan
• Trump's big boosted steel tariffs will take effect from 1201 am on June 4
• Forexlive Americas FX news wrap: US dollar firms as the trade war ebbs
• Trade ideas thread - Wednesday, 4 June, insightful charts, technical analysis, ideas

Major FX is not much changed on the session here after minor moves only.

Geopolitics & Commodities:

• Iran signalled it may accept a nuclear deal framework centred on a regional uranium enrichment consortium—provided it is based inside Iran.

• Brent crude is marginally lower on the session, reflecting muted market reaction.

Australia:

• Q1 GDP rose just 0.2%, missing forecasts; annual growth remained at a tepid 1.3% as public demand and exports dragged.

• Household savings jumped to 5.2% as consumers cut back.

• AUD/USD dipped on the release but quickly recovered, and is now little changed in a narrow range.

China-US news

• Two Chinese nationals have been charged in the U.S. for smuggling a dangerous fungus considered a potential agroterrorism threat.

• The incident is being treated as a national security concern, heightening scrutiny around biotech and cross-border research links.

South Korea:

• The Kospi surged over 2% to its highest since August 2024 after opposition leader Lee Jae-myung won the snap presidential election.

• The index has now extended its gains for the year, buoyed by hopes of policy shifts and political stability.

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AUD swings in a small range only: