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Forex News Archive

Professional trading insights from Saturday, May 31, 2025

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Saturday, May 31, 2025 at a glance

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Archive date: Saturday, May 31, 2025

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Forexlive

Hard Drug Allegations Against Musk and What Does Price Action Hints

Tesla Under Pressure After NYT Drug Allegations Against Musk - But What Does the Market Tell Us?A weekend exposé by The New York Times titled “Musk’s Drug Use On Campaign Trail Stoked Concerns” has reignited scrutiny over Elon Musk’s personal habits, reporting that the Tesla and SpaceX CEO frequently travels with a box containing an assortment of drugs, including ketamine, Adderall, MDMA, and psychedelic mushrooms.
Source: Finnhub
Forexlive

USD/CNY faces pressure as China PMI improves to 49.5 in May

USD/CNY is under downward pressure following China's improved manufacturing PMI data released Saturday. The official Manufacturing PMI rose to 49.5 in May from 49.0 previously, though remaining below the 50 expansion threshold for the second consecutive month. The Non-Manufacturing PMI slightly declined to 50.3 from 50.4. The data suggests modest stabilization in China's manufacturing sector, potentially reflecting early benefits from recent stimulus measures and temporary trade war de-escalation. However, the sub-50 reading still indicates contraction, keeping concerns about China's economic momentum alive. Technical levels show USD/CNY facing resistance near 7.25, with support around 7.20. The improved PMI reading could provide short-term yuan support, though sustained recovery above 50 would be needed for meaningful USD/CNY downside. Traders should monitor upcoming Chinese economic releases and any developments in US-China trade negotiations for directional cues.
USDCNY
Sentiment: Neutral
Source: Finnhub
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