Trump official announces 'transitory' taxes for the next six monthsMajor US stock indices close higher led by the NASDAQ index. S&P and Dow close at recordsNvidia on Blackwell chips to China: Starting to have conversations w/Trump AministrationWTI crude oil futures settle at $64.60Fed's Cook: An unintentional clerical error, may have been behind the mortgage disputeTreasury Secretary Bessent: Capital markets are roaring backGerman Chancellor Merz: There will be no Putin/Zelenskyy meetingUS treasury sells 44 billion of 7 year notes at a high yield of 3.925%European major indices close mixedUS Envoy on Ukraine/Russia war Kellogg: Russia strikes threaten peace efforts.US pending home sales for July -0.4% versus -0.1% estimateFed Gov. Lisa Cook files lawsuit against TrumpEU Pres.von der Leyen: Putin must come to the negotiating tableUS GDP 2nd estimate for Q2 3.3% vs 3.1% estimateUS initial jobless claims 229K vs 230K expectedinvestingLive European markets wrap: Dollar down slightly amid month-end cautionThe US dollar weakened further against the major currencies today, extending the declines that began during yesterday’s US trading session. The most notable gains came from the New Zealand dollar, up 0.41%, and the Australian dollar, up 0.40% versus the greenback. Elsewhere, the dollar was little changed against the British pound and slipped only modestly—around 0.05%—versus the Swiss franc. Overall, the tone across FX markets reflected a continuation of the corrective dollar move lower, even in the face of some stronger-than-expected US data.The data releases included a second-quarter GDP revision, which showed growth at 3.3% versus the 3.1% estimate and above the preliminary reading of 3.0%. While the improvement suggested resilience, markets largely treated the release as “old news”, given the data’s backward-looking nature. At the same time, initial jobless claims fell to 229K, down from 235K last week and slightly better than the 232K expected. Normally, this combination of solid GDP and labor market strength might underpin the dollar, but the FX reaction instead pointed toward shifting sentiment and broader positioning adjustments.The US Treasury market also played a role in the dollar’s softness. Yields edged lower across the curve, with a notable flattening dynamic after the sharp run higher earlier in the week. The 2–10 year spread narrowed by 4.3 basis points, while the 2–30 year spread fell by 4.8 basis points, signaling investor caution. By maturity, the 2-year yield held at 3.631% (+0.8 bps), the 5-year yield slipped to 3.692% (-1.4 bps), the 10-year yield eased to 4.203% (-3.5 bps), and the 30-year yield dropped to 4.873% (-4.0 bps). The Treasury also completed its $44 billion sale of 7-year notes, where demand was mixed. Domestic buyers showed strong appetite, but international demand was weaker than the six-month average, and the auction tailed slightly—suggesting only modest overall interest.Late in the day White House Trade Adviser Peter Navarro announced that the global de minimis exemption will officially end on Friday, a move he said will save American lives and create thousands of US jobs. The exemption’s removal aims to restrict the flow of narcotics, counterfeit goods, and other prohibited items, while also boosting domestic employment. There will be a six-month transition period, during which postal shipments will face flat duties of $80–200 before moving to specific duty rates. Navarro noted that US Customs and Border Protection has already collected over $492 million in additional duties from China and Hong Kong since their exemptions ended.The administration is coordinating with foreign partners to minimize shipment disruptions, with Britain, Canada, and Ukraine confirming mail to the US will continue uninterrupted. However, there will be no exceptions to the policy, which Navarro emphasized is permanent.Commodities provided a mixed picture. Crude oil inched higher by $0.17 to settle at $64.32, with prices ranging between a low of $63.35 and a high of $64.70. The gold market gained ground, supported by the weaker dollar, with spot prices up $18 or 0.53% to $3416.50. Meanwhile, Bitcoin also pushed higher, rising $760 to $112,034, reflecting the broader risk-on tone across markets as the dollar softened.On Monday, the US will be on holiday for Labor Day. Tomorrow will be a normal day in the stock and bond markets. This article was written by Greg Michalowski at investinglive.com.