Market news
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Bank of Canada Holds Rate at 2.25%, Macklem Signals Patience
The Bank of Canada kept its policy rate unchanged at 2.25% on Wednesday, in line with expectations, with Governor Tiff Macklem signaling a patient approach to future moves.
Bank of Canada Holds Rates Steady, Canadian Dollar Recovers from Intraday Lows
The Bank of Canada kept interest rates unchanged, causing the Canadian Dollar to pare losses against the US Dollar. USD/CAD traded around 1.3925 after recovering from an intraday low.
Gold Extends Decline to Ten-Week Low, Breaks Below Bear Channel Support
Gold prices fell to their lowest in ten weeks, accelerating after breaking below the lower boundary of a bear channel that had contained previous declines.
Selling Slows but Inflation Data Offers Little Comfort
Tuesday's volatility and disappointing inflation figures have left investors jaded, according to Chris Beauchamp, Chief Market Analyst at an online trading platform. Selling pressure persists but at a reduced pace.
British Pound Hovers Near 1.3400 as Hot US CPI Weighs on USD
GBP/USD traded near 1.3400 on Wednesday after rising over 0.19% as US CPI matched estimates but hit a three-year high, weighing on the dollar.
Silver Falls Toward Two-Month Low as Fed Hike Bets Pressure XAG/USD
Silver (XAG/USD) dropped to around $64.70, down 1.02%, approaching a two-month low amid rising expectations of further Federal Reserve rate hikes.
AUD/USD Extends Losses Near 0.7020 on US Inflation, RBA Cut Bets
The Australian Dollar weakened for a fourth consecutive session as US inflation data reinforced expectations of sustained high Fed rates and NAB forecast further RBA rate cuts.
Denmark Core Inflation Hits 2.1% in May, Headline Below Euro Area
Danish consumer prices rose 1.9% year-over-year in May, while core inflation climbed to 2.1% — its highest since early 2024 — driven by hotel and travel costs.
Scotiabank: JPY Bearish vs USD as BoJ Hike Already Priced
Scotiabank analysts note the Japanese Yen is underperforming despite strong PPI data, as markets have fully priced a 25 bps BoJ rate hike next week and another subsequent hike.
USD Uptrend Intact into FOMC – TD Securities
TD Securities strategists note that a softer US core CPI triggered only modest dollar weakness, arguing the broader USD uptrend remains supported by strong payrolls and geopolitical factors ahead of the FOMC meeting.
Mexican Peso: Softer Carry but Relative Support – Rabobank
Rabobank strategists note the Mexican Peso has gained against the US dollar year-to-date but recently weakened, citing softer carry trade conditions while maintaining relative support.
NZD/USD Sideways After Mixed China Data and US Inflation High
NZD/USD traded around 0.5815 on Wednesday, little changed on the day, as investors digested mixed economic data from China and a three-year high in US inflation.
Czech Koruna Outlook Supported by Early CNB Rate Hikes – ING
ING analyst Frantisek Taborsky notes that while Czech inflation surprised to the downside, strong wage growth and stable core inflation keep the Czech National Bank on track for a rate hike at its June meeting, supporting the koruna.
Canadian Dollar Rises as US CPI Miss Fails to Boost USD, BoC in Focus
The Canadian Dollar strengthened against the US Dollar on Wednesday after softer-than-expected US inflation data weighed on the greenback, while markets await the Bank of Canada's interest rate decision.
AUD/USD Seen Range-Bound Near 0.70–0.71 as Momentum Fades
Rabobank strategist Jane Foley notes the Australian Dollar has dropped from top G10 performer to the bottom as growth momentum wanes and the US Dollar strengthens, with a near-term outlook stuck around 0.70–0.71.
US CPI Hits Three-Year High of 4.2% in May
The US Consumer Price Index rose to 4.2% year-on-year in May, the highest in three years and matching market expectations.
Commerzbank: Strong SA GDP Masks Weak Demand, Weighs on ZAR
South Africa's stronger-than-expected GDP growth hides soft domestic demand, with weak consumption and private investment, according to Commerzbank analyst Volkmar Baur.
Yen Hits 160.50 Low as BoJ's Ueda Hospitalized
The Japanese yen weakened past 160.50 per US dollar on Wednesday, breaching a key level, as the market reacted to news that Bank of Japan Governor Kazuo Ueda has been hospitalized.
Silver Falls 2.11% to $63.99 on Wednesday
Silver prices declined on Wednesday, dropping 2.11% to $63.99 per troy ounce, according to FXStreet data.
Gold Extends Sell-off to 11-Week Lows Ahead of US CPI Data
Gold (XAU/USD) falls to fresh 11-week lows as markets increase bets on a Fed rate hike later this year, dampening demand for the non-yielding metal.
BNY Highlights Sharp Reversal in Canadian Dollar Flows Ahead of BoC Decision
BNY’s Bob Savage notes a sharp reversal in CAD flows ahead of the June Bank of Canada decision, contrasting with April when CAD was generally stronger.
Oil Falls as USD Gains on Middle East Escalation: No Rally Trigger
The US Dollar posted modest gains amid escalating Middle East conflict, while oil prices declined. This behavior reflects a smooth reassessment of monetary policy rather than geopolitical nervousness.
Geopolitical Risks and Hot CPI Data Weigh on Tech Stocks; Diversification Helps
Tech stocks face selling pressure from geopolitical tensions and hot CPI data, but diversification provides some relief. The author will be out of touch until end of June.
BOJ Governor Ueda Hospitalized, Set to Miss June Policy Meeting
Bank of Japan Governor Kazuo Ueda has been hospitalized, according to a central bank statement, and is expected to miss the upcoming June monetary policy meeting.