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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.
BoC to Hold Policy Rate at 2.25% – Rabobank
Rabobank's Global Strategist Michael Every expects the Bank of Canada to keep its policy rate at 2.25%, in line with Bloomberg consensus and market expectations.
Commerzbank: US Tech IPO Inflows Could Boost Dollar
Commerzbank analyst Volkmar Baur suggests that a major US technology IPO could attract significant foreign capital, providing support for the US Dollar.
USD/CAD Risks Grinding Higher After Pullback – BBH
BBH analyst Elias Haddad says USD/CAD pulled back from a six-month high but still faces upside risk as the Bank of Canada holds rates.
MUFG: Japanese Yen CPI Risks Dominate Against US Dollar
Analysts at MUFG note that recent US Dollar resilience and higher US yields are creating a tougher backdrop for FX carry trades, with Japanese CPI data now in focus.
RBA Expected to Cut Rates as AUD Slides to 0.7010
Analysts now see the Reserve Bank of Australia's next move as a rate cut, not a hike. The Australian dollar weakened 0.25% against the US dollar in European trade, falling near 0.7010.
AUD/USD Support at 0.7000 Under Pressure: UOB
UOB analysts report that AUD/USD spiked to 0.7071 before sliding to 0.7005 and closing at 0.7027. They note slightly stronger downside momentum but doubt a sustained break below 0.7000 in the very near term.
BoC Expected to Hold Rate at 2.25% as Inflation Persists
The Bank of Canada is widely expected to keep its policy rate unchanged at 2.25% on Wednesday, marking the fifth consecutive hold as inflation remains elevated but the economy shows signs of weakening.
DXY Supported Ahead of US May CPI, ING Says
ING’s Chris Turner notes the US Dollar is holding recent gains as markets await the May CPI report, with firm core inflation expected to keep Fed rate hike pricing alive.
USD/CAD Could Rebound Toward 1.4000, Ascending Channel Intact
USD/CAD edged lower to 1.3930 during European trading on Wednesday but remains within an ascending channel on the daily chart, suggesting a potential rebound toward the six-month high near 1.4000.
Euro Gains Hinge on Domestic Demand, Says BNY
BNY's Geoff Yu says recent EUR/USD support came from cross-border investors reducing hedges after the ECB's hawkish shift, but further gains depend on domestic demand.
May US CPI Data Expected to Accelerate, USD Edges Lower
The USD weakened in Asian trading as markets await May US CPI data, with both headline and core rates expected to show acceleration.
Societe Generale Sees Further CAD Weakness as USDCAD Breaks Resistance
Societe Generale analysts note that USDCAD has breached key technical resistance and could extend higher, as the Bank of Canada is expected to keep rates unchanged, implying further downside for the Canadian dollar against the USD.
Canadian Dollar's Downside Pressure May Ease, Experts Say
Experts suggest the Canadian Dollar's downside pressure may be about to ease, as it hovers near the upper boundaries of its year-to-date range against the US Dollar.
Indian Rupee Rebounds from Record Lows as RBI and Government Act
The Indian Rupee has recovered from its all-time low against the US Dollar, supported by coordinated measures from the Reserve Bank of India and the government to attract foreign capital.
US Dollar Index Faces Selling Pressure Ahead of US CPI Data
The US Dollar Index (DXY) is down 0.1% in European trading on Wednesday as traders await US CPI data. The greenback is under pressure against major peers.
UOB Analysts See Further GBP/USD Downside Risk Toward 1.3240
UOB's Quek Ser Leang and Lee Sue Ann warn of additional downside pressure on GBP/USD following last week's sharp decline, with potential to retest 1.3300 before extending losses toward 1.3240.
Euro Edges Higher but Stays Near Two-Month Lows Ahead of US CPI
The Euro ticks up for a third consecutive day against the US Dollar but remains capped below 1.1575, hovering near two-month lows around 1.1500 as markets await the US CPI release.
Markets Brace for CPI Data as Fed Policy Expectations Build
Traders are awaiting the upcoming US CPI release, which is seen as a key determinant for the Federal Reserve's next policy move. The data will influence expectations for the pace of interest rate adjustments.
EUR/GBP Flatlines Near 0.8625 Ahead of ECB Rate Decision
The EUR/GBP cross is trading flat near 0.8625 in early European trading on Wednesday as traders await the European Central Bank's interest rate decision.
Gold Staggers Near $4,217 as Real Yield Inflection Point Looms Ahead of US CPI
Gold (XAU/USD) staged a modest recovery to $4,216 after printing lows near $4,171 early Wednesday, but the bounce remains shallow and unconvincing amid rising real yields ahead of the US CPI release.