Market news
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Yen struggles despite soft US PPI and fading Fed hike bets
The Japanese yen failed to build traction against the US dollar on Thursday even after softer US PPI data weakened the greenback and markets pared Fed rate-hike expectations.
Pound Climbs as Soft US Producer Inflation Weakens Fed Hawkish Bets
GBP/USD rose to 1.3503 after US producer inflation data came in below or aligned with forecasts, reinforcing the disinflation trend.
Carry Trade Supportive Backdrop Holds as Dollar Stays Range-Bound
OCBC strategists say in-line US inflation and slightly lower odds of a September Fed hike leave the dollar range-bound and keep the carry-trade backdrop supportive.
UK June GDP rises 0.3% m/m on services strength
UK GDP rose 0.3% month-on-month in June, beating expectations, driven by a 0.4% expansion in services, TD Securities reported. May was revised to flat.
Canadian Dollar steadies as falling Oil offsets US Dollar weakness
USD/CAD traded around 1.3940 on Thursday, little changed, as falling oil prices offset US dollar weakness.
EUR/GBP Steadies Near 0.8540 After Three-Day Slide
EUR/GBP traded sideways around 0.8540 on Thursday, with the euro stabilizing after three consecutive daily losses despite steady UK growth data.
Euro Edges Higher Against Dollar After Soft US PPI Data
EUR/USD held modest gains on Thursday after softer-than-expected US Producer Price Index data, trading near 1.1537 after recovering from an intraday low of 1.1511.
Norwegian Krone Softens as Norges Bank Tempers Rate Stance
Norway's krone weakened after Norges Bank held rates at 4.25% and softened its hawkish forward guidance, dropping an explicit tightening call.
UK Growth Risks Tilt Higher, Deutsche Bank Says
Deutsche Bank's Sanjay Raja says the UK economy stayed strong through spring, with GDP up 0.4% quarter-on-quarter and first-half annualised growth also pointing higher.
Commerzbank Sees Further Turkish Lira Depreciation Against Dollar
Commerzbank FX analyst Tatha Ghose points to persistent inflation and renewed current account deterioration as reasons for continued lira weakness versus the US dollar.
Euro whipsaws in choppy session as traders question rate outlook
EURUSD swung from 1.1535 at the open to 1.1563 before sliding back to 1.1539 by midday, with another leg higher starting later.
Benign India inflation supports RBI pause, DBS says
DBS Group Research economist Radhika Rao sees India’s July inflation data as consistent with the Reserve Bank of India keeping policy on hold, citing benign core inflation and limited external spillovers.
Euro Edges Higher Against Pound as ECB Outlook Offsets UK GDP
EUR/GBP rose on Thursday, with hawkish ECB expectations outweighing stronger-than-expected UK growth figures.
Gold holds near two-month high after fading from $4,450 resistance
XAU/USD is consolidating just above $4,380 after meeting resistance near $4,450, posting only marginal losses on Thursday.
Pound Holds Near 1.3500 as UK GDP Shows Encouraging Activity
GBP/USD is directionless near 1.3500 after UK Q2 and June GDP data showed encouraging activity, according to BBH's Elias Haddad.
Pound Erases Early Losses Against Dollar Ahead of US PPI
GBP/USD steadied near 1.3495 in European trading after recovering from earlier weakness, with attention turning to upcoming US producer price data.
Norges Bank Softens Hawkish Stance, Holds Rate at 4.25%
Norway's central bank kept its policy rate unchanged at 4.25% in August while signaling a less hawkish tone, according to TD Securities.
USD/JPY capped below 50% retracement of July drop at 159.50
USD/JPY was little changed on Thursday, holding below the 159.50 level that marks the 50% retracement of July's decline. Reduced expectations for a Fed rate hike in September weighed on dollar demand.
Gold pulls back from two-month high as traders await US PPI
Gold came under selling pressure on Thursday, erasing the prior day’s gains after touching a fresh two-month high of $4,449 in Asian trading.
Yen Needs Support as Dollar Strengthens Despite Cooler US Inflation
The dollar has strengthened despite slowing US inflation and reduced Fed rate-hike expectations, leaving the yen under pressure.
UOB flags bearish yen bias as USD/JPY holds elevated range
UOB analysts see the Japanese yen with a bearish bias against the US dollar, with USD/JPY staying rangebound at elevated levels after closing near 159.41.
US Dollar Steady Near 100 After CPI Reversal, MUFG Says
The dollar index recovered to around 100.00 after initial post-CPI weakness as markets trimmed but retained September Fed expectations, according to MUFG's Lee Hardman.
SocGen: Brazil Election Risks Threaten Real Carry Story as USD/BRL Tests 200-Day MA
Societe Generale strategists see USD/BRL forming a higher low and testing its 200-day moving average near 5.22, while Brazil election risks cloud the real's carry appeal.
Dollar softens as markets turn cautious before US payrolls
The US dollar has lost ground while traders hold back from large positions ahead of the latest US non-farm payrolls report.