Market news
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Thai Baht Overvaluation Signals Weakness vs US Dollar: MUFG
MUFG analyst Lloyd Chan warns that the Thai baht's overvaluation is likely to lead to weakness against the US dollar, despite softer US inflation data weakening the greenback.
USD/CHF Rebounds from 0.8042 Support, Bulls Target 0.81
USD/CHF reversed course, rising over 0.40% as the dollar recovered amid risk aversion, Middle East tensions, and strong US data. The pair bounced from 0.8042 support and now trades near 0.8088, with bulls eyeing the 0.81 level.
US Dollar Rises on Resilient Labor Data; Oil and Gold Fall
The US Dollar Index climbed toward 100.80 after initial jobless claims fell to 208K, below the expected 217K. Meanwhile, oil and gold prices declined.
USD/SGD Downside Momentum Intensifies, UOB Sees Support at 1.2875
UOB analysts Quek Ser Leang and Lee Sue Ann note that USD/SGD downside momentum has intensified after a sharp intraday swing, with firm support highlighted at 1.2875.
Mexican Peso Falls on Risk Aversion, Rising Energy Prices
The Mexican Peso weakened about 0.30% on Thursday as increased risk aversion from an escalation in the Middle East conflict drove energy prices higher and underpinned the US Dollar.
OCBC: USD/CNY Extends Decline as PBoC Validates Gradual Yuan Gains
OCBC strategists note USD/CNY extended its decline after softer US CPI and PPI data, with firmer PBoC fixings supporting gradual yuan appreciation, though gains remain capped.
EUR/USD Slides as US Jobless Claims Support Dollar
EUR/USD fell to around 1.1440 on Thursday, retreating about 0.2%, as stronger-than-expected US jobless claims boosted the US Dollar and weighed on the euro.
Australian Dollar Price Forecast: Further gains remain on the cards
AUD/USD faces resistance near 0.7000 but the pair's constructive outlook remains intact above its 200-day SMA.
Silver Tests $55 Support as Dollar Recovery Pressures XAG/USD
Silver extends losses on Thursday as the US dollar rebounds and Treasury yields stabilize after softer inflation data, with XAG/USD falling 3.5% to trade near $55.75.
Gold drops 1.8% on oil shock, revives Fed rate hike bets
Gold price fell over 1.8% as US-Iran tensions fuel oil supply disruption fears, driving energy prices higher and reviving expectations of further Fed rate hikes.
GBP/USD Dips Seen as Buying Opportunity: Scotiabank
Scotiabank strategists view GBP/USD's current dips as a buying opportunity, noting the pullback follows a strong advance driven by expectations of market-friendly policies.
EUR/JPY Holds Near One-Month High, Edges Lower Despite ECB Rate Hike Expectations
The euro traded slightly lower against the yen on Thursday, hovering around 185.80 after hitting a one-month high earlier, despite expectations of further ECB rate hikes.
Gold sellers push XAU/USD to fresh weekly low near $4,000
The US Dollar strengthened on Thursday, reversing a two-day decline, amid persistent Middle East tensions. This pushed XAU/USD to a fresh weekly low below the $4,000 mark.
NZD/USD Holds Near One-Month High as RBNZ Hawkish Stance Supports Kiwi
NZD/USD is hovering around 0.5842 after hitting a one-month high, supported by the RBNZ's hawkish policy outlook but capped by a stronger US dollar. Buyers remain in control near the recent peak.
Pound Sterling Retreats as Strong US Data Boosts Dollar
The British Pound fell over 0.28% against the US Dollar following strong US economic data, reversing some of Wednesday's gains as risk aversion boosted the safe-haven Greenback.
Swiss Franc Weakens as Middle East Tensions Support Fed Rate Hike Bets
The Swiss Franc fell against the US Dollar on Thursday as geopolitical tensions persisted and the Greenback rebounded. USD/CHF traded around 0.8080, up 0.35% on the day.
AUD/USD Holds Above 0.7000 as US Dollar Weakens on Mixed Retail Data
The Australian dollar continues its recovery, trading near 0.7010 as the US dollar struggles for momentum after mixed US retail sales figures.
USD/CAD Flat After BoC Holds Rate, Scotiabank Eyes 1.3981
The Canadian dollar is trading flat against the US dollar following the Bank of Canada's decision to leave policy unchanged. Scotiabank strategists note the pair may target the 1.3981 level.
ECB Rate Hike Risk Returns as Oil and Middle East Tensions Rise – ING
ING's Carsten Brzeski argues the ECB is likely to hold rates next week but a surprise hike cannot be ruled out due to renewed Middle East tensions and rising oil prices, which have restored the pre-June macro backdrop.
BBH: BoE Hikes Not Bullish for British Pound as UK GDP Details Disappoint
Brown Brothers Harriman's Elias Haddad says UK May GDP beat expectations on services, but underlying details disappointed as production and construction contracted, making BoE rate hikes less supportive for sterling.
BoC Holds at 2.25%, Removes Hike Language: CAD Could Remain Stuck
The Bank of Canada kept its key interest rate at 2.25% and dropped language suggesting further tightening, leading analysts to expect the Canadian Dollar to remain range-bound against the US Dollar.
UK GDP Grows 0.1% in May; TD Securities Notes Q2 Risks
UK GDP rose 0.1% month-on-month in May, matching TD Securities' forecast and topping market expectations for flat growth. However, the firm flags potential risks in the second quarter.
EUR/USD snaps two-day winning streak as USD steadies
EUR/USD trades with a downside bias on Thursday, ending a two-day winning streak as the US Dollar stabilizes after recent losses triggered by softer-than-expected US inflation data.
Canadian Dollar Extends Gains Against US Dollar, USD/CAD at 1.4010
The Canadian Dollar strengthens further, pushing USD/CAD to 1.4010, though the Bank of Canada's stance may limit additional upside.