Market news
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Silver Edges Higher on Hormuz Reopening Hopes
Silver rose 2% on Tuesday to near $59.50 per ounce, helped by easing supply fears, but gains were capped near recent highs.
Dollar Rally Questioned as Safe-Haven Status Tested, Rabobank Says
The US dollar has weakened significantly over the past week, falling about 2% against a basket of currencies, prompting Rabobank to question the sustainability of its rally and its traditional safe-haven role.
MUFG: Yen Strength Benefits Korean Won, Thai Baht, Singapore Dollar
MUFG analyst Michael Wan identifies the Korean Won, Thai Baht, and Singapore Dollar as primary beneficiaries if Japanese Yen strength persists, citing their high sensitivity to Yen moves.
Euro Consolidates Below 1.15 Resistance Against US Dollar: Scotiabank
Scotiabank analysts note the euro is trading around 1.15 against the dollar, with a lack of Eurozone economic data keeping the pair in consolidation below resistance.
Yen Strengthens Further as Soft JOLTS Data Pressures USD/JPY
USD/JPY slipped toward 157.40 on Tuesday after weaker-than-expected U.S. job openings data boosted the Japanese yen.
EUR/USD Eyes Downside as Multiple Trading Strategies Align
An analyst expects EUR/USD to decline, citing the alignment of multiple strategies before entering a trade.
Canada Trade Surplus Hits Four-Year High of C$3.86B
Canada's merchandise trade surplus surged to C$3.86 billion in June, beating expectations and marking the strongest reading in four years, according to National Bank of Canada.
Gold Rebound as Hormuz Reopening Hopes Weigh on Dollar, Oil
Gold climbed on Tuesday, buoyed by hopes for a Strait of Hormuz reopening that pressured the US dollar and oil prices.
AUD/USD climbs past 0.7000 as Iran deal hopes boost risk appetite
The Australian dollar rose above the 0.7000 mark on Tuesday, supported by improved risk sentiment after US Treasury Secretary Scott Bessent flagged a possible deal with Iran on the Strait of Hormuz.
eToro Follows Brand Refresh with Expansion into Payroll-Linked Investing
eToro has partnered with Papaya Global to launch eToro Work, a payroll-linked investing service powered by the Banco platform. The service lets employees channel salaries and other compensation into investment accounts at the moment they are paid.
HSBC Sees Dollar Strength After Post-FOMC Dip
HSBC strategists anticipate a temporary dip in the US dollar following the Fed’s rate hold, but expect renewed strength.
Canadian Dollar Weakens as Oil Prices Slide on US-Iran Deal Hopes
USD/CAD reversed earlier losses on Tuesday as falling oil prices weighed on the commodity-linked Canadian Dollar. Comments from US Treasury Secretary Scott Bessent on a potential US-Iran deal dampened crude prices.
BNY's Geoff Yu: Yen Intervention in Focus, Authorities Step Back
BNY strategist Geoff Yu says market focus remains on potential Japanese yen intervention, though authorities held off overnight as Tokyo seeks to maintain its IMF free-floating status.
Japan MoF Plays Tricky Games with Yen Intervention
Traders have experienced multiple rounds of Japanese yen intervention and note that the Ministry of Finance often employs unpredictable tactics, striking forcefully then stepping back.
NZ labor market soft as unemployment seen rising to 5.4% – TD Securities
TD Securities expects New Zealand employment growth to slow to 0.1% q/q in Q2 and the unemployment rate to hit a cycle high of 5.4%, aligning with the RBNZ’s May outlook.
etoro partners with Papaya Global
eToro and Papaya Global partner to launch eToro Work, powered by Banco, letting workers invest automatically when salary, bonuses or other compensation is paid.
US Dollar Index Dips Below 100 on Less Hawkish Fed
The US dollar index fell below the 100.00 level as the Fed held rates steady and offered a less hawkish stance, according to MUFG.
Japanese Yen boosted by joint intervention, Rabobank says
Japanese authorities capitalized on the dollar’s decline after the FOMC meeting, making intervention more effective, according to Rabobank’s Jane Foley.
GBP/JPY Tests 200-Day SMA as Yen Gives Back Intervention Gains
The British pound is testing its 200-day simple moving average against the Japanese yen after a sharp selloff, while the yen retreats from a rally sparked by coordinated intervention from Tokyo.
Bessent Says Iran Hormuz Deal Nears as Oil Prices Drop
US Treasury Secretary Scott Bessent stated that a deal with Iran to reopen the Strait of Hormuz may be finalized as soon as Tuesday or Wednesday, causing oil prices to decline.
Trump Administration May Push Fed to Help Japan Defend Yen
U.S. Treasury Secretary Scott Bessent reportedly wants Japan to use an expanded Federal Reserve facility that allows foreign central banks to borrow against their Treasury holdings, aiming to halt the yen’s slide without disrupting the U.S. bond market.
TD Securities Sees US JOLTS Openings Slipping Below 7.5M Consensus
TD Securities strategists expect US JOLTS job openings to drop to 7.0 million in June, undershooting the 7.504 million consensus forecast.
Euro Steadies Near 1.15 as US Labor Data Looms
The euro posted slight gains versus the dollar on Tuesday, finding support at 1.1500 after pulling back from near 1.1560. Markets look ahead to a series of US employment reports this week.
BBH sees USD/JPY relief rallies as selling opportunity near 200-DMA
Brown Brothers Harriman’s Elias Haddad says the yen's recent recovery against the dollar is a chance to sell, as the pair tests the key 200-day moving average resistance.