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EUR/USD Weekly Forecast: Dollar Under Pressure After Warsh Withdrawal
EUR/USD closed the week near 1.1500, gaining over 1.1%, after hitting 1.1530. The dollar weakened on news that potential Fed chair candidate Kevin Warsh bowed out.
Strong Canadian GDP Lowers BoC Rate Cut Risk, TD Securities Says
Stronger-than-expected Canadian GDP data supports a brighter growth outlook and reduces the likelihood of a Bank of Canada rate cut, according to TD Securities analysts.
Gold Hesitancy Persists Despite Weaker Dollar, Mideast Tensions Offset
Gold prices struggled for direction this week as a softer US dollar failed to lift the metal decisively, with escalating conflict in the Middle East countering the bullish impulse.
BOJ Intervention Fails to Break USD/JPY Uptrend, ING Says
A suspected Bank of Japan intervention briefly knocked USD/JPY down 3%, but the pair rebounded nearly 2% as the underlying trend proved resilient, ING analyst Chris Turner notes.
EUR/USD Range Near 1.15 as Markets Assess Rate Path, Scotiabank Says
Scotiabank’s FX team sees EUR/USD drifting toward a mid-1.15s range after a Fed-driven rally, with the euro supported by in-line CPI data and a brief lift from French figures.
New Zealand Dollar Weakens on China PMI Miss, US Dollar Rebound
The NZD/USD fell to around 0.5860 on Friday, down 0.33%, as weak Chinese business data and a recovering US dollar weighed on the kiwi.
Japanese Yen Rises vs Pound on Intervention Suspicions
The Japanese yen strengthened sharply against the British pound on Friday, driven by speculation that Japanese authorities intervened in the currency market. GBP/JPY retreated further from its recent multi-year peak of 219.16.
Yen Surges as BoJ Hawkishness and Intervention Push USD/JPY Below 159.50
The Japanese yen strengthened significantly on Friday, with USD/JPY falling to the 159.50 area after intervention and a hawkish Bank of Japan policy stance.
Canada GDP Growth Outpaces Forecasts in May, June Estimate Positive
Canadian GDP rose 0.3% in May, beating expectations, with a preliminary estimate pointing to 0.2% growth in June. RBC economists see a solid Q2 rebound.
US Q2 GDP Slows to 1.5% as Private Demand Strengthens Broadly
US GDP growth slowed to a 1.5% annualized pace in Q2, but underlying private domestic final purchases accelerated, pointing to broad-based strength beyond AI-related spending, according to TD Securities.
Three major central banks hold rates steady this week
The Federal Reserve, Bank of England, and Bank of Japan all kept interest rates unchanged in their latest policy decisions.
Intervention Risk and Hawkish BoJ Support Yen – BBH
Brown Brothers Harriman notes that USD/JPY briefly fell to 158.00 on suspected Japanese intervention before rebounding near 161.00 and then declining again.
EUR/USD Drops Below 1.1500 as Dollar Recovers
The euro weakened against the US dollar on Friday, falling back below the 1.1500 handle as short-covering in the greenback following a sharp sell-off drove the pair lower.
Warsh Press Conference Draws Broad Negative Reaction from Financial Press
The financial press widely panned Kevin Warsh's recent press conference, with consensus that the central bank's credibility remains intact while Warsh's reputation is under scrutiny.
BoJ Holds Rate Steady at 1% as Yen Muted Despite Hawkish Ueda
The Bank of Japan kept its policy rate unchanged at 1% by an 8-1 vote, and Governor Ueda's hawkish tone did little to move the Japanese Yen, according to TD Securities.
Canada GDP up 0.3% MoM in May, slowing from April’s revised 0.6%
Canada’s economy expanded 0.3% month-over-month in May, below the previous month’s upwardly revised 0.6% growth.
Yen Boosted by Intervention as Dollar Suffers Worst Two-Day Drop Since January
The yen gained after suspected intervention, while the U.S. dollar notched its worst two-day performance since January amid doubts over the Fed’s ability to tame inflation and hawkish Bank of England remarks.
BoE Holds Rate at 3.75%, Bailey Dampens Cut Hopes; Sterling Under Pressure
Bank of England left rates unchanged at 3.75% in a 6-3 vote, with Governor Bailey pushing back against near-term easing expectations, weighing on the pound according to BBH.
Dollar consolidates after Fed inflation caution and Japan MOF moves
The U.S. dollar is stabilizing after coming under pressure from the Federal Reserve's reluctance to meet its inflation target and actions by Japan's Ministry of Finance.
ECB September Rate Hike Still Base Case, TD Securities Says
TD Securities strategists keep a September ECB rate increase as their baseline view after July HICP data showed limited evidence of strong second-round effects.
Yen Flow Momentum Weak Despite Net Longs Ahead of BOJ
BNY’s Geoff Yu notes that flow momentum and positioning in the yen were light ahead of the Bank of Japan’s decision, even though investors were net long, hinting at a fragile backdrop for the currency.
Silver Price Falls 1.7% as Bond Yields and Dollar Rebound
Silver drops 1.7% to near $58.00 during European trading as rebounding U.S. Treasury yields and a stronger dollar weigh on the metal.
Gold edges lower as dollar steadies and hawkish Fed outlook weighs
Gold prices fell on Friday as the US dollar stabilized after a sharp drop, with hawkish Federal Reserve expectations adding pressure on the non-yielding metal.
Yen Slides Back to 160.00 as Post-BoJ Rally Fizzles
The Japanese yen weakened past the 160.00 handle against the U.S. dollar on Friday, giving up gains that followed the Bank of Japan’s recent policy move. USD/JPY traded within a wide 240-pip range earlier in the session.