Market news
Crypto, stocks, forex and macro, aggregated for traders.
Ex-US Defense Chief Warns US Cannot Beat Iran via Air Strikes Alone
Former US Defense Secretary says America must 'strangle' Iran’s economy to force open the Strait of Hormuz, arguing that air strikes alone will not win the conflict.
UOB: AUD/USD Breaks Above 0.7015 Resistance, Momentum Points Higher
UOB analysts note AUD/USD broke key resistance at 0.7015, reaching 0.7021, with further upside expected in the near term.
Pound Strengthens on Reports of New UK PM Appointing Shabana Mahmood as Finance Minister
The British pound strengthened across the board amid reports that incoming UK Prime Minister Burnham plans to appoint Home Secretary Shabana Mahmood as the new finance minister. Meanwhile, persistent US inflation worries continue to weigh on the dollar.
OpenAI Developing Smart Speaker with 'Personality'
OpenAI is entering the consumer electronics market with a smart speaker that can establish a human-like connection with users, featuring cameras, sensors, mechanical movement, and access to user messages and email.
EUR/GBP Falls to 0.84 as Pound Extends Gains, SocGen Says Move Stretched
EUR/GBP has dropped to the 0.84 handle, its lowest since June last year, after breaking a Head and Shoulders neckline at 0.8610. Societe Generale notes the move appears stretched.
Euro Holds Gains Near One-Month Highs at 186.00 Against Yen
The Euro trades nearly flat just below one-month highs at 186.00 against the Japanese Yen on Thursday, consolidating after a 0.8% rally.
Gold slumps to $4,033 on oil surge, Middle East tensions
Gold extended its losing streak on Thursday, falling to $4,033 per ounce as a sharp rise in oil prices amid intensified Middle East attacks stoked inflation fears and expectations of tighter central bank policy.
UK GDP Beats Expectations but Doubts Linger Over Sustainability
UK monthly GDP growth exceeded expectations, continuing a pattern of strong early-year performance. However, analysts expect activity to slow later in the year, raising doubts about sustained momentum.
Pound Strengthens as USD Declines on Oil Support Loss and Middle East Tensions
The US Dollar is losing support from rising oil prices, with Brent near monthly highs and the USD Index declining. Investors are avoiding the greenback as a safe haven amid Middle East escalation, boosting the British Pound.
BoE’s Breeden: Bank Stays Alert to Inflation Risks
Bank of England Deputy Governor Sarah Breeden said UK inflation would have already hit the 2% target if not for the Middle East conflict, adding that the central bank remains vigilant.
Commerzbank: Canadian Dollar Downtrend Unlikely to Reverse
Commerzbank’s Michael Pfister says recent Canadian labour data and the Bank of Canada’s latest decision indicate domestic policy will not reverse the CAD downtrend, with direction hinging on the US dollar.
Base Creator Admits Social Media Strategy Failed
Jesse Pollak acknowledged that his bet on social products as a mass adoption driver for crypto was wrong, with the Farcaster, Zora, and creator token ecosystem "completely collapsing." Base will now pivot to becoming a blockchain for global finance.
Dow Jones Futures Flat Ahead of US Retail Sales and Jobless Claims
Dow Jones futures edged slightly lower by 0.02% during European trading on Thursday, with S&P 500 and Nasdaq 100 futures also declining as traders awaited US retail sales and jobless claims data.
Kevin Warsh's First Fed Meeting Surprises Markets, USD Could Rally
Falling U.S. prices are seen as positive, but the dollar may strengthen further after Fed Chair Kevin Warsh's unexpected initial moves.
EUR/USD Tests Range Top at 1.1485 as Momentum Strengthens
The Euro edged higher against the Dollar on Thursday as softer US inflation data fueled a repricing of Fed rate hike expectations, pushing the pair toward the key resistance level of 1.1485.
GBP/USD Resumes Rally Toward Key Resistance at 1.3560 – UOB
United Overseas Bank analysts note GBP/USD has surged to a two-month high, with deeply overbought conditions but scope for further gains. Intraday upside seen limited to a test of 1.3560 while holding above support.
SNB Minutes Show Increased Intervention Readiness, Steady Inflation View
The Swiss National Bank's latest minutes reveal a greater willingness to intervene if needed, while inflation pressures remain virtually unchanged and monetary conditions are deemed appropriate.
GBP/JPY Consolidates Near Multi-Year High, Bullish Momentum Remains
The GBP/JPY cross enters a bullish consolidation phase after a strong rally, oscillating near the mid-219.00s during early European trading, with the multi-year top still within reach.
Iran Warns War Could Spread to New Arenas
An Iranian army spokesperson said the US continues to attack several areas, warning the war will expand into new arenas. Tehran has no confrontation with neighboring countries.
AMLA Head Warns of Risks After MiCA Transition Period Ends
AMLA Chief Bruna Szego warns that mass client migration could overload the EU crypto market post-MiCA. Both departing and newly licensed VASPs face increased AML screening burdens.
NZD/USD Extends Gains to 0.5850 on Weaker USD
The New Zealand Dollar continues its recovery against the US Dollar, trading near 0.5850 for a third consecutive day as the Greenback softens amid reduced expectations of a Federal Reserve rate hike.
India's $13.3bn Semiconductor Mission May Have Limited Near-Term Impact: Commerzbank
Commerzbank economists note India's new Semiconductor Mission 2.0 worth $13.3bn aims to build a full-stack ecosystem but judge near-term growth impact as limited, with implications for INR funding dynamics.
ING: Oil Prices Extend Gains on US-Iran Tensions, Tight Physical Market
ING analysts note that oil prices have risen further as US-Iran tensions escalate and tanker flows through the Strait of Hormuz face pressure. Large Q2 inventory drawdowns and the end of global SPR releases leave the market tighter.
UK GDP ekes out 0.1% growth in May
Monthly UK GDP rose 0.1% in May after a 0.1% decline in April, according to ONS data released today. The reading follows an unrevised 0.3% gain in March.