Market news
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Silver Rises to $70.51, Up 0.70% on Tuesday
Silver prices (XAG/USD) climbed on Tuesday, trading at $70.51 per troy ounce, up 0.70% from the previous close of $70.02, according to FXStreet data.
GBP/USD Faces Upside Risks, but Momentum Flattening – UOB
UOB analyst Quek Ser Leang notes that GBP/USD stalled just below key resistance at 1.3465, closing near 1.3410, with intraday momentum indicators turning. The outlook retains upside risks but shows signs of waning bullish momentum.
NZD/USD Holds Near 0.5800 Support as Risk Appetite Wanes
The New Zealand Dollar edges lower against the US Dollar on Tuesday, trading at 0.5820 after a bounce from session lows. Support at 0.5800 remains in focus as risk appetite declines.
USD/CAD extends uptrend toward 1.4150 – SocGen
Analyst Kenneth Broux of Societe Generale notes USD/CAD has broken above a key descending trendline and a multi-month base, signaling further upside toward 1.4150.
US Dollar Rallies as Fed Expectations Override Oil Drop: ING
The US Dollar is gaining ground, supported by strong economic data and Federal Reserve expectations, despite a sharp decline in oil prices, according to ING strategists.
Societe Generale: BoJ Rate Hike Marks Floor for Yen Gains
Analysts at Societe Generale say the Bank of Japan's rate hike to 1.0% is the bottom of the neutral range and that new language on upside inflation risks supports further tightening, pointing to medium-term gains for the Japanese yen.
Bank of Japan Raises Rate to Highest Since 1995, USD/JPY Drops to 160.13
The Bank of Japan raised its key interest rate to the highest level since 1995, driving the USD/JPY pair down to 160.13 after two volatile trading sessions.
EUR/USD Faces Downside Risks as Swap Differential Widens – ING
ING analyst Francesco Pesole notes that EUR/USD has returned to Friday's levels, with markets now focusing on central bank dynamics rather than oil. A wider EUR:USD swap differential, coupled with weaker Eurozone growth and a less dovish Fed, limits upside for the euro.
ING: RBA Hawkish Hold Fails to Impress Markets
The Reserve Bank of Australia delivered a hawkish hold, stressing that inflation remains too high and further rate hikes are possible, but markets were unimpressed, according to ING's Francesco Pesole.
BoJ 25bp Hike to 1.00% Fails to Boost Yen, Says ING
ING analyst Chris Turner notes the Bank of Japan's 25bp rate hike to 1.00% has done little to strengthen the yen, as real rates remain negative and policy is still accommodative.
BoJ and RBA Decisions Expected, USD Halts Drop on Iran Deal Doubts
The Bank of Japan and Reserve Bank of Australia made widely expected policy decisions, causing no major FX turbulence. The US dollar paused its decline, signaling market doubts about the US-Iran deal as details remain undisclosed.
Rupiah Strengthens on USD Weakness, USD/IDR Slides to 17,720
The Indonesian rupiah rose for a second day on Tuesday, pushing USD/IDR to around 17,720 as the US dollar gave back earlier gains despite a risk-off market mood.
GBP Pressured Toward 1.3100 Ahead of BoE Decision
The British Pound faces multiple headwinds from political noise and stagflationary pressures, with markets pushing back rate hike expectations ahead of the Bank of England's Thursday decision.
Gold Bullish at $4,319 as ADP Data and China Weakness in Focus
Gold trades cautiously bullish at $4,319.54, consolidating inside a key demand zone after a sharp V-shaped recovery from last week's lows.
EU launches accession talks with Ukraine and Moldova, toughens China trade stance
The European Union has formally opened accession negotiations with Ukraine and Moldova while adopting a harder line on trade with China, according to Rabobank's Global Daily note.
Gold Holds Above $4,300 as Markets Stay Cautious
Gold (XAU/USD) maintains a mildly positive tone on Tuesday, holding above $4,300 after a rally of about 6.5% in recent sessions amid cautious market sentiment.
GBP/USD Elliott Wave: Further Dip Expected Before Rally
GBP/USD has been grinding lower since its April 14 peak at 1.3589. Analysts expect one more dip to complete the corrective setback before a new uptrend.
US-Iran Deal Reopens Strait of Hormuz; BoJ Hikes to 1.0%
Reports indicate a US-Iran agreement has been virtually signed, ending the naval blockade of Iranian ports and reopening the Strait of Hormuz. Meanwhile, the Bank of Japan raised its policy rate to 1.0%.
NZD/USD Extends Losses on Risk Aversion, Trades Near 0.5810
The New Zealand dollar weakened for a third straight session on Tuesday, falling toward 0.5810 against the US dollar as risk-off sentiment bolstered demand for the greenback.
Gold Consolidates Above $4,300 Amid Fed and Middle East Uncertainty
Gold (XAU/USD) holds above $4,300 as traders weigh geopolitical risks from Middle East tensions and uncertainty over the proposed US-Iran peace agreement, alongside upcoming monetary policy decisions.
Australian Dollar Holds Losses Following RBA Decision
AUD/USD trades around 0.7050 during Asian hours, struggling to recover after the Reserve Bank of Australia's latest monetary policy decision.
AUD/NZD Falls as RBA Holds Rate at 4.35%
The Australian dollar slipped against the New Zealand dollar after the Reserve Bank of Australia kept its key interest rate unchanged at 4.35%.
Euro May Fall to 1.1500 as Dollar Index Rises Above 99.50
The Dollar Index is trading higher above 99.50 after stronger US IIP data, suggesting the euro could fall back to 1.1500. In cross pairs, EURINR may test 109 before bouncing to 111-112, while EURJPY tests resistance.
RBA Holds Key Rate at 4.35% in June as Expected
The Reserve Bank of Australia kept its Official Cash Rate unchanged at 4.35% at its June meeting, in line with market expectations.