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Gold Recovers but Sellers Maintain Control Near $4,071
Spot gold peaked at $4,115.48 on Wednesday, its highest in over a week, but later pulled back to $4,071 as the US dollar weakened after a strong start, keeping sellers in charge.
Gold Bounces Off $4000 Support, US Labor Data in Focus
Gold price rose 2.2% on Wednesday after failing to break below the $4000 support level for the sixth consecutive time. Traders now eye upcoming US labor data for further cues.
Kevin Warsh Offers No Policy Clues, but Markets Find Their Answer
Financial markets at the Sintra conference sought clues on the Fed's next move but received no clear signals from Chair Kevin Warsh. However, markets interpreted his stance as confirmation that policy clues will become harder to decipher.
Pound Sterling Rises on Soft US Data Despite Warsh's Hawkish Comments
The British Pound gained 0.14% on Wednesday, supported by softer US economic data even as Fed Chair Kevin Warsh struck a hawkish tone and ruled out forward guidance.
Warsh: Inflation Remains Fed's Top Priority, No Policy Shift
Fed Chair Kevin Warsh stuck to the script at the ECB Forum in Sintra, reiterating that inflation remains the top priority and offering no new signals to alter market expectations.
AUD/USD Drops to 0.6900 as Mixed US Data Sparks Caution
The Australian dollar fell to 0.6900 against the US dollar on Wednesday amid cautious trading, as investors weighed mixed US economic data including a still-expanding ISM Manufacturing PMI and softer ADP private payrolls.
EUR/USD Pares Losses on Soft US Data, Warsh Remarks
EUR/USD recovers some losses after softer-than-expected US economic data and comments from Fed Chair Kevin Warsh weigh on the US Dollar.
Colombia Central Bank Hikes 75bp to 12% as Societe Generale Flags Hawkish Bias
Colombia's central bank raised its key interest rate by 75 basis points to 12%, exceeding expectations, as it maintains a hawkish stance amid elevated inflation, according to Societe Generale.
Silver Rebounds Above $60 as US Economic Data Disappoints
Silver (XAG/USD) rallied over 3% to trade near $60.35 on Wednesday, buoyed by a weaker US dollar after softer-than-expected US economic data and comments from Federal Reserve Chair Kevin Warsh.
Canada's Q2 GDP Rebound Supports Cautious Outlook: NBC
National Bank of Canada notes the Canadian economy began Q2 on a stronger-than-expected footing, with real GDP boosted by energy and manufacturing sectors, supporting a cautious outlook.
HSBC: UK Inflation Risks More Balanced After US-Iran Peace
HSBC analysts note that UK inflation remains above target but see risks as more balanced following the US-Iran interim peace agreement.
Swiss Franc Strengthens as Fed Chair Warsh Comments Weigh on Dollar
USD/CHF trims gains after Fed Chair Kevin Warsh's remarks put modest pressure on the US Dollar, while expectations of a Fed rate hike and uncertainty around US-Iran talks limit further downside.
Fed Chair Warsh Says Not Happy with Inflation Above 2%, No Forward Guidance
Federal Reserve Chairman Kevin Warsh said the central bank is displeased with inflation remaining above 2%, but reiterated he will not provide forward guidance on policy.
Japanese Yen Stays Near 40-Year Lows Despite Tankan Surge, Authorities Watch
The Japanese Yen continues to trade near 40-year lows against the US Dollar, even as the Tankan survey surges, with authorities watching from the sidelines.
ING: UK inflation risk keeps sterling rate curve elevated
ING strategists note that sterling markets remain highly sensitive to UK inflation risks, particularly regarding near-term fiscal spending, which is keeping the rate curve elevated.
EURUSD holds above 1.1366 support, closes higher
EURUSD posted a higher high and higher close yesterday, staying above the 10-day moving average. The low did not break hand-drawn support at 1.1366, signaling bullish momentum.
Euro Slips to One-Year Low vs Pound as Eurozone Inflation Misses Forecasts
The euro fell to a one-year low against the British pound on Wednesday after weaker-than-expected Eurozone inflation data dampened expectations for another ECB rate hike.
US ADP Employment Rises 98K in June, Misses Expectations
Private sector employment in the US increased by 98,000 in June, below the market forecast of 113,000 and down from May's revised 122,000 gain, according to ADP data.
Rabobank: Intervention Talk Grows as USD/JPY Nears Old Highs
Rabobank's Jane Foley highlights rising speculation that Japan's Ministry of Finance may intervene to support the yen as USD/JPY approaches historically sensitive levels.
Japanese Yen Consolidates at 40-Year Lows Against USD Amid Intervention Risks
The Japanese Yen remains near 40-year lows against the US Dollar, with USD/JPY trading around 162.70 after hitting a fresh high of 162.84. The pair holds above Tuesday's peak, up about 0.6% for the week, as intervention fears persist.
DBS: Indian Rupee Supported by BoP, RBI Stance
DBS economist Radhika Rao reports that USD/INR eased to the mid-94 level as India's balance of payments improves and commodity prices adjust.
USMCA Review Risks Weigh on Mexican Peso – Societe Generale
Societe Generale analysts warn that ongoing USMCA review uncertainty prolongs policy risk for Mexico and is likely to weigh on growth and the Mexican peso.
HSBC Says USD Outlook Strengthened by Steady Fed
HSBC analysts expect the US Dollar to strengthen as the new Fed Chair’s hawkish tone supports unchanged policy rates through 2026–2027.
White House Adviser Hassett Says Fed Rate Hike Would Be a Mistake
White House National Economic Council Director Kevin Hassett said on Wednesday it would be a mistake for the Federal Reserve to raise interest rates.