Market news
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British Pound Holds Firm as Political Stability Offsets UK Growth Miss
The British Pound advanced 0.11% on Tuesday despite weaker UK economic data, while US job vacancies rose in May according to the Bureau of Labor Statistics.
Silver Edges Higher to $59.70 as USD Trims Gains
Silver (XAG/USD) rose nearly 2.5% to around $59.70 on Tuesday as the US Dollar gave back some gains despite upbeat US economic data.
Fed's Hammack Says Inflation Still Too High, Rate Hikes Possible
Cleveland Fed President Beth Hammack stated that inflation remains too high and the central bank may need to consider raising interest rates.
ECB Hawkish Bias to Persist with One More Rate Hike, ING Says
ING analysts argue that the ECB's hawkish stance will continue with at least one additional rate hike, citing reduced sensitivity to oil prices and ongoing uncertainty.
EUR/USD Resistance at 1.1450 Caps Upside Amid Softening Euro – Scotiabank
Scotiabank reports that EUR/USD is softer, with resistance at 1.1450 capping upside. Regional inflation data suggests downside risks for national CPI, while ECB President Lagarde signals that more tightening could come.
Nordea: Norwegian Krone Supported Against Euro as NOK Flows Increase
Nordea strategist Sara Midtgaard notes that the Norwegian Krone weakened in June with EUR/NOK peaking near 11.35, but now sees limited further weakness amid increased NOK flows.
Canadian Dollar Rises After GDP Growth Beats Forecasts
The Canadian Dollar strengthened after Canada's GDP data surprised to the upside, pushing USD/CAD lower.
USD/JPY Breaks Above 162, Intervention Risks Rise – ING
ING analyst Chris Turner notes that USD/JPY has surpassed its 2024 highs near 162, reaching levels last seen in the 1980s, with traders now focusing on potential Bank of Japan intervention.
US Dollar Has Modest Upside as Risks Recalibrate – OCBC
The US Dollar edged lower on improved risk appetite, but OCBC's Sim Moh Siong sees modest upside potential as geopolitical risks recalibrate.
Yen Volatility: Japanese Officials Step Up Verbal Intervention
Japanese cabinet secretaries attempted verbal intervention overnight amid speculation the Ministry of Finance may be preparing actual market action to support the yen.
Rabobank Sees No BoE Rate Change in 2024 on Soft CPI, Oil, Labour
Rabobank's Senior FX Strategist Jane Foley expects no change in Bank of England policy in 2024, citing softer UK CPI, lower oil prices, and a slack labor market.
USD/INR Range Trade Persists: Societe Generale
Societe Generale strategists note that USD/INR is trading in a tight range, with robust foreign portfolio inflows into Indian debt and supportive domestic factors offset by a hawkish Federal Reserve.
GBP/JPY Trades Sideways on Intervention Warnings
GBP/JPY struggles to gain traction as traders remain cautious about potential Japanese intervention after the yen hit a 40-year low against the dollar.
NBC: US Growth Above 2% in 2026, But Sticky Inflation and Fed Skepticism
Analysts from National Bank of Canada note US GDP growth remains healthy above 2% in 2026, but inflation is seen as less benign and Fed skepticism persists.
Yen Hits 40-Year Low, Weighs on Other Majors
The Japanese yen fell to its weakest level in four decades, dragging most major currencies lower against the dollar amid month-end and quarter-end flows.
Swiss Franc Weakens Against US Dollar as Fed Rate Hike Expectations Firm
The Swiss Franc (CHF) traded lower against the US Dollar (USD) as expectations for a Federal Reserve rate hike persist. Markets await US JOLTS Job Openings data for further direction.
Gold Struggles Around $4,000, Hits Fresh YTD Lows
Gold (XAU/USD) trades near $4,000 after hitting fresh year-to-date lows at $3,941 earlier.
USD Momentum Fades Ahead of Data and Warsh – ING
ING strategist Francesco Pesole notes the Dollar is giving back recent gains as risk sentiment improves ahead of US consumer confidence and JOLTS data, with Kevin Warsh also in focus.
AUD/USD Holds Steady as Hawkish RBA Minutes Counter Firm Dollar Ahead of US Jobs Data
The Australian dollar trades flat near 0.6890 as investors digest hawkish RBA meeting minutes, while caution over upcoming US labor data supports the greenback.
Gold Rebounds from Seven-Month Low, Dip Buyers Step In
Gold recovered from a fresh seven-month low of $3,941 on Tuesday as dip buyers helped the precious metal regain some ground.
Euro Trims Gains vs Pound Despite Positive PMI Data
The Euro declined against the British Pound for a second consecutive day, approaching 11-month lows, despite better-than-expected Eurozone PMI figures.
Gold Price Targets $3,600 as Dollar Rebounds and Fed Independence Confidence Grows
Gold is forecast to reach $3,600, supported by a rebound in the US dollar after a three-day decline, growing confidence in the Fed's independence, anticipation of Kevin Warsh's speech in Sintra, and ongoing Middle East tensions.
Silver Rebounds as Fed Rate Hike Expectations Cap Gains Ahead of US Labor Data
Silver (XAG/USD) rebounded on Tuesday, trading around $58.80, up 0.96%, after finding support near $56.60, though gains are limited by expectations of further Fed rate hikes ahead of US labor data.
Nordea: Danish Central Bank May Tolerate Weaker Krone as EUR/DKK Hits Record Low
Nordea strategists note that EUR/DKK is trading at its weakest level since the euro's launch, suggesting the Danish central bank may have quietly shifted its intervention stance to tolerate a weaker krone.