Market News
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Japanese Yen: Multi-decade lows against US Dollar face BoJ risk – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note the Japanese Yen (JPY) is slightly firmer versus the US Dollar (USD) but still underperforming most G10 currencies. USD/JPY trades near levels last seen in 1986, with limited resistance overhead.
Euro: Hawkish ECB and strong PMI cap downside – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad reports that EUR/USD has recovered part of its recent slump but remains below 1.1400. A stronger-than-expected Eurozone July PMI and a hawkish hold from the ECB support the Euro, though higher Oil prices keep growth risks skewed lower.
Canadian Dollar struggles as stronger PMIs support US Dollar
USD/CAD trades around 1.4095 on Friday at the time of writing, up a modest 0.06% as the US Dollar (USD) retains a slight advantage following the release of solid US economic data, while the Canadian Dollar (CAD) remains pressured by weak domestic indicators and softer Oil prices.
Canadian Dollar: Range holds against US Dollar as trade risks linger – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is little changed against the US Dollar (USD), with slightly better fundamentals as United States (US) yields ease and spreads narrow.
British Pound: BoE holds as energy risks rise – Rabobank
Rabobank’s Stefan Koopman expects the Bank of England (BoE) to keep Bank Rate at 3.75% on 30 July and unchanged through 2026, even as markets still price some chance of further tightening.
United States New Home Sales (MoM) came in at 0.628M, above expectations (0.61M) in June
United States New Home Sales (MoM) came in at 0.628M, above expectations (0.61M) in June
United States New Home Sales Change (MoM) rose from previous -7.3%Â to 1.6% in June
United States New Home Sales Change (MoM) rose from previous -7.3%Â to 1.6% in June
Canadian Dollar: Retail sales support modest Q2 consumption – TD Securities
TD Securities reports that Canadian Retail Sales rose 1.0% month-on-month in May, matching consensus but slightly below its forecast. Gains were broad-based, led by gasoline stations, autos, general merchandise and sporting goods.
South African Rand: Weakness resumes after SARB surprise – Societe Generale
Societe Generale analysts report USD/ZAR has broken above a multi-month descending trend line and reclaimed its 200-day moving average, suggesting renewed upside momentum. The South African Reserve Bank surprised markets by holding rates at 7.0%.
Japanese Yen: BoJ repricing may limit JPY losses against US Dollar - BBH
Brown Brothers Harriman’s (BBH) Elias Haddad notes that USD/JPY is consolidating just below a multi-decade high as Japan’s private sector growth strengthens and Consumer Price Index (CPI) tracks below Bank of Japan (BoJ) forecasts.
Belgium Leading Indicator below expectations (-10.2) in July: Actual (-11.9)
Belgium Leading Indicator below expectations (-10.2) in July: Actual (-11.9)
Euro pauses near 12-week high against Yen despite upbeat Eurozone PMI
EUR/JPY consolidates modest losses on Friday as fresh data from Japan and the Eurozone fails to generate a strong market response. At the time of writing, the cross trades around 186.30 after reaching a 12-week high of 186.67 on Thursday.
Economists Agree: Bank of England to stay on hold amid easing inflation outlook
The Bank of England (BoE) is expected to keep its interest rate unchanged at 3.75% at its July 30 monetary policy meeting, according to a Reuters poll of 70 economists. None of the respondents expects a change in interest rates at next week's meeting.