Market News
Stay on top of the major news, data and analysis moving forex and global financial markets.
Chile Unemployment rate meets forecasts (9.4%) in June
Chile Unemployment rate meets forecasts (9.4%) in June
Japanese Yen: BoJ patience keeps wide trading range – TD Securities
TD Securities notes the Bank of Japan (BoJ) left its policy rate at 1% with an 8–1 vote, as Governor Ueda delivered notably hawkish remarks. Despite this, the Japanese Yen (JPY) reaction was muted, and the TD forecasts the next 25 bps hike only in December.
Breaking: Canada's GDP expanded by 0.3% MoM in May
Canada’s economy cooled a tad in May. Indeed, the Gross Domestic Product (GDP) grew by 0.3%, adding to the previous month's 0.6% expansion (revised from 0.5%), according to data released by Statistics Canada.
Gold: Reduced Fed hike bets support prices - Commerzbank
Commerzbank’s Carsten Fritsch notes that gold briefly traded above USD 4,100 after the Fed meeting as markets pared back expectations of further rate hikes. Fed funds futures nevertheless continue to imply additional tightening, while persistent inflation is keeping those expectations alive.
United States Employment Cost Index above forecasts (0.8%) in 2Q: Actual (0.9%)
United States Employment Cost Index above forecasts (0.8%) in 2Q: Actual (0.9%)
Canada Gross Domestic Product (MoM) above forecasts (0.2%) in May: Actual (0.3%)
Canada Gross Domestic Product (MoM) above forecasts (0.2%) in May: Actual (0.3%)
British Pound: Softer BoE stance seen weighing on Sterling – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad highlights that the Bank of England (BoE) left rates at 3.75% with a 6–3 vote, while Governor Andrew Bailey pushed back against expectations of an imminent hike.
Euro: ECB September hike still base case – TD Securities
TD Securities strategists highlight that Euro area Harmonised Index of Consumer Prices (HICP) inflation rose to 2.9% y/y in July, with core inflation at 2.5% and services inflation at 3.3%, indicating only limited evidence of meaningful second-round effects.
South Africa Trade Balance (in Rands) rose from previous -1.79BÂ to 17.75B in June
South Africa Trade Balance (in Rands) rose from previous -1.79BÂ to 17.75B in June
Japanese Yen: Policy credibility and intervention dynamics – BNY
BNY’s Geoff Yu highlights that the Japanese Yen (JPY) entered the latest Bank of Japan (BoJ) decision and suspected intervention with weak flow momentum and lighter positioning, even as investors remained net long JPY and net short USD/JPY.
Silver Price Forecast: XAG/USD remains under pressure as bond yields, US Dollar rebound
Silver price (XAG/USD) is down 1.7% to near $58.00 during the European trading session on Friday. The white metal continues to decline throughout the day as United States (US) Treasury Yields have bounced back amid fears that inflationary pressures will remain elevated.
Gold declines as firmer US Dollar, hawkish Fed outlook weigh
Gold (XAU/USD) edges lower on Friday as the US Dollar (USD) stabilizes following the previous day’s sharp sell-off, while hawkish Federal Reserve (Fed) expectations remain a key headwind for the non-yielding metal.
Brent: Conflict risks keep prices elevated – Commerzbank
Commerzbank’s Norman Liebke and colleagues highlight that Brent remains volatile as Middle East tensions and shipping disruptions through key chokepoints constrain supply.