Market News
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Euro weakens as ECB stays on hold, while Iran war boosts US Dollar
EUR/USD trades around 1.1385 on Thursday after the European Central Bank (ECB) left its key interest rates unchanged, in line with market expectations.
United States weekly Initial Jobless Claims decline to 187K vs. 212K expected
There were 187,000 Initial Jobless Claims in the week ending July 18, the US Department of Labor (DOL) reported on Thursday. This print followed the previous week's reading of 209,000 and came in much better than the market expectation of 212,000.
Canada Retail Sales (MoM) meets forecasts (1%) in May
Canada Retail Sales (MoM) meets forecasts (1%) in May
Australian Dollar: Limited upside as RBA priced – Rabobank
Rabobank’s Senior FX Strategist Jane Foley highlights the strong year-to-date performance of the Australian Dollar (AUD), supported by the Reserve Bank of Australia’s (RBA) hawkish stance and Australia’s commodity-linked profile.
Japanese Yen: Gradual appreciation path after extended weakness – Commerzbank
Commerzbank’s Volkmar Baur notes that the Japanese Yen remains historically weak, with USD/JPY above 162 and EUR/JPY near 186, but still forecasts gradual appreciation over the coming quarters.
Mexico 1st half-month Inflation came in at 0.07%, below expectations (0.1%) in July
Mexico 1st half-month Inflation came in at 0.07%, below expectations (0.1%) in July
Mexico 1st half-month Core Inflation meets forecasts (0.16%) in July
Mexico 1st half-month Core Inflation meets forecasts (0.16%) in July
Euro: Recovery led by spot demand – BNY
BNY’s Geoff Yu notes the Euro is stabilizing ahead of the ECB decision, with improving spot flow and hedge unwinding supporting Eurozone assets. However, forward and swaps demand remain weak, limiting conviction.
Gold Price Forecast: XAU/USD pulls back below $4,100 weighed by higher US yields
Gold (XAU/USD) trades lower on Thursday, snapping a four-day rally.
US Dollar Index: Upside risks persist as yields climb – BBH
Brown Brothers Harriman’s Elias Haddad notes that the US Dollar is holding on to most of its weekly gains as US Treasury yields remain elevated.
Gold falls as Iran war lifts Oil prices, Fed rate hike bets
Gold (XAU/USD) loses ground on Thursday, snapping a four-day winning streak as the US Dollar (USD) rebounds, while the widening war in the Middle East drives Oil prices higher. At the time of writing, XAU/USD trades around $4,050 after hitting a two-week high of $4,165 on Wednesday.
India M3 Money Supply: 12.5% (July 6) vs previous 13%
India M3 Money Supply: 12.5% (July 6) vs previous 13%
European Central Bank: Hawkish ECB pricing supports Euro – MUFG
Lee Hardman at MUFG notes that Euro-zone yields have climbed to fresh year-to-date highs ahead of the European Central Bank (ECB) meeting, with markets pricing 2–3 further rate hikes and almost fully discounting another move in September.