Market News
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Silver edges lower despite Middle East tensions as Fed rate hike bets limit recovery
Silver (XAG/USD) trades slightly lower on Friday, hovering around $59.90 at the time of writing, down a modest 0.08% on the day.
NZD/USD Price Forecast: Recovery extends, but overhead SMAs cap upside
NZD/USD remains on the front foot on Friday and is heading for a second consecutive weekly gain after the Reserve Bank of New Zealand (RBNZ) raised the Official Cash Rate (OCR) by 25 basis points (bps) on Wednesday and signaled that further policy tightening may be needed, boosting the New Zealand D
Russia Consumer Price Index (MoM) registered at 0.87% above expectations (0.8%) in June
Russia Consumer Price Index (MoM) registered at 0.87% above expectations (0.8%) in June
Singapore Dollar: Range-bound trade outlook against US Dollar – UOB
UOB’s Quek Ser Leang notes USD/SGD remains range-bound, with intraday action expected between 1.2905 and 1.2940 as recent price moves provided no fresh directional clues.
AUD/USD climbs as Chinese Yuan strength supports the Aussie
AUD/USD advances toward the 0.6960 area on Friday, supported by a softer US Dollar (USD) and renewed strength in the Chinese Yuan (CNY). The pair continues to recover on the four-hour chart, although escalating tensions between the United States (US) and Iran are limiting broader risk appetite.
Euro eases from one-week high as traders assess Middle East developments
EUR/USD trims gains on Friday as the US Dollar (USD) rebounds while traders digest the latest developments in the Middle East. At the time of writing, the pair is trading around 1.1433, easing from a one-week high of 1.1460 touched earlier during the Asian session.
Japanese Yen rises as Japan urges pension funds to invest in domestic assets
USD/JPY falls toward 161.80 on Friday, down 0.37% at the time of writing, as the Japanese Yen (JPY) benefits from an unexpected shift in the Japanese government's stance on domestic asset allocation.
European Central Bank: One more hike base case as data soften – OCBC
OCBC strategists Christopher Wong and Sim Moh Siong note that the European Central Bank's (ECB) June minutes justified the latest rate hike while keeping flexibility on future moves. Since then, Oil prices have fallen sharply and June Consumer Price Index (CPI) surprised on the downside.
China: Growth slowdown with uneven momentum – DBS
DBS economists Radhika Rao and Mo Ji project China’s Gross Domestic Product (GDP) growth to slow from 5.0% year-on-year in Q1 to 4.8% in Q2.
Canada: Labour market steadying with modest improvement – RBC
Royal Bank of Canada (RBC) economist Nathan Janzen notes that Canadian labour markets showed further signs of stabilisation in June, following a stronger improvement in May. Employment rose modestly, while per-worker conditions improved and the unemployment rate edged down to 6.5%.
Euro remains pinned at one-year lows against the British Pound as Euro Area inflation moderates
The Euro (EUR) remains on the defensive against the British Pound (GBP) on Friday, with the EUR/GBP pair unable to take off from one-year lows at the 0.8515 area. Data from Germany and France confirmed that inflationary pressures moderated in June, which added pressure on the common currency.
WTI rally takes a timeout amid signs of US-Iran war de-escalation
West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
US Dollar: AI-driven imports reshape trade – Commerzbank
Commerzbank’s Volkmar Baur says AI-related capital-goods imports are structurally widening the US trade deficit. Strong foreign demand currently helps finance the gap, but weaker confidence in the United States (US) AI (Artificial intelligence) investment story could create risks for the Dollar.