Market News
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Equities: Record highs with tech under pressure – Deutsche Bank
Deutsche Bank analysts note that lower oil prices and bond yields supported US equities, helping the equal-weighted S&P 500 reach a record high as investors rotated into defensive and non-tech sectors.
Japanese Yen recovery halts below 163.30 US Dollar with Fed’s decision on tap
The Japanese Yen (JPY) has trimmed some losses against the US Dollar (USD) on Wednesday, but USD/JPY dips have been capped above previous highs, in the 163.30 area so far.
Oil: Volatile on Iran conflict swings – UOB
UOB strategists report that Oil prices initially fell sharply as the United States (US) military campaign against Iran remained paused, with WTI dropping to USD 79.26 and Brent to USD 84.10.
Iran officially rejects Oman’s regional joint Hormuz management proposal
According to a senior official from Iran, the nation doesn’t support Oman's proposal for regional joint management of Strait of Hormuz, a critical chokepoint for almost 20% of global energy supply.
Euro edges higher against US Dollar, focus is on Fed’s policy
The Euro (EUR) ticks higher against the US Dollar (USD) at around 1.1393 during the European trading session on Wednesday. The major currency pair edges up as the US Dollar is slightly down ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
Japanese Yen: Fed and energy drivers outweigh BoJ – ING
ING’s Chris Turner and Padhraic Garvey expect the Bank of Japan to keep its policy rate at 1.00% on 31 July, with any modestly hawkish shift seen as unlikely to materially boost the Yen or change the USD/JPY trajectory.
South Korean Won nears four-month highs despite the KOSPI index selloff
The South Korean Won (KRW) extends gains for the second consecutive day against the US Dollar (USD), and is set for a 6.5% monthly rally. Strong South Korean macroeconomic data and market expectations of monetary tightening by the Bank of Korea have offset the KOSPI Index’s sell-off.
WTI Price Forecast: Likely revisit 50-day high above $92 on renewed US-Iran attacks
West Texas Intermediate (WTI), futures on NYMEX, trade 3.2% higher at around $81.00 during the early European trading session on Wednesday.
Euro: Softer Fed signals may lift EUR against US Dollar - Commerzbank
Commerzbank’s Antje Praefcke argues that the FOMC under Chair Kevin Warsh is likely to deliver a "hawkish hold", with markets already pricing at least one Fed rate hike by year-end.
Norway Retail Sales increased to 1.8% in June from previous -2.1%
Norway Retail Sales increased to 1.8% in June from previous -2.1%
South Africa Private Sector Credit: 7.8% (June) vs previous 8.57%
South Africa Private Sector Credit: 7.8% (June) vs previous 8.57%
South Africa M3 Money Supply (YoY) declined to 9.31% in June from previous 9.59%
South Africa M3 Money Supply (YoY) declined to 9.31% in June from previous 9.59%
AUD/USD Price Forecast: Seems vulnerable near 0.6950 after soft CPI-driven breakdown
The AUD/USD pair attracts sellers for the third straight day on Wednesday and dives to an over two-week trough following the release of softer Australian consumer inflation figures.