The Dow Jones Industrial Average (DJIA) printed a fresh intraday record near 52,650 on Thursday before easing back toward 52,200, and the temptation is to read that high as a broad vote of confidence. It was nothing of the sort.
Silver (XAG/USD) rebounds on Thursday, trading around $58.65 at the time of writing, up 2.16% on the day.
TD Securities commodity strategists Ryan McKay and Bart Melek note that crude Oil flows through the Strait of Hormuz are gradually normalizing, but around 10–11m b/d of Middle East production remains offline.
USD/JPY trades slightly lower on Thursday as the US Dollar (USD) eases after the latest US Personal Consumption Expenditures (PCE) data broadly matched market expectations. Still, the Japanese Yen (JPY) remains pinned near its 40-year lows. At the time of writing, the pair trades around 161.75.
Gold (XAU/USD) shows signs of stabilization on Thursday as traders digest the latest US Personal Consumption Expenditures (PCE) Price Index, which came broadly in line with market expectations.
UOB economists Enrico Tanuwidjaja and Sathit Talaengsatya note that the Bank of Thailand (BoT) kept its policy rate at 1.00% and is expected to hold this level through 2027.
United States 4-Week Bill Auction rose from previous 3.58% to 3.61%
The Pound Sterling (GBP) advances 0.22% against the US Dollar (USD) on Thursday, even though the US economy grew faster than previously reported in Q1, while inflation readings suggest the Federal Reserve (Fed) needs to tighten policy.
MUFG highlights that strong earnings guidance from Micron Technology, a key AI memory supplier, has boosted sentiment in AI and tech stocks.
TD Securities strategists note the Bank of Canada’s (BoC) June Summary of Deliberations maintained its recent balancing act between higher Oil price spillover risks and domestic softness.
Scotiabank strategists Shaun Osborne and Eric Theoret report USD/JPY is steady ahead of Tokyo Consumer Price Index (CPI), where consensus expects a pickup in both headline and core inflation into the mid-to-upper 1% range.
The AUD/USD pair trades muted near the 0.6900 area on Thursday, with the Aussie struggling to gain amid a pullback in the US Dollar (USD) as investors digested the latest United States (US) inflation figures and fresh geopolitical risks around the Strait of Hormuz.
