The British Pound (GBP) pares Monday’s gains against the Japanese Yen (JPY) on Tuesday, weighed down by higher intervention risks and downbeat UK business activity figures.
The Japanese Yen (JPY) is picking up against the US Dollar (USD) on Tuesday after hitting lows a few pips above the 40-year low of 161.95 on Monday.
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $62.18 per troy ounce, down 4.47% from the $65.09 it cost on Monday.
BNY’s John Velis and David Tam argue that Chair Kevin Warsh is steering Federal Reserve communications toward less forward guidance and a stronger emphasis on price stability.
West Texas Intermediate (WTI) oil price extends losses for the second consecutive day, trading around $73.40 per barrel during the European hours on Tuesday. However, Crude oil prices pare its daily losses over persisting uncertainty surrounding Iran's nuclear program.
The GBP/USD pair adds to its modest intraday losses and touches a fresh daily low, around the 1.3215-1.3210 region during the first half of the European session.
DBS Group Research economist Radhika Rao notes that India’s 10Y government bond yield has remained confined between 6.90% and 7.05% as domestic and global drivers offset each other.
Gold has fallen for a third consecutive week, dropping to its lowest level since mid-June as a stronger US Dollar and hawkish Federal Reserve expectations erode the metal's appeal.
Preliminary United Kingdom flash S&P Global Services Purchasing Managers’ Index (PMI) declines at a faster pace to 48.7 in June from 49.3 in May. The Services PMI was expected to arrive higher at 50.0, a figure that separates expansion from contraction.
Deutsche Bank’s Early Morning Reid highlights that the Japanese Yen remains under pressure, trading close to 40‑year lows versus the US Dollar.
Dow Jones futures fall by 0.72%, trading near 51,750 during the European hours on Tuesday. However, S&P 500 futures are down by 1.4% near 7,430, while Nasdaq 100 futures decline 2.29%, trading near 29,950 at the time of writing.
OCBC’s Christopher Wong notes that easing US–Iran tensions have pushed Brent below USD80 as markets price a high probability of normalised Strait of Hormuz flows.
