Market News
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RBA's Kent: Cash rate hikes are achieving their intended impact
Reserve Bank of Australia (RBA) Assistant Governor Chris Kent said on Thursday that interest rate hikes are producing the expected effect. Kent added that further rate increases possible if risks emerge.
Singapore Gross Domestic Product (YoY): 5.9% (2Q) vs 5.7%
Singapore Gross Domestic Product (YoY): 5.9% (2Q) vs 5.7%
Japan Producer Price Index (YoY) came in at 7.2%, below expectations (7.4%) in July
Japan Producer Price Index (YoY) came in at 7.2%, below expectations (7.4%) in July
Japan Producer Price Index (MoM) below forecasts (0.6%) in July: Actual (0.1%)
Japan Producer Price Index (MoM) below forecasts (0.6%) in July: Actual (0.1%)
United Kingdom RICS Housing Price Balance came in at -30%, above expectations (-31%) in July
United Kingdom RICS Housing Price Balance came in at -30%, above expectations (-31%) in July
Iran says no progress on interim peace deal with US — Reuters
The United States (US) and Iran remain at ​loggerheads over efforts to agree a permanent end to the war in the Middle East, Reuters reported on Wednesday.
Gold edges lower to near $4,400 as Iran-US tensions counter support from tame US inflation
Gold price (XAU/USD) declines to around $4,400 during the early Asian session on Thursday, pressured by escalating geopolitical tensions between the United States (US) and Iran.
Commodities: Weaker Dollar lacks growth catalyst – BNY
Geoff Yu at BNY says a less hawkish Fed has weakened the Dollar, but this has not translated into a broad commodity rally. Institutional investors remain sellers of metals and miners, while EM commodity sovereign debt continues to struggle and commodity FX buying has faded.
The Japanese Yen gives back half of what Tokyo bought
The Dollar has spent Wednesday grinding higher against the Yen with no headline to carry it, trading near 159.50 after a low just beneath 158.60 and a gain of under a tenth of a percent.
Pound Sterling runs out of room at the July high
Sterling spent the London morning building a case for a break and the rest of the session dismantling it, trading near 1.3495 after a high just short of 1.3550 and a loss of not quite a tenth of a percent.
GBP/JPY Price Forecast: 50-day SMA caps sideways trading
The GBP/JPY holds firm on Wednesday at around 215.00, as neither buyers nor sellers are reluctant to open fresh directional bets amid fears of renewed intervention in the FX markets by US and Japanese authorities to propel the Yen.
Indonesia: BI succession supports Rupiah stability – DBS
DBS Group Research’s Radhika Rao reports that Indonesia’s onshore markets welcomed President Prabowo’s nomination of Deputy Governor Destry Damayanti as the next Bank Indonesia Governor.
Australian Dollar pulls back as inflation expectations loom
The Aussie Dollar ended Wednesday’s session with losses against the Greenback as US inflation data matched estimates, in both headline and core. Consequently, traders pushed back against rate hikes, though the AUD/USD faded the initial move and traded at 0.7061, down 0.07%.