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British Pound Sterling rallies on a hawkish vote the Bank of England immediately talked down
The Bank of England held Bank Rate at 3.75% for a fifth straight meeting on Thursday, and the Monetary Policy Committee (MPC) got there on a 6-3 vote, with three members backing an immediate quarter-point increase against a consensus that had looked for 7-2.
New Zealand ANZ – Roy Morgan Consumer Confidence: 99.3 (July) vs 91.3
New Zealand ANZ – Roy Morgan Consumer Confidence: 99.3 (July) vs 91.3
USD/CHF Price Forecast: 50-day SMA guards bullish structure
The USD/CHF retreats for the second straight day, down more than 1% amid growing speculation of an intervention in the FX markets, which boosted the Japanese Yen. The pair fell to a 10-day low of 0.8039, slightly above the 50-day Simple Moving Average (SMA) at 0.8027.
Ueda Speech: BoJ Governor discusses policy outlook after the expected interest rate hold
Bank of Japan (BoJ) Governor Kazuo Ueda is addressing the press conference, explaining the reason behind leaving the key interest rate unchanged at 1.00% in the July policy meeting.
Forex Today: US Dollar extends sell-off after weak US growth, Yen surges on suspected intervention
The US Dollar (USD) falls sharply during the American session on Thursday after United States economic growth missed expectations and underlying inflation moderated.
China: Incremental support and trade risks – TD Securities
TD Securities’ Senior Asia Economist Alex Loo assesses the July Politburo meeting, noting no major new stimulus despite acknowledged growth challenges. The focus is on fiscal execution, accelerating spending and bond use to support the Six Networks infrastructure program.
Oil: Key driver of UK inflation scenarios – Rabobank
RaboResearch highlights Oil as the dominant input for UK monetary policy. The Bank of England’s central forecast assumes Oil prices fall from $76 to around $71, with inflation peaking near 3.2%, but Brent already trades above $90.
Chinese Yuan: Gradual gains versus US Dollar – Commerzbank
Commerzbank FX & Commodity Analyst Volkmar Baur argues that China’s large trade surplus, driven increasingly by green technology exports, is supporting a stronger Chinese Yuan.
Silver Price Forecast: XAG eyes $60.00 as rebound builds
Silver price advances for the second straight day and hits a three-day high above $59.00mid growing speculation of intervention in the foreign exchange markets, to boost the Yen, and weaken the Greenback.
Gold jumps as suspected Yen intervention crushes US Dollar as Fed bets ease
Gold price advances some 0.92% on Thursday after the US Dollar drops following a suspected intervention in the foreign exchange markets, with the Japanese Yen hitting a near two-month high versus the Greenback. The XAU/USD trades at $4,100 after bouncing off the low of the day (LOD) at $4,028.
Malaysian Ringgit: Political risks rise as fundamentals hold firm – MUFG
MUFG’s Lloyd Chan highlights that Malaysia’s solid growth, low inflation and prudent policy are supporting the Ringgit, but rising domestic political risks could drive USD/MYR in coming months.
South Korean Won: Policy tightening expectations lift KRW against US Dollar – Commerzbank
Commerzbank Research notes that USD/KRW has fallen to its lowest level since February as South Korean authorities tighten rules on leveraged ETFs to curb Kospi volatility.
Crude Oil is pricing a Hormuz deal, not a peace deal
Crude Oil is lower on Thursday even as the war that sets its price reached a country it had spared for five months. WTI trades just above the $82.00 handle, down more than 1.5%, and Brent holds just above $86.50 with a near-identical loss after both gave back a chunk of Wednesday's rally.