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Aluminium: Tariff tweaks seen as long-term policy – ING
ING analysts discuss changes to US Section 232 aluminium tariffs aimed at incentivizing domestic smelting investment. Qualifying projects can import at 25% instead of 50%, but ING stresses this is a long-term industrial policy with limited near-term impact.
United States EIA Crude Oil Stocks Change above expectations (-1.5M) in July 17: Actual (2.011M)
United States EIA Crude Oil Stocks Change above expectations (-1.5M) in July 17: Actual (2.011M)
Bank of Japan: Gradual tightening and external shocks – Rabobank
Rabobank’s FX Strategy team reviews Bank of Japan policy, noting that the slow rate-hike pace reflects exceptional shocks such as tariffs, war and domestic political changes.
US Dollar: Range-bound gains and episodic strength – TD Securities
TD Securities strategists expect modest US Dollar (USD) strength in Q3 2026 as positioning has room to rebuild.
Euro struggles to extend gains as Iran war supports US Dollar
EUR/USD trades around 1.1415 at the time of writing on Wednesday, up 0.15% on the day, but its recovery remains limited after failing to break above 1.1420.
Japanese Yen: BoJ hints at faster hikes – BNY
BNY’s Geoff Yu notes that Bank of Japan (BoJ) officials are reported open to raising rates faster than economists expected as Japanese Yen (JPY) weakness lifts inflation risks.
Trump: 'US will bomb and destroy' Iranian bridges or power plants
US President Donald Trump issued a fresh warning to Iran on Wednesday, threatening strikes on the country’s infrastructure if Tehran targets vessels in the Strait of Hormuz.
WTI Price Forecast: Middle East tensions lift Oil as bulls test 100-day SMA
WTI extends its rebound on Wednesday as rising tensions in the Middle East disrupt Oil flows through the Strait of Hormuz and the Red Sea. At the time of writing, WTI trades around $86.20 after reaching an intraday high of $87.83, its highest level since June 11.
United Kingdom: Core CPI resilience complicates BoE path – Nomura
Nomura strategists analyse the latest United Kingdom (UK) June inflation data, noting headline Consumer Price Index (CPI) fell to 2.6% as the Bank of England expected, but core and services inflation stayed sticky.
Hungarian Forint: NBH easing path shapes HUF prospects – ING
ING strategist Frantisek Taborsky reports the National Bank of Hungary (MNB) cut rates to 5.75% and confirmed dovish guidance, signaling further easing in August and possibly beyond. Markets have accepted renewed rate-cut pricing, and ING expects more dovish repricing.
Bank of England: Wait-and-see stance holds – Societe Generale
Societe Generale economist Sam Cartwright analyzes June United Kingdom (UK) inflation, noting headline Consumer Price Index (CPI) at 2.6% year-on-year, below Bank of England (BoE) projections, with core inflation steady at 2.6%.
Indian Rupee: Carry appeal capped by Oil risk – BNY
BNY's Geoff Yu notes that India’s central bank (RBI) has stepped in to support the Indian Rupee (INR) as rising energy costs threaten external balances and FX volatility. iFlow shows INR is currently underheld versus earlier in the year.
US Dollar Index Price Forecast: Bullish bias intact above 101.00
The US Dollar Index (DXY) shows moderate losses on Wednesday but has retraced most of the decline seen during the Asian trading session.