Market News
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Australian Dollar up modestly on RBA, weak USD
AUD/USD steadies around the mid 0.7100s at the time of writing on Tuesday, clawing back most of the previous day's modest losses.
British Pound: Range-bound against US Dollar ahead of Budget – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret highlight GBP/USD consolidating in a tight mid-1.36 range as a quiet data and Bank of England (BoE) calendar contrasts with softer yield spreads, which have eroded some fundamental support.
Mexico Accumulated Current Account/GDP up to 1.65% in 2Q from previous -3.14%
Mexico Accumulated Current Account/GDP up to 1.65% in 2Q from previous -3.14%
Mexico Current Account, $ (QoQ) increased to $8927M in 2Q from previous $-15878M
Mexico Current Account, $ (QoQ) increased to $8927M in 2Q from previous $-15878M
Canada: Investment risk and USMCA reliability – Societe Generale
Dev Ashish at Societe Generale highlights that the Trump administration’s threatened 50% tariff on Canadian vehicles and parts signals a broader push to redirect manufacturing investment to the US, challenging USMCA reliability.
Mexican Peso: Carry appeal faces crowding risk – MUFG
MUFG analysts Derek Halpenny and Abdul-Ahad Lockhart state that the Mexican Peso continues to benefit from low FX volatility and strong carry demand, with USD/MXN breaking below 17.00 for the first time since June 2024.
Japanese Yen: BoJ September risk looms in flat range against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note USD/JPY trading in a relatively flat range between 158.00 and the mid-159s as the Japanese Yen (JPY) underperforms most G10 currencies.
Euro: Upside limited above fair value against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret report EUR/USD consolidating in the mid to upper 1.16s after stronger German IFO and Gross Domestic Product (GDP) data, which should bolster European Central Bank (ECB) confidence ahead of the September 10 meeting.
United States New Home Sales (MoM) came in at 0.607M, below expectations (0.62M) in July
United States New Home Sales (MoM) came in at 0.607M, below expectations (0.62M) in July
United States Richmond Fed Manufacturing Index below forecasts (7) in August: Actual (4)
United States Richmond Fed Manufacturing Index below forecasts (7) in August: Actual (4)
United States New Home Sales Change (MoM) declined to -10.5% in July from previous 1.6%
United States New Home Sales Change (MoM) declined to -10.5% in July from previous 1.6%
Copper: Supply setbacks push market into deficit – Commerzbank
Commerzbank’s Barbara Lambrecht notes Copper prices are rising again as ICSG data show a significant June deficit and a sharply reduced year‑to‑date surplus.
Euro stays near three-month high as US Dollar remains subdued
EUR/USD holds modest gains on Tuesday as the latest Middle East developments fail to trigger a strong market reaction, while the US Dollar (USD) struggles to recover from last week’s sell-off sparked by the US Treasury’s decision to increase buybacks of longer-dated government securities.