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Geopolitical Tensions Push CHF to Five-Year High; SNB Eyes Intervention
Global geopolitical tensions drove safe-haven flows into CHF. USD/CHF fell to 0.8980, with the SNB signaling close monitoring of the exchange rate.
RBNZ Signals Rate Cuts, NZD/USD Falls Over 1.3% in a Day
The RBNZ statement signaled rate cuts, lifting the probability of an August cut to 80%. NZD/USD fell to 0.5985, the lowest since 2024.
EUR/CHF Falls to 0.960 as SNB Intervention Debate Intensifies
Eurozone pessimism pushed EUR/CHF to 0.960, approaching the SNB's historical intervention trigger zone, keeping markets on high alert for official action.
USD/CNY Approaches 7.30; PBOC Fixing Consistently Signals Stability
CNY faced headwinds from broad dollar strength, with USD/CNY near 7.30. The PBOC used consecutive stronger-than-expected fixings to signal exchange rate stability.
ECB Becomes First G10 to Cut Rates, Marking the Start of an Easing Cycle
The ECB cut all three key rates by 25 bps in June, becoming the first G10 central bank to start an easing cycle.
Markets Await PCE Inflation Data; Dollar Holds Near Highs While Risk Currencies Struggle
With the Fed's preferred PCE inflation gauge due, FX markets turned cautious. The dollar consolidated near multi-month highs while risk-sensitive currencies struggled.