Market News
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Japanese Yen rises as Japan urges pension funds to invest in domestic assets
USD/JPY falls toward 161.80 on Friday, down 0.37% at the time of writing, as the Japanese Yen (JPY) benefits from an unexpected shift in the Japanese government's stance on domestic asset allocation.
European Central Bank: One more hike base case as data soften – OCBC
OCBC strategists Christopher Wong and Sim Moh Siong note that the European Central Bank's (ECB) June minutes justified the latest rate hike while keeping flexibility on future moves. Since then, Oil prices have fallen sharply and June Consumer Price Index (CPI) surprised on the downside.
China: Growth slowdown with uneven momentum – DBS
DBS economists Radhika Rao and Mo Ji project China’s Gross Domestic Product (GDP) growth to slow from 5.0% year-on-year in Q1 to 4.8% in Q2.
Canada: Labour market steadying with modest improvement – RBC
Royal Bank of Canada (RBC) economist Nathan Janzen notes that Canadian labour markets showed further signs of stabilisation in June, following a stronger improvement in May. Employment rose modestly, while per-worker conditions improved and the unemployment rate edged down to 6.5%.
Canadian Dollar gains after June jobs report tops forecasts
The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Friday after stronger-than-expected Canadian employment data. At the time of writing, USD/CAD is trading around 1.4160 after falling to a more than two-week low of 1.4136.
Mexico: Softer CPI backs dovish Banxico case – Societe Generale
Societe Generale analysts Dev Ashish and Brendan McKenna note that Mexico’s June inflation data surprised to the downside, with headline and core measures moving close to Banxico’s target range.
New Zealand Dollar: Constructive outlook faces yield constraints – OCBC
OCBC strategists Christopher Wong and Sim Moh Siong note that the New Zealand Dollar (NZD) outperformed after stronger manufacturing data and hawkish Reserve Bank of New Zealand (RBNZ) commentary reinforced expectations for further tightening.
Canada: Stable card trends support cautious optimism – RBC
Royal Bank of Canada (RBC) analysts Abbey Xu and Rachel Battaglia report that June spending by RBC Canadian cardholders remained relatively stable, with core retail sales up modestly. Discretionary goods led gains, while essential spending including gasoline also contributed.
GBP/JPY Price Forecast: Bulls remain in control with RSI and MACD in positive territory
GBP/JPY trades under pressure on Friday after comments from Japan's Finance Minister Satsuki Katayama boosted the Japanese Yen (JPY). At the time of writing, the cross is trading around 217.10, down 0.30% on the day.
Equities: AI Boom risks and resilience – Commerzbank
Commerzbank economists Dr. Jörg Krämer and Bernd Weidensteiner argue that the AI-driven investment surge in US high-tech and IT is substantial but not yet excessive compared with past booms.
Canada Net Change in Employment came in at 18.2K, above forecasts (10K) in June
Canada Net Change in Employment came in at 18.2K, above forecasts (10K) in June
Canada Unemployment Rate came in at 6.5%, below expectations (6.6%) in June
Canada Unemployment Rate came in at 6.5%, below expectations (6.6%) in June
Canada Participation Rate remains unchanged at 65% in June
Canada Participation Rate remains unchanged at 65% in June