Market News
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Brent: War-linked range trading outlook – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad notes Brent crude has rallied above $91 as the US–Iran Strait of Hormuz standoff persists. Haddad argues crude Oil is driving the war narrative and expects price swings to steer escalation risks.
United States ADP Employment Change 4-week average increased to 9.5K in July 25 from previous 8.25K
United States ADP Employment Change 4-week average increased to 9.5K in July 25 from previous 8.25K
Canadian Dollar remains resilient as Oil strength counters firmer US Dollar
USD/CAD trades little changed on Tuesday as rising long-term US Treasury yields lift the US Dollar (USD), while elevated Oil prices underpin the commodity-linked Canadian Dollar (CAD). At the time of writing, the pair trades around 1.3874, near levels last seen in early June.
Canada Housing Starts s.a (YoY) registered at 229.1K, below expectations (248K) in July
Canada Housing Starts s.a (YoY) registered at 229.1K, below expectations (248K) in July
European gas: LNG inflows key for prices – Commerzbank
Commerzbank’s Norman Liebke argues that European gas storage will depend on higher LNG imports over winter, as current inflows of 8 bcm per month would see storages trend toward 0% by March.
Gold: Higher-rate risk to keep prices range-bound – TD Securities
TD Securities strategists see Gold supported by doubts over the Federal Reserve (Fed) but with limited near-term upside.
NZD/USD Price Forecast: Kiwi fails to find follow-through above 0.5900
The New Zealand Dollar (NZD) trades lower against the US Dollar (USD) on Tuesday, weighed by a moderate risk-averse sentiment as tensions in the Middle East grow.
Silver retreats toward $65 ahead of Fed Minutes as energy tensions cloud outlook
Silver (XAG/USD) declines on Tuesday and trades around $65.00 at the time of writing, down 1.20% on the day. The white metal nevertheless remains trapped within the consolidation range that has dominated trading for about a week, as opposing forces prevent a clear direction from emerging.
Oil: Hormuz conflict keeps prices elevated – BNY
Geoff Yu at BNY notes Brent crude briefly rose above $91.85 per barrel, its highest in over three weeks, as hopes for a rapid reopening of the Strait of Hormuz faded.
Qatar: Iran-Oman bilateral Hormuz agreement needed before US-Iran talks
Qatar’s Foreign Ministry spokesperson, Majed Al-Ansari, said the mediators are waiting for Oman and Iran to reach a bilateral agreement on the Strait of Hormuz, a critical chokepoint to almost 20% of global energy supply, before returning to broader United States (US)-Iran talks.
US Dollar: Safe haven status faces debt-market strains – Rabobank
Rabobank’s Senior FX Strategist Jane Foley discusses how rising global bond yields and mounting concerns over United States (US) fiscal discipline are challenging the traditional safe haven role of US Treasuries and the US Dollar (USD).
USD/JPY Price Forecast: Aims to extend rally above 160.00
The Japanese Yen (JPY) underperforms its major currency peers on Tuesday, with USD/JPY trading 0.16% higher at around 159.70 during the European trading session.
Copper: Squeeze deepens on tight supply – ING
ING analysts Ewa Manthey and Warren Patterson highlight that LME Copper has pushed above $14,000/t, approaching record highs as nearby market conditions tighten.