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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%.
Euro remains pinned at one-year lows against the British Pound as Euro Area inflation moderates
The Euro (EUR) remains on the defensive against the British Pound (GBP) on Friday, with the EUR/GBP pair unable to take off from one-year lows at the 0.8515 area. Data from Germany and France confirmed that inflationary pressures moderated in June, which added pressure on the common currency.
WTI rally takes a timeout amid signs of US-Iran war de-escalation
West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
US Dollar: AI-driven imports reshape trade – Commerzbank
Commerzbank’s Volkmar Baur says AI-related capital-goods imports are structurally widening the US trade deficit. Strong foreign demand currently helps finance the gap, but weaker confidence in the United States (US) AI (Artificial intelligence) investment story could create risks for the Dollar.
Oil: Brent retraces gains on fragile ceasefire – Rabobank
Rabobank strategist Molly Schwartz notes that Brent Oil traffic through the Strait of Hormuz remains constrained despite a nominal ceasefire between the US and Iran. War insurance costs have risen sharply and shipowners are being advised to pause Hormuz voyages.
British Pound: Upside risk toward resistance against US Dollar – UOB
According to UOB’s Quek Ser Leang, GBP/USD’s sharp rebound has left scope to test major resistance at 1.3445, though a clear break is seen as unlikely in the near term. Short-term support lies at 1.3390 and 1.3360.
United States Dollar Index extends losses as US and Iran attempt to resume talks
The US Dollar Index (DXY) is trading lower for the third consecutive day on Friday.
Forex Today: US Dollar extends correction as US-Iran conflict remains under spotlight
Here is what you need to know on Friday, July 10:
Euro: Narrow path for sustained strength against US Dollar – ING
ING’s Francesco Pesole writes that Middle East tensions have modestly re-tightened EUR/USD short-term swap rate differentials by around 10bp, though the spread remains wider than pre-war levels.
Austria Industrial Production (YoY) climbed from previous 0.6% to 0.7% in May
Austria Industrial Production (YoY) climbed from previous 0.6% to 0.7% in May