expected to miss June monetary policy
Bank of Japan (BoJ) Governor Kazuo Ueda has been hospitalized, according to a statement released by the central bank. Additionally, Ueda would not be able to attend the next two-day monetary policy meeting scheduled for June 15-16, and Deputy Governor Ryozo Himino would chair the policy meeting, while Deputy Shinichi Uchida would hold the afternoon […]
Mixed China signals and positioning shifts – ING
ING’s Warren Patterson and Ewa Manthey say China’s latest trade data for Copper are mixed, with higher unwrought Copper imports in May but lower year-to-date volumes due to stronger domestic refined output. They add that Copper concentrate imports softened and CFTC data show a pullback in net long Copper positions after several weeks of increases. […]
Iran’s Araghchi warns Gulf states have legal and moral responsibility to prevent US, Israeli strikes
Iran’s Foreign Minister Abbas Araghchi warned that its neighbours in the Gulf have a “legal and moral responsibility” to prevent American and Israeli strikes, the Guardian reported on Wednesday. “Legal and moral responsibility of all countries in the region (especially those located along the southern shores of the Persian Gulf) to prevent the US military and […]
Stability relies on tighter BI policy – UOB
UOB’s Enrico Tanuwidjaja and Vincentius Ming Shen note that Indonesia’s FX reserves fell further in May as Bank Indonesia (BI) stepped up interventions to support the Rupiah, which has weakened sharply year-to-date. They expect FX reserves to stay under pressure as risk-off sentiment persists, with BI likely to keep tightening policy and using FX operations […]
Indian Rupee rebounds as oil prices tumble on US-Iran deal hopes
The Indian Rupee (INR) recovers against the US Dollar (USD) at open on Tuesday after a sharp decline the previous day. The USD/INR pair drops to near 95.35 as oil prices extend their decline, following comments from United States (US) President Donald Trump that a deal with Iran could be finalized in two or three […]
Why is the British Pound struggling when the BoE is considering rate hikes?
The British Pound (GBP) is struggling as mounting political uncertainty and deteriorating economic indicators complicate the United Kingdom’s outlook. Ahead of the key Gross Domestic Product (GDP) April data to be released on Friday, financial markets are balancing the risk of an economic contraction against the probability of further interest rate hikes by the Bank […]
Australian Dollar holds gains against Japanese Yen as China’s Trade Balance rises more than expected
The AUD/JPY cross posts modest gains near 112.90 during the Asian trading hours on Tuesday. A larger-than-expected China trade surplus provides some support to the China-proxy Australian Dollar (AUD). Markets are on high alert for foreign exchange intervention from Japanese authorities. China’s Trade Surplus surged to $105.43 billion in May, widening from $84.82 billion recorded […]
Gold edges lower below $4,350 as Fed rate hike expectations grow
Gold price (XAU/USD) trades with mild losses around $4,325 during the early Asian session on Tuesday. The precious metal remains on the defensive near its lowest since March 24 amid uncertainty in the Middle East and rising bets of a US interest rate hike. Bloomberg reported on Monday that Iran and Israel agreed to ease […]
Appreciation trend outweighs yield gap – Commerzbank
Commerzbank’s Thu Lan Nguyen notes that despite the People’s Bank of China (PBoC) relaxing the cap on US Dollar (USD) deposit rates, the Chinese Yuan has already appreciated about 3% against the Dollar this year. With CNY gains outpacing interest differentials and foreign currency deposits still rising, Nguyen expects the Yuan’s appreciation trend versus the […]
Canadian Dollar softens as Gulf peace hopes weigh on Oil prices
USD/CAD trades in a narrow range on Monday, with the Canadian Dollar (CAD) struggling to capitalize on a softer US Dollar (USD) as a mild pullback in Crude Oil prices weighs on the commodity-linked Loonie. At the time of writing, the pair trades around 1.3950, holding near two-month highs. The US Dollar and Oil prices […]
