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Canadian Dollar Rises as US CPI Miss Fails to Boost USD, BoC in Focus
The Canadian Dollar strengthened against the US Dollar on Wednesday after softer-than-expected US inflation data weighed on the greenback, while markets await the Bank of Canada's interest rate decision.
AUD/USD Seen Range-Bound Near 0.70–0.71 as Momentum Fades
Rabobank strategist Jane Foley notes the Australian Dollar has dropped from top G10 performer to the bottom as growth momentum wanes and the US Dollar strengthens, with a near-term outlook stuck around 0.70–0.71.
US CPI Hits Three-Year High of 4.2% in May
The US Consumer Price Index rose to 4.2% year-on-year in May, the highest in three years and matching market expectations.
Commerzbank: Strong SA GDP Masks Weak Demand, Weighs on ZAR
South Africa's stronger-than-expected GDP growth hides soft domestic demand, with weak consumption and private investment, according to Commerzbank analyst Volkmar Baur.
Yen Hits 160.50 Low as BoJ's Ueda Hospitalized
The Japanese yen weakened past 160.50 per US dollar on Wednesday, breaching a key level, as the market reacted to news that Bank of Japan Governor Kazuo Ueda has been hospitalized.
Silver Falls 2.11% to $63.99 on Wednesday
Silver prices declined on Wednesday, dropping 2.11% to $63.99 per troy ounce, according to FXStreet data.
Gold Extends Sell-off to 11-Week Lows Ahead of US CPI Data
Gold (XAU/USD) falls to fresh 11-week lows as markets increase bets on a Fed rate hike later this year, dampening demand for the non-yielding metal.
BNY Highlights Sharp Reversal in Canadian Dollar Flows Ahead of BoC Decision
BNY’s Bob Savage notes a sharp reversal in CAD flows ahead of the June Bank of Canada decision, contrasting with April when CAD was generally stronger.
Oil Falls as USD Gains on Middle East Escalation: No Rally Trigger
The US Dollar posted modest gains amid escalating Middle East conflict, while oil prices declined. This behavior reflects a smooth reassessment of monetary policy rather than geopolitical nervousness.
Geopolitical Risks and Hot CPI Data Weigh on Tech Stocks; Diversification Helps
Tech stocks face selling pressure from geopolitical tensions and hot CPI data, but diversification provides some relief. The author will be out of touch until end of June.
BOJ Governor Ueda Hospitalized, Set to Miss June Policy Meeting
Bank of Japan Governor Kazuo Ueda has been hospitalized, according to a central bank statement, and is expected to miss the upcoming June monetary policy meeting.
BoC to Hold Policy Rate at 2.25% – Rabobank
Rabobank's Global Strategist Michael Every expects the Bank of Canada to keep its policy rate at 2.25%, in line with Bloomberg consensus and market expectations.
Commerzbank: US Tech IPO Inflows Could Boost Dollar
Commerzbank analyst Volkmar Baur suggests that a major US technology IPO could attract significant foreign capital, providing support for the US Dollar.
USD/CAD Risks Grinding Higher After Pullback – BBH
BBH analyst Elias Haddad says USD/CAD pulled back from a six-month high but still faces upside risk as the Bank of Canada holds rates.
MUFG: Japanese Yen CPI Risks Dominate Against US Dollar
Analysts at MUFG note that recent US Dollar resilience and higher US yields are creating a tougher backdrop for FX carry trades, with Japanese CPI data now in focus.
RBA Expected to Cut Rates as AUD Slides to 0.7010
Analysts now see the Reserve Bank of Australia's next move as a rate cut, not a hike. The Australian dollar weakened 0.25% against the US dollar in European trade, falling near 0.7010.
AUD/USD Support at 0.7000 Under Pressure: UOB
UOB analysts report that AUD/USD spiked to 0.7071 before sliding to 0.7005 and closing at 0.7027. They note slightly stronger downside momentum but doubt a sustained break below 0.7000 in the very near term.
BoC Expected to Hold Rate at 2.25% as Inflation Persists
The Bank of Canada is widely expected to keep its policy rate unchanged at 2.25% on Wednesday, marking the fifth consecutive hold as inflation remains elevated but the economy shows signs of weakening.
DXY Supported Ahead of US May CPI, ING Says
ING’s Chris Turner notes the US Dollar is holding recent gains as markets await the May CPI report, with firm core inflation expected to keep Fed rate hike pricing alive.
USD/CAD Could Rebound Toward 1.4000, Ascending Channel Intact
USD/CAD edged lower to 1.3930 during European trading on Wednesday but remains within an ascending channel on the daily chart, suggesting a potential rebound toward the six-month high near 1.4000.
Euro Gains Hinge on Domestic Demand, Says BNY
BNY's Geoff Yu says recent EUR/USD support came from cross-border investors reducing hedges after the ECB's hawkish shift, but further gains depend on domestic demand.
May US CPI Data Expected to Accelerate, USD Edges Lower
The USD weakened in Asian trading as markets await May US CPI data, with both headline and core rates expected to show acceleration.
Societe Generale Sees Further CAD Weakness as USDCAD Breaks Resistance
Societe Generale analysts note that USDCAD has breached key technical resistance and could extend higher, as the Bank of Canada is expected to keep rates unchanged, implying further downside for the Canadian dollar against the USD.
Canadian Dollar's Downside Pressure May Ease, Experts Say
Experts suggest the Canadian Dollar's downside pressure may be about to ease, as it hovers near the upper boundaries of its year-to-date range against the US Dollar.