Market news
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Japan's Katayama: Authorities Ready to Act on Forex as Needed
Japan's Finance Minister Satsuki Katayama said on Friday that authorities are always ready to respond appropriately to foreign exchange movements.
Sterling Relies on Rate Hikes Economy Can't Justify
Markets still expect Bank of England rate hikes this year, but the UK economy is contracting rather than overheating, making sterling's position fragile.
Gold Drops Below $4,500 as US-Iran Talks Stall, NFP Awaited
Gold edged lower to near $4,470 in early Asian trade on Friday, pressured by stalled US-Iran ceasefire negotiations and ahead of the US May nonfarm payrolls report.
RBA Tough Talk Meets Slow Growth, Aussie Dollar Stuck
The Australian Dollar remains rangebound as the RBA signals potential rate hikes while the economy shows a sharp slowdown with Q1 GDP growth of just 0.3%.
USD/JPY Stays Range-Bound as Buyers and Sellers Trade Swings
USD/JPY continues to trade in a range, offering opportunities for both buyers and sellers within established boundaries.
Euro Gains as Jobless Claims Weigh on USD Ahead of NFP
The euro edged up 0.12% as US jobless claims data pressured the dollar, with traders eyeing the NFP release. Optimism over uninterrupted US-Iran talks also supported the euro.
USD/IDR Hits Record High Above 18,000 on Policy Risks, Energy Pressure
The Indonesian rupiah weakened to a new all-time low against the US dollar, breaching the 18,000 level, as policy uncertainty and energy price shocks weigh on the currency. Brown Brothers Harriman analyst Elias Haddad highlighted the pressure on IDR and noted Indonesian equities also slumped to multi-year lows.
NZD/USD Muted Near 0.5870 as Fed Caution and Iran Tensions Support USD
The NZD/USD pair stays muted around 0.5870 on Friday, pressured by cautious Fed commentary and safe-haven demand linked to Iran developments.
UOB: USD/SGD Losses Capped at 1.2855 After Two-Month High
UOB analysts note that USD/SGD has broken to a two-month high near 1.2840 with strong momentum, but further losses for the Singapore dollar are capped at the 1.2855 level.
US Dollar Index Rebounds on Fed Comments Ahead of NFP
The US Dollar Index recovered from early losses to near 99.45 after Federal Reserve officials' comments, as markets await the Nonfarm Payrolls report.
Indonesian Rupiah under pressure from tight liquidity and policy risks: MUFG
MUFG analyst Lloyd Chan notes the Indonesian Rupiah faces headwinds from rising US yields, domestic policy uncertainty, and elevated energy costs, leading to particular pressure on the currency.
Vietnam Dong Faces Headwinds as Inflation Hits 5.6%, Trade Deficit Widens
Commerzbank notes Vietnam's May CPI surged to 5.6% year-on-year, the highest since January 2020, driven by food and energy costs, while the trade deficit hit a record $5.2 billion.
UOB Sees USD/CNH Neutral, Consolidation Expected Between 6.7620 and 6.7980
UOB analysts report a sharp rebound in USD/CNH above 6.78, invalidating their prior bearish view. They now expect the pair to consolidate between 6.7620 and 6.7980 near term.
Korean Won Slumps to Multi-Year Low on Energy Shock – BBH
Brown Brothers Harriman's Elias Haddad points to an energy shock driving sharp depreciation of the South Korean Won, with USD/KRW surging to its highest level in years.
OECD Forecasts Bank of England Rate Hold This Year, Cuts in 2024
The OECD projects the Bank of England will keep rates unchanged through 2023 before beginning an easing cycle, a bearish signal for sterling.
Aussie Dollar Consolidates Near 0.7200 Resistance
The Australian Dollar remains in a consolidation phase, with AUD/USD gains capped by the key 0.7200 level. The pair awaits a stronger catalyst to challenge yearly highs.
Gold Challenges Critical Support After Retreat from $4,515
Spot gold retreated sharply from an early peak of $4,515, now trading around $4,480 and testing a key support level. Intraday gains remain modest amid fading war optimism.
USD/CAD Uptrend Intact Despite RSI Nearing Overbought
The Canadian Dollar recovers some ground against the US Dollar on Thursday, but the uptrend for USD/CAD remains intact as the RSI approaches overbought territory.
Euro Rises as Israel-Lebanon Ceasefire Boosts Risk Appetite
EUR/USD edges higher on Wednesday as easing Middle East tensions reduce safe-haven demand for the US Dollar, pushing the pair to around 1.1625, up 0.25% on the day.
British Pound Wavers as Lebanon Ceasefire Reports Flip
GBP/USD seesawed after news of a Lebanon ceasefire agreement was followed by reports that Hezbollah rejected the plan. The pair traded at 1.3439 after bouncing off daily lows.
AUD/USD Trims Gains After RBA Bullock's Hawkish Remarks
The Australian dollar pulled back from intraday highs after Reserve Bank of Australia Governor Michele Bullock struck a hawkish tone, while stronger US labor data lifted the greenback.
Reshetnikov: Higher rates and strong ruble may define next economic model
Russian official Maxim Reshetnikov says structural economic changes are ongoing and that higher interest rates and a strong ruble could become the contours of the next economic model.
Russia Keeps Budget Rule Cutoff Unchanged in 2024, Eyes Reduction for 2026
The Russian Ministry of Finance will not change the budget rule's cutoff price this year, but Finance Minister Siluanov stated at the SPIEF that a downward adjustment in 2026 would help reduce the ruble's dependence on energy prices and improve exchange rate predictability.
June 4 Calendar: RBA, ECB, BOE Speeches, US Claims, EIA Gas
Key events on June 4 include RBA governor speech, Swiss CPI, ECB's Lagarde, US jobless claims, EIA natural gas storage, and BOE governor speech. Also PMEF day 2 with Putin meeting heads of global news agencies.