Market news
Crypto, stocks, forex and macro, aggregated for traders.
Rabobank: JGB Policy Shifts Could Influence Japanese Yen
Rabobank's senior FX strategist Jane Foley notes that potential Bank of Japan changes to JGB purchases and rate hikes may impact the yen's outlook.
US CPI Release Tomorrow to Shift Focus Back to Macro
Markets are expected to refocus on macro fundamentals with tomorrow's US CPI release. The post also comments on geopolitical tensions involving the US, Iran, and Israel.
China's Trade Surplus Widens to $105.4B in May, Yuan Supported – SocGen
Societe Generale highlights that China's trade surplus widened to $105.4 billion in May, driven by a 19.4% year-on-year surge in exports, notably from AI-related sectors. The data supports the Chinese yuan's strength.
Bank Indonesia Hikes 25bps Off-Cycle to Support Rupiah
Bank Indonesia delivered an unscheduled 25 basis point rate hike to 5.50% following a prior surprise 50bps move, causing USD/IDR to retreat sharply from a record high, according to BBH’s Elias Haddad.
RBC: Canada in Early-Stage Recovery, GDP Contractions Not a Recession
RBC economist Claire Fan argues recent Canadian GDP contractions do not indicate a recession, citing population growth distortions and support from the C.D. Howe Institute's Business Cycle Council.
Circle Launches Wrapped Bitcoin cirBTC on Ethereum
Circle has introduced cirBTC, a 1:1 Bitcoin-backed wrapped token on Ethereum, targeting institutional use cases including DeFi, OTC trading, market making, treasury transfers, and settlements.
Gold Steadies as Middle East Optimism Offsets Hawkish Fed
Gold prices stabilize on Tuesday, supported by a softer US dollar and lower oil prices amid signs of de-escalation in the Middle East, though a hawkish Fed outlook limits gains.
BNP Paribas: Euro gaining safe haven status with structural boosters
BNP Paribas strategists argue that Europe is emerging as an alternative safe haven, with the Euro gaining ground as a global safe asset.
US Private-Sector Hiring Cools, 4-Week Average at 29K
The latest ADP employment data shows a 4-week average of 29,000 new private-sector jobs per week in late May, indicating a slowdown in hiring.
Mexico May Inflation Slows to 3.94%, Below Forecasts
Mexico's headline inflation fell to 3.94% year-over-year in May, below the expected 4.03% and down from 4.45% in April, suggesting the central bank could maintain a softer monetary stance.
Gold May Have Bottomed at $4,300 as Ceasefire Weakens Dollar
Gold could be bottoming near $4,300 after the US dollar retreated following a ceasefire announcement between Israel and Iran, though persistent Middle East tensions limit further dollar weakness.
Dollar Stalls Near 100.00 as Tensions Ease, Says MUFG
The US Dollar has stalled after the Dollar Index met resistance near 100.00, as Middle East tensions eased and oil prices retreated, according to MUFG's Lee Hardman.
Canadian Dollar Weakest Reserve Currency as Growth, Spreads Weigh – NBC
National Bank of Canada analysts point to Canada's deteriorating real growth, negative 2-year spreads vs. the U.S., and falling gold as factors driving the Canadian Dollar to its weakest among reserve currencies, with USD/CAD near 1.39.
Gold Holds Near 2.5-Month Low as Upside Capped Below $4,360
Gold (XAU/USD) trades nearly flat near two-and-a-half-month lows at $4,268 on Tuesday, with gains limited below the $4,360 level despite a softer US dollar.
Tech and AI Snap Back After Strong Jobs, Rising Yields
Tech and AI stocks rebounded after a two-day selloff driven by strong US jobs data and rising bond yields, according to a market commentator.
US Dollar Index Slumps to Near 99.75 on Iran Deal Hopes
The US Dollar Index fell to about 99.75 during European trading as renewed hopes for a US-Iran peace deal reduced demand for safe-haven assets.
BoJ May Pause JGB Purchase Cuts After March 2027, BNY Reports
BNY's Bob Savage reports Bank of Japan officials consider pausing further JGB purchase reductions after March 2027, keeping near ¥2.1tn. The June meeting is expected to deliver a rate hike.
Australian Dollar Underperforms as RBA Rate Hike Fears Wane
The Australian Dollar is trading lower against most major peers during European hours on Tuesday, despite a slight 0.15% gain versus the US Dollar, as expectations for further RBA rate hikes recede.
BBH: Yield Spreads Point to AUD/USD Downside Near 0.7050
Brown Brothers Harriman notes AUD/USD consolidation around 0.7050, with yield spreads suggesting further downside risk.
Japanese Yen Weakens Despite BoJ Rate Hike Expectations
The Japanese Yen remains under pressure, trading above 160.00 against the US Dollar even as markets anticipate a rate hike from the Bank of Japan.
GBP/USD Edges Higher to 1.3390 as Weaker Dollar Supports, but UK Risks Cap Gains
GBP/USD rose to 1.3390 on Tuesday, up 0.42%, driven by a weaker US dollar after confirmed direct attacks between Israel and Iran, though gains remain limited by UK political and growth risks.
Zcash Team Approves Ironwood Upgrade to Limit ZEC Supply After Orchard Vulnerability
Zcash developers have agreed on consensus changes for the Ironwood upgrade, which will launch a new shielded pool and restrict ZEC supply following a vulnerability in the Orchard protocol, according to developer Sean Bowe. The upgrade is scheduled for July.
Markets Eye ECB Hike and SpaceX IPO; Indonesia Raises Rates
European markets are subdued as traders await the ECB rate decision and the upcoming SpaceX IPO. Meanwhile, Indonesia's central bank has raised rates in an emergency move.
EUR/GBP Testing Two-Week Lows at 0.8630 as Bearish Pressure Grows
The euro weakened against the pound on Tuesday, with sellers targeting the 0.8630 support area, marking two-week lows and increasing bearish momentum.