Market news
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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.
Iran Adviser Accuses Trump of Pressuring Over Nuclear Deal
An adviser to Iran's Supreme Leader criticized Trump for pressuring Iran to accept U.S. conditions while keeping Iranian terms vague, stating the current draft contains ambiguities that must be resolved.
Silver Rebounds from Weekly Lows but Holds Below 50-Day SMA
Silver (XAG) bounced off weekly lows near $72.47 and climbed above $74.00, gaining over 1.70%, as mixed market sentiment saw rotation out of tech stocks into other sectors amid ongoing Middle East tensions.
Chinese Investors Dump Hong Kong Stocks at Record Pace, Rotate Into AI and Semiconductors
Hong Kong equity ETFs listed in China posted a record $3.7 billion in outflows last week, marking the fifth consecutive weekly outflow. Investors are rotating into China-listed semiconductor and AI stocks.
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.
Zelenskiy: Russia Cannot Occupy Donetsk This Year; Decision on War Lies with Putin
Ukrainian President Zelenskiy stated that Russia will not be able to occupy the Donetsk region this year and warned that Ukraine will continue fighting if Moscow refuses to end the war, placing the decision on Putin.
WTI Crude Oil Slips Amid Israel-Lebanon Ceasefire
West Texas Intermediate crude oil fell nearly 3% on Thursday after a ceasefire between Israel and Lebanon eased Middle East tensions, breaking a three-day winning streak.
Zelenskiy Calls for Ceasefire, Proposes Talks with Putin Under US Monitoring
Ukrainian President Zelenskiy published an open letter to Vladimir Putin calling for an end to the war, proposing a bilateral meeting, and stating Ukraine is ready for a ceasefire during talks with US monitoring.
Fed's Schmid: Inflation Biggest Risk, May Need Higher Rates
Kansas City Fed President Jeffrey Schmid named inflation the top threat to the US economy and hinted that further rate hikes might be necessary to control price pressures.
Gold Rises Over 1% as Oil Slide Eases Inflation Concerns
Gold (XAU/USD) gained more than 1% on Thursday, driven by a sharp decline in oil prices that reduced inflationary pressures and supported risk appetite amid hopes for a US-Iran resolution.
Fed's Schmid: Interest Payments Eat $1 in $7 of Spending, AI Aids Rural Economies
Federal Reserve Bank of Minneapolis President Neel Kashkari (note: this is an error in the source, should be Schmid) warns that interest on federal debt now consumes one-seventh of federal spending, calling for a fix. He also says AI could boost rural areas by lowering barriers to remote entrepreneurship.
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.
Fed's Schmid: Energy Costs a Key Inflation Driver, Oil Prices a Political Factor
Federal Reserve Bank of St. Louis President James Schmid said that energy costs remain a major driver of inflation, adding that the duration of high oil prices is a political variable as the central bank continues its longstanding fight to bring inflation down.
Fed’s Daly: Inflation Still Driven by Energy and Tariffs, Policy Focused on 12-Month Outlook
San Francisco Fed President Mary Daly stated that current inflation pressures remain driven by energy prices and tariff effects, and that monetary policy is focused on the 12-month outlook rather than long-term AI impacts.
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.
Fed's Daly: Inflation Remains Top Priority, Outlook Uncertain
San Francisco Fed President Mary Daly reiterates that returning inflation to target is the Fed's primary concern, while highlighting uncertainty over the economic outlook and the path of interest rates.
Bitcoin Drops Below $62K, BitMine Plans $300M ETH Purchase, Hyperliquid Share at 6.63%
Bitcoin slid below $62,000, while BitMine announced plans to issue $300 million in shares to acquire Ethereum. Hyperliquid's share of the derivatives market reached 6.63%.
Nvidia and Chip Index Diverge on Nearly Half of Trading Days
Nvidia (NVDA) and the Philadelphia Semiconductor Index (SOX) have moved in opposite directions on roughly 50% of trading sessions over the past 50 days, the highest divergence since the 2022 bull market began.