Market news
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Main Street Stablecoin MSUSD Loses Dollar Peg, Crashes Over 90%
The MSUSD stablecoin from Main Street depegged on June 20, falling to around $0.25 after reserve auditor Accountable terminated the relationship. The incident triggered panic and a $39 million vault closure at Altura.
Gold Dips as Hawkish Fed, Geopolitical Risks Weigh
Gold (XAUUSD) remains under pressure as markets factor in further Federal Reserve tightening and ongoing geopolitical tensions, supporting the dollar.
Silver rises 2.3% to $66.33 on Monday
Silver prices increased on Monday, trading at $66.33 per troy ounce, up 2.30% from the previous level of $64.84, according to FXStreet data.
Gold Extends Losses on Higher-for-Longer Fed View – ING
Gold fell for a third straight session and week, losing over 2% as investors reassess US-Iran negotiations and US monetary policy expectations.
GBP Rises Above 1.3200 on Starmer Resignation News
The British Pound climbed past 1.3200 against the US Dollar on Monday, maintaining a mild positive tone despite reports that Prime Minister Keir Starmer resigned.
USD Gains Strength on Hawkish Fed Bets, Higher Yields – MUFG
The US dollar remains firm after last week's breakout, supported by a hawkish repricing of Fed rate hike expectations and a rebound in US yields, according to MUFG analyst Lee Hardman. Markets now see roughly even odds of a near-term Fed hike, despite falling oil prices amid US-Iran progress.
USD/CAD Breakout Signals Extended Downtrend for Canadian Dollar – SocGen
Societe Generale notes that USD/CAD has surged after breaking a descending trend line in place since last year, indicating a momentum shift and potential breakout from a multi-month range, extending the Canadian dollar's downtrend.
AUD/USD Dips Below 0.7000, Approaches 11-Week Low
The Australian Dollar extends losses against the US Dollar for a fifth consecutive day, trading below the 0.7000 level and nearing an 11-week low.
UK PM Starmer Resigns, Nominations Open July 9
UK Prime Minister Keir Starmer has announced his resignation, stating that nominations for a new leader will open on July 9.
AUD/JPY Holds Near 113.10 on Carry Trade Demand
The Australian dollar remains firm against the yen, trading around 113.10 during European hours, supported by ongoing carry trade flows.
UK PM Starmer resigns, nominations open July 9
UK Prime Minister Keir Starmer has announced his resignation, with nominations for a new leader opening on July 9.
UOB: AUD/USD Downward Bias Toward 0.6980
UOB analysts maintain a negative outlook on AUD/USD, targeting a move toward 0.6980 following a quiet period in the pair.
US Dollar Rallies on Middle East Tensions, Inflation Expectations
The US Dollar strengthened at the start of the week amid escalating geopolitical tensions in the Middle East, rising inflation expectations, and weakness in major rivals like the British pound due to an impending change in prime minister.
Dollar Steady in Asian Trading as US Markets Reopen After Holiday
The dollar held steady during Monday's Asian session after a long weekend in the US. With no high-impact data due, fundamentals and risk appetite are expected to drive the greenback.
Toss Bank and Solana Foundation Partner on Blockchain-Based Finance
South Korea's Toss Bank has signed an MOU with Solana Foundation to develop blockchain-based financial infrastructure, starting with cross-border stablecoin transfers.
US and Iran Hold Technical Talks on Implementing Memorandum of Understanding
Iranian news reports that technical discussions are underway between the US and Iran to outline mechanisms for executing a bilateral memorandum of understanding, including the formation of specialized groups to monitor compliance.
Dow Futures Flat on US-Iran Uncertainty, Fed Hawkishness
Dow Jones futures edged slightly lower by 0.05% near 51,980 during European hours Monday, while S&P 500 futures fell 0.09% and Nasdaq 100 futures rose 0.14% as markets weighed US-Iran tensions and the Fed's hawkish stance.
ECB's Escrivá: Monitor wage second-round effects
European Central Bank policymaker José Luis Escrivá said the ECB needs to watch for second-round effects on wages during a Monday European session.
WHO Director Race Tests Influence of Europe, Asia, Gulf After US Retreat
The competition to lead the World Health Organization is seen as a pivotal test of which global powers will shape health policy, as the United States steps back.
Iran Says Ceasefire Monitoring Mechanism Expected in Lebanon
Iran's Foreign Ministry spokesperson Esmail Baghaei stated that mediators are working to establish a mechanism to guarantee and monitor the continuation of the ceasefire in Lebanon and on all fronts.
Iran Official: Strait of Hormuz Not Up for Negotiation
Ebrahim Azizi, head of Iran's National Security Commission, declared the Strait of Hormuz is sovereign Iranian waters and not open to foreign interference, emphasizing the final decision rests with Iran's people and military.
Lebanon, US Envoys, Qatar Discuss Forming Cell to Restore Ceasefire
Lebanese presidency officials discussed with US envoys Vance and Kushner and Qatar's prime minister the possibility of creating a crisis cell to stop the breakdown of the ceasefire in Lebanon and end Israeli military escalation.
UOB: GBP/USD Weak Bias, Key Support in Focus After April Low Test
United Overseas Bank analysts note that GBP/USD remains in a corrective phase after testing April's low near 1.3160, with key support levels now under scrutiny.
EUR/GBP Rises to 0.8670 as UK Political Uncertainty Weighs on Pound
The EUR/GBP cross edged higher to around 0.8670 on Monday during early European trading, as the British Pound weakened against the Euro amid political uncertainty in the United Kingdom.