Market news
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British Pound Steady on Iran Peace Hopes Despite Weak UK GDP
The British Pound holds a moderately positive tone against the US Dollar as optimism over a US-Iran peace deal offsets disappointing UK GDP data.
USD/BRL Faces Downside Risk, SocGen Says
Societe Generale analysts note USD/BRL rebounding from near 4.88, approaching key resistance around 5.25. They highlight downside risk if support near 4.99 fails.
Iran's IRNA Reveals Key Terms of US-Iran Memorandum of Understanding
Iran's state news agency IRNA has published the key terms of the Memorandum of Understanding (MoU) being discussed with the United States. Bloomberg earlier reported the MoU is expected to be signed in Geneva.
Ethereum Internal Split Deepens: Over 8 Core Developers Leave Foundation
Amid a prolonged price sideways move for Ethereum, the community’s focus has shifted from network upgrades to ecosystem problems. Despite record staking levels, over eight core developers have left the Ethereum Foundation in the past year, highlighting an internal rift.
Warsh’s First FOMC Meeting Seen Neutral, Rate Cuts Removed from Dot Plot
Nordea’s Jan von Gerich predicts Kevin Warsh’s debut FOMC meeting on June 17 will deliver a more neutral policy stance, with earlier projected rate cuts likely removed from the dot plot and some hike calls appearing.
ECB Hikes Rate to 2.25% in First Move Since 2023, Hawkish Tone
The European Central Bank raised its deposit rate to 2.25%, its first rate hike since 2023, and delivered hawkish messaging, according to Deutsche Bank economists.
WTI Oil Falls for Second Day as US-Iran Deal Hopes Ease Tensions
West Texas Intermediate (WTI) extends its decline for a second straight day, trading near $82.90, as investors unwind defensive positions amid growing optimism over a potential US-Iran deal that could reduce the risk premium tied to Hormuz Strait disruptions.
Iran: No Commitment on Strait of Hormuz in US MOU
Iran's state news agency IRNA reports that a memorandum of understanding with the US includes no commitments on managing the Strait of Hormuz. Future administration of the strait will be decided regionally via dialogue between Tehran and Oman.
India May CPI Rises 3.93% YoY, Misses 4% Estimate
India's annual consumer price inflation eased to 3.93% in May, below the market expectation of 4% but above the prior month's reading.
Gold Slides Nearly 3% Weekly, Breaks Below 200-Day MA
Gold fell close to 3% week-over-week, trading below its 200-day moving average despite a halt in airstrikes on Iran. Prices are now roughly 20% lower than their level at the start of the conflict.
Gold Holds Near $4,220 on US-Iran MoU Hopes, Mean Reversion to 20-Day EMA Seen
Gold price holds near $4,220 during European trading, extending Thursday's recovery on expectations of a US-Iran Memorandum of Understanding. Analysts suggest a mean-reversion move to the 20-day EMA is likely.
Silver (XAG/USD) Bulls Target $69.00 as Market Mood Improves
Silver (XAG/USD) is recovering losses during Friday's European session, trading in the mid-$67.00s as improved market sentiment supports bullish momentum toward the $69.00 target.
Polish Zloty under pressure as president blocks key reforms – Commerzbank
Commerzbank warns that President Karol Nawrocki's record number of vetoes, blocking legislation on crypto, tax and healthcare, is weighing on the Polish zloty. The bank expects obstruction to continue until 2027.
DAX Correction Deepens as Elliott Wave Signals More Downside
The DAX index faces deepening losses as it tests the support line of its impulsive channel from March lows. Elliott wave analysis suggests the current decline may be a leading diagonal, pointing to further downside.
USD Upside Persists on Resilient Data, Says BBH Analyst
Brown Brothers Harriman analyst Elias Haddad notes that while improving US-Iran relations briefly weakened the dollar, resilient economic data supports further USD gains.
US-Iran Deal on Strait of Hormuz Nears Signing in Geneva – Bloomberg
Bloomberg reports that US and Iranian officials are close to signing a deal to reopen the Strait of Hormuz, with a possible agreement by the weekend as G7 leaders prepare to meet.
BNY's Bob Savage Highlights Declining Cash, Elevated Valuations, Record IPO in U.S. Equities
BNY's Bob Savage analyzes U.S. equities using iFlow data, pointing to declining institutional cash balances, elevated valuations, and record IPO issuance.
Drafted US-Iran MOU Sparks Optimism, Aids SpaceX IPO
Optimism over a drafted memorandum of understanding between the US and Iran is providing macro tailwinds that could benefit the potential SpaceX IPO, while European markets digest the latest ECB rate hike ahead of a more complicated policy decision in July.
Coinbase Launches AI Agent Service for Trading and Payments
Coinbase introduces Coinbase for Agents, allowing AI agents to execute trades and payments within user-set limits via the MCP protocol or CLI.
Nordea Sees Medium-Term Upside for EUR/USD
Nordea strategist Jan von Gerich argues the dollar has underperformed relative to historical patterns and expects a higher EUR/USD in the medium term, despite the pair remaining stuck between 1.15 and 1.16.
ECB Raises Rates by 25 bps, Calls It an Adjustment Not Start of Tightening Cycle
The European Central Bank raised its key interest rates by 25 basis points to 2.25%, describing the move as an adjustment rather than the beginning of a tightening cycle.
Silver Falls 0.17% to $67.26 on Friday
Silver prices edged lower on Friday, trading at $67.26 per troy ounce, down 0.17% from the previous close of $67.37, according to FXStreet data.
AUD Recovers Modest Losses Against USD, Lacks Follow-Through
The Australian Dollar reversed an intraday dip to the 0.7020 area and climbed to the top of its daily range during early European trading, though buying interest remained insufficient to sustain gains.
Societe Generale: INR Support via Capital Inflows, Not Tightening
Societe Generale notes the Indian government and RBI are relying on capital inflows to support the rupee rather than adopting tighter monetary policy.