News/Event

The United Arab Emirates (UAE) Ministry of Defence said that two UAE national tankers, the Mombasa and Al Bahiyah, were targeted by two Iranian cruise missiles in the southern lane of the Strait of Hormuz, in Omani territorial waters, Reuters reported on Tuesday.

Bitcoin traded near $62,000 on Monday, holding onto recent gains as investors adopted little conviction ahead of key macroeconomic reports this week.

Silver price remains below $60.00 as the week begins, and dives nearly 4% on Monday amid tensions in the Middle East, driving inflationary pressures higher.

Gold price (XAU/USD) plunges on Monday after remarks by Federal Reserve (Fed) Governor Christopher Waller, who revealed that if the Consumer Price Index (CPI) rises this week, the Fed should consider interest rate hikes.

Bitcoin (BTC) and Gold (XAU) remain under pressure at the time of writing on Monday. The Crypto King has slipped below $63,000, while XAU approaches the psychologically important $4,000 support level.

The Canadian Dollar (CAD) outperforms most of its major peers on Monday as renewed tensions in the Middle East push Oil prices higher amid fresh risks of supply disruption in the Strait of Hormuz.

Societe Generale’s Michael Haigh and Jeremy Sellem note that the commodity complex has been resilient to Middle East tensions, with Oil gains capped and forecasts for prices at $70 by year end unchanged.

MUFG’s Lee Hardman reports the Japanese Yen has weakened again, pushing USD/JPY back above 162.00 as higher energy prices and fading impact from last week’s verbal intervention weigh on the currency.

Rabobank's Senior Macro Strategist Bas van Geffen highlights a US‑centric data and policy calendar, with June CPI expected to ease to 3.8% year‑on‑year and core inflation to 2.8%.

BNY's Geoff Yu notes that renewed U.S.-Iran tensions have lifted Brent and WTI, with markets reassessing energy supply risks and broader risk sentiment.

EUR/USD trades with a mild positive bias on Monday as the US Dollar (USD) gives back its earlier gains. At the time of writing, the pair trades around 1.1424 after recovering from an intraday low of 1.1384.

UOB’s Lee Sue Ann and Jester Koh note that the Reserve Bank of New Zealand raised the Official Cash Rate to 2.50% in July and adopted a more hawkish tone as inflation risks remain elevated.

BNY’s Geoff Yu notes that the Bank of Canada (BoC) is widely expected to keep its policy rate unchanged at 2.25%, with markets not pricing cuts until at least Q4.

BNY’s Geoff Yu argues that United Kingdom (UK) assets, including the British Pound (GBP) and gilts, will react more to the choice of chancellor under incoming Prime Minister Andy Burnham than to the leadership change itself.

ING analysts Chris Turner, Frantisek Taborsky and Francesco Pesole note that higher energy prices and tensions in the Gulf are supporting the Dollar against low-yielding currencies. They highlight that US energy independence and live Fed tightening prospects underpin Dollar strength.

The Euro (EUR) claws back its early losses and turns slightly positive at around 1.6170 against the Canadian Dollar (CAD) during the European trading session on Monday. The cross bounces back as the Euro strengthens amid hopes that the ongoing aggression in the Middle East won’t be prolonged.

EUR/USD gains ground after posting losses in the previous day, trading around 1.1440 during the European hours on Monday. The currency pair holds just above the nine-day Exponential Moving Average (EMA) but remains capped by the 50-day EMA, keeping the near-term tone cautiously bearish.

The US Dollar posts moderate gains against the Swiss Franc (CHF) on Monday, yet with price action contained within the last two weeks’ trading range, and with the 0.8100 level capping bulls for now.

The Euro (EUR) is higher by 0.36% to near 185.25 against the Japanese Yen (JPY) during the European trading session on Monday. The Japanese Yen underperforms across the board despite hopes that Japan’s inflation would remain above the Bank of Japan’s (BoJ) 2% target for a longer period.

Deutsche Bank strategists highlight that the S&P 500 closed at 7575, gaining 0.42%, after a strong week supported by stabilising chip stocks and a rebound in the Philly semiconductor index.

The Euro (EUR) is trading practically flat against the British Pound (GBP) on Monday after dropping about 2% over the past three weeks. Euro bulls remain subdued amid the risk-averse mood, but sellers are struggling to find acceptance below 0.8500.

GBP/USD remains in negative territory after paring daily losses, trading around 1.3390 during the early European hours on Monday. The pair faces challenges as the US Dollar (USD) gains ground on rising safe-haven demand amid intensifying tensions in the Middle East.

The Canadian Dollar (CAD) trades firmly against its major currency peers, but is flat at around 1.4160 against the US Dollar (USD) during the European trading session on Monday.

The Australian Dollar (AUD) underperforms its major currency peers, trading 0.32% lower to near 0.6930 against the US Dollar (USD) during the early European trading session at the start of the week.

Gold prices fell in Saudi Arabia on Monday, according to data compiled by FXStreet.

The Euro (EUR) holds opening losses at around 1.1390 against the US Dollar (USD) during the mid-Asian trading session on Monday. The major currency pair faces selling pressure as the US Dollar starts the week on a strong note due to an increase in the appeal of safe-haven assets.

The USD/CAD pair gains traction to near 1.4165, snapping the four-day losing streak during the Asian trading hours on Monday. The US Dollar (USD) strengthens against the Canadian Dollar (CAD) amid lingering tensions regarding the US-Iran conflict.

Gold price (XAU/USD) attracts some sellers to near $4,070 during the early Asian trading hours on Monday. The precious metal extends its decline amid escalating tensions between the US and Iran.

The GBP/USD pair finds some support near 1.3370 after a modest gap-down opening on Monday, though it lacks bullish conviction and remains below 1.3400.

DBS economists Radhika Rao and Mo Ji expect the Bank of Korea (BoK) to raise its base rate to 2.75% from 2.50% in July, citing persistent CPI inflation above 3% and resilient growth.

The US Dollar Index (DXY) trades within a volatile range on Friday as a sparse US economic calendar leaves traders watching developments in the Middle East after renewed hostilities between the United States (US) and Iran this week.

EUR/USD trades in a muted fashion near the 1.1430 area on Friday, as a weaker US Dollar (USD) helps the pair hold onto modest Thursday gains. That was true even after inflation data from Germany and France showed limited price pressure.

NZD/USD remains on the front foot on Friday and is heading for a second consecutive weekly gain after the Reserve Bank of New Zealand (RBNZ) raised the Official Cash Rate (OCR) by 25 basis points (bps) on Wednesday and signaled that further policy tightening may be needed, boosting the New Zealand D

EUR/USD trims gains on Friday as the US Dollar (USD) rebounds while traders digest the latest developments in the Middle East. At the time of writing, the pair is trading around 1.1433, easing from a one-week high of 1.1460 touched earlier during the Asian session.

OCBC strategists Christopher Wong and Sim Moh Siong note that the European Central Bank's (ECB) June minutes justified the latest rate hike while keeping flexibility on future moves. Since then, Oil prices have fallen sharply and June Consumer Price Index (CPI) surprised on the downside.

Wells Fargo economists Tom Porcelli and Sarah House discuss upcoming BEA changes to the Personal Consumption Expenditures (PCE) Price Index that will affect data from 2021 onward.

The Euro (EUR) has given away most of the daily gains against the US Dollar (USD) on Friday, returning to the 1.1430 area from session highs at 1.1475, which leaves the pair practically flat on the daily chart.

Silver price (XAG/USD) surrenders its early gains and slides 0.73% to near $59.50 during the European trading session on Friday. The white metal turns negative amid fears that the next monetary policy move by the Federal Reserve (Fed) will be on the upside.

Brown Brothers Harriman’s (BBH) Elias Haddad describes USD/CAD trading just below 1.4200 and broadly aligned with US-Canada two-year yield spreads ahead of June labor data.

The Canadian Dollar (CAD) is outperforming the US Dollar in the short term, pulling the USD/CAD pair down from recent multi-month highs. This corrective move comes at a crucial juncture, as global markets look ahead to the Bank of Canada's (BoC) upcoming policy meeting.

Bitcoin (BTC) reclaims $64,000 on Friday, extending a modest recovery while holding firmly above the key technical support zone so far this week. Mixed spot Exchange Traded Funds (ETFs) flows through Thursday reflect cautious institutional positioning.

Silver prices (XAG/USD) fell on Friday, according to FXStreet data. Silver trades at $59.47 per troy ounce, down 0.86% from the $59.98 it cost on Thursday.

MUFG’s Derek Halpenny highlights that European Central Bank (ECB) minutes added little new information but confirmed openness to another rate hike, consistent with MUFG’s call for a 25bp move in September.

The GBP/JPY cross attracted heavy selling on Friday, snapping a two-day winning streak to the highest level since January 2008, around the 218.00 mark set the previous day.

The British Pound (GBP) gives back its early gains and turns almost flat around 1.3410 against the US Dollar (USD) during the European trading session on Friday.

Commerzbank’s Dr. Christoph Balz and Bernd Weidensteiner interpret recent data and Fed communications as pointing to stable policy rates in coming months.

West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.

Here is what you need to know on Friday, July 10:

Silver price (XAG/USD) trades 0.4% higher to near $60.22 during the European trading session on Friday. The white metal gains as the US Dollar (USD) continues to remain under pressure amid hopes that the restart of the war between the United States (US) and Iran won’t long last.

The USD/JPY pair tumbles to around 161.50 during the early European trading hours on Friday. The Japanese Yen (JPY) edges higher against the US Dollar (USD) after the reports that Japan plans to encourage pension funds to increase their holdings of domestic financial assets.

Markets are anticipating a fairly stable report when Statistics Canada releases its Labour Force Survey on Friday. While the Net Change in Employment is predicted to rise by 10K in June, adding to the 87.8K gain in May, the Unemployment Rate is forecast to stay at 6.6%.

The EUR/USD pair attracts some buyers for the third consecutive day and touches a fresh weekly high, around the 1.1460 area, during the Asian session on Friday.

Gold (XAU/USD) reverses a modest Asian session dip to the $4,109-$4,108 region on Friday, though it lacks bullish conviction. The US Dollar (USD) selling remains unabated for the third consecutive day in the wake of Wednesday's less hawkish FOMC Minutes and offers some support to the commodity.

The Ethereum Foundation (EF) stated Thursday that artificial intelligence (AI) is becoming an increasingly effective tool for identifying vulnerabilities in Ethereum's protocol software.

The USD/CAD pair loses momentum to near 1.4145 during the early European session on Friday. The US Dollar (USD) weakens against the Canadian Dollar (CAD) on receding expectations of a rate increase from the US Federal Reserve (Fed).

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7989 compared to the previous day's fix of 6.8036 and 6.7931 Reuters estimate.

The EUR/USD pair posts modest gains around 1.1430 during the early Asian session on Friday, bolstered by a softer US Dollar (USD).

The Mexican Peso registers solid gains of over 0.22% against the US Dollar as risk appetite improved following two days of hostilities between the US and Iran, which have since ended, amid threats that the deal, according to US President Trump, might be “over.” The USD/MXN trades at 17.54 after reac

NZD/USD jumps 1% on Thursday, extending gains for a second consecutive day after the Reserve Bank of New Zealand (RBNZ) delivered a hawkish rate hike on Wednesday, while a softer US Dollar (USD) provides additional support.

Silver (XAG/USD) snaps a three-day losing streak on Thursday as a mildly weaker US Dollar (USD) and a pullback in US Treasury yields lend support to the precious metal. At the time of writing, XAG/USD trades around $60.30, up 3.38% on the day.

GBP/USD trades higher near the 1.3400 area on Thursday, as the US Dollar (USD) fails to find support from stronger-than-expected United States (US) jobless claims data and hawkish signals in the latest Federal Open Market Committee (FOMC) Minutes.

Chinese investors sharply trimmed their Gold ETF holdings in June, exacerbating global outflows for the month, as local investor risk appetite continued to improve amid equity market gains and a weaker Gold price, data from the World Gold Council (WGC) shows.

Nordea’s Jan von Gerich argues that the European Central Bank (ECB) is likely to continue tightening policy, with the outlook heavily dependent on Middle East developments and energy prices.

Federal Reserve (Fed) Bank of New York President John Williams said in the Future of Market Liquidity and Functioning Workshop in New York on Thursday that inflation remains “far too high,” while stressing that policymakers are actively debating different inflation scenarios as energy prices, artifi

ING strategists Michiel Tukker and Benjamin Schroeder note that the Federal Reserve’s June minutes confirmed a more hawkish stance despite an unchanged policy rate.

The European Central Bank (ECB) released the accounts of its latest monetary policy meeting on Thursday, revealing growing concern among policymakers over persistent inflationary risks.

Societe Generale’s Jan Groen notes that the June Federal Open Market Committee (FOMC) minutes confirmed a hawkish hold, with the Summary of Economic Projections (SEP) showing an even split between members favoring unchanged or lower rates and those preferring hikes.

ING’s Warren Patterson notes that Oil prices fell after the US–Iran Memorandum of Understanding allowed Persian Gulf supply to recover faster than expected, while demand lagged.

Bitcoin (BTC) recovers slightly, trading above $63,000 on Thursday after facing rejection near the $64,000 resistance zone earlier this week.

Silver (XAG/USD) is trimming losses on Thursday, and hitting session highs just above $59.00 after bouncing from $57.22 lows on Wednesday.

The Japanese Yen (JPY) remains locked in a high-stakes standoff against the US Dollar, testing the ultimate limits of Tokyo’s tolerance for its local currency to depreciate.

Chris Turner at ING highlights that EUR/USD has held up despite higher Oil, as Euro swap rates outperformed US rates on expectations of an ECB hike in September. However, he argues the Fed narrative will dominate, with EUR/USD likely to surrender gains and fall below 1.14.

Here is what you need to know on Thursday, July 9:

Philip Wee from DBS Group Research reports NZD/USD is holding firm above 0.57 after the Reserve Bank of New Zealand unanimously voted to lift the Official Cash Rate by 25 bps to 2.50%, a shift from May’s split decision.

USD/CAD moves sideways after two days of losses, trading around 1.4170 during the European hours on Thursday. The technical analysis of the daily chart indicates the pair is remaining within the ascending channel pattern, indicating a persistent bullish bias.

ING analysts Warren Patterson and Ewa Manthey note that Oil has extended its rally as renewed US-Iran tensions threaten the fragile ceasefire and disrupt flows through the Strait of Hormuz.

MUFG’s Lloyd Chan reports that June Federal Open Market Committee (FOMC) minutes show policymakers increasingly concerned that US inflation could stay elevated, with some seeing a case for a rate hike.

The Australian Dollar (AUD) trades marginally higher at around 0.6935 against the US Dollar (USD) during the European trading session on Thursday.

The GBP/USD pair trades in positive territory around 1.3405 during the early European trading hours on Thursday. Fading political uncertainty in the United Kingdom (UK) provides some support to the British Pound (GBP) against the US Dollar (USD).

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades with a negative bias for the second straight day, though it remains confined within the previous day's range through the Asian session on Thursday.

Bitcoin (BTC) is extending its losses on Thursday for the third consecutive day amid renewed tensions between the US and Iran. Risk-off market sentiment intensifies, with Jupiter (JUP) and Pi Network (PI) emerging as the biggest losers over the last 24 hours. 

The EUR/USD pair attracts some buyers for the second straight day, though it lacks follow-through and remains confined within the previous day's range during the Asian session on Thursday.

NZD/USD extends its gains for the second successive day, trading around 0.5720 during the Asian hours on Thursday. The pair holds gains as the New Zealand Dollar (NZD) remains stronger following the Consumer Price Index (CPI) inflation data release from New Zealand’s close trading partner, China.

Georgette Boele at ABN AMRO highlights persistent weakness in the Japanese Yen as investors test authorities’ tolerance for depreciation. Fiscal expansion and a dovish Bank of Japan stance weigh on the currency, while Japan’s energy-importer status adds pressure.

The US Dollar Index (DXY) trades near the 101.00 region on Wednesday as investors digest the Federal Open Market Committee (FOMC) Minutes from the June 16-17 meeting, the first under Federal Reserve (Fed) Chair Kevin Warsh.

The Japanese Yen depreciated by over 0.26% within familiar levels, as the Fed’s last meeting minutes showed that the majority of participants indicated that “some policy firming would likely be warranted” and agreed to shorten the length of the monetary policy statement.

ABN AMRO’s Georgette Boele reports that the Reserve Bank of New Zealand lifted its policy rate by 25 bp to 2.5% and signalled more tightening is likely. Despite some easing in energy prices, the bank sees persistent inflation pressures and scope for further reduction in stimulus.

Gold (XAU/USD) price dives over 1.30% on Wednesday as tensions in the Middle East bolstered the Greenback after US President Donald Trump said that the agreement to end the war with Iran was “over.” At the time of writing, XAU/USD trades at $4,059 after hitting a four-day low of $4,021.

USD/JPY trades higher near 162.50 on Wednesday, after nearing a four-decade high earlier in the day, as the US Dollar (USD) remains supported by geopolitical risk and caution ahead of the Federal Open Market Committee (FOMC) Minutes.

Scotiabank strategists Shaun Osborne and Eric Theoret highlight renewed weakness in the Japanese Yen (JPY), which is underperforming G10 peers and threatening fresh multi-decade lows as USD/JPY trades at levels last seen in 1986.

ING’s Francesco Pesole reports that the Reserve Bank of New Zealand (RBNZ) raised rates to 2.50%, delivering a more hawkish message than expected and signalling further tightening is likely.

AUD/USD trades under pressure near 0.6920 on Wednesday, even after the US Dollar (USD) held firm amid geopolitical risk and caution ahead of the Federal Open Market Committee (FOMC) Minutes.

Rabobank's Senior FX Strategist Jane Foley discusses UK political dynamics, noting Burnham’s likely unchallenged path to becoming Prime Minister on July 20 and his popularity within Labour.

Scotiabank strategists Shaun Osborne and Eric Theoret note the British Pound (GBP) is slightly softer but supported by a sharp repricing of Bank of England (BoE) tightening.

ING’s Francesco Pesole notes that recent equity jitters and firm Oil prices have underlined the Dollar’s safe-haven appeal, while markets look to the June Federal Open Market Committee (FOMC) minutes.

United States EIA Crude Oil Stocks Change above expectations (-1.9M) in July 3: Actual (2.998M)

Silver (XAG/USD) extends its decline on Wednesday and trades around $58.45 at the time of writing. The white metal remains under pressure after comments from US President Donald Trump revived concerns about renewed conflict in the Middle East, supporting the US Dollar (USD) and US Treasury yields.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Euro (EUR) is consolidating around the low 1.14s, with mixed G10 performance as markets reassess Oil’s impact on Euro area terms of trade and the European Central Bank’s (ECB) rate path.

BNY’s Geoff Yu reports that the Reserve Bank of New Zealand (RBNZ) raised its Official Cash Rate (OCR) by 25bp to 2.50% to steer inflation back to 2%. The committee still sees further removal of stimulus as likely, though data will guide decisions.

DBS Group Research’s Philip Wee reports that the New York Fed’s June Survey of Consumer Expectations showed 1-year inflation expectations rising to 3.7%, with 3-year expectations at 3.3% and 5-year unchanged at 3%.

Brown Brothers Harriman’s (BBH) Elias Haddad reports that the Reserve Bank of New Zealand (RBNZ) delivered a 25 bps hike to 2.50%, largely priced in, triggering an New Zealand Dollar (NZD) rally before gains were trimmed by Middle East tensions.

Cryptocurrencies are broadly extending declines on Wednesday, after last week’s recovery. The sell-off has seen Bitcoin (BTC) slide below $62,000, increasing downside risks toward the next key support at $60,000.

TD Securities strategists preview the June Federal Open Market Committee (FOMC) Minutes, expecting more insight into the policy debate than provided by Chair Warsh’s press conference.

Gold (XAU/USD) trades around $4,050 on Wednesday, down 1.40% on the day at the time of writing, as investors favor the US Dollar (USD) following a fresh deterioration in tensions between the United States (US) and Iran.

Dow Jones futures decline 0.40% to trade around 52,980 during European trading hours on Wednesday. Meanwhile, S&P 500 futures and Nasdaq 100 futures fall 0.17% and 0.14%, trading near 7,540 and 29,350, respectively.

The offshore Chinese Yuan (CNH) is capturing market attention following a sweeping set of structural measures announced by the People's Bank of China (PBoC) to cement Hong Kong’s status as a global offshore hub for the Yuan. 

The British Pound (GBP) has resumed its broader uptrend against the Japanese Yen (JPY) on Wednesday, with price action drawing closer to the 217.00 level and the all-time high of 217.22, on the bulls’ focus.

OCBC Bank’s Sim Moh Siong and Christopher Wong explain that the precious-metals complex has come under renewed pressure following the recent spike in Oil prices. Gold is down nearly 2% and Silver more than 4% week-to-date, as geopolitics work mainly through the Oil, inflation and rates channel.

Tatha Ghose at Commerzbank expects Poland’s NBP to leave rates at 3.75%, with forwards already reflecting this. With inflation momentum near zero and energy-driven disinflation back, earlier hike bets have been unwound and some analysts now discuss potential easing from Q4 or March 2027.

Here is what you need to know on Wednesday, July 8:

West Texas Intermediate (WTI) oil price inches lower after paring daily gains, trading around $71.70 per barrel during the European hours on Wednesday.

The US Dollar Index (DXY) pulls back to levels a few pips shy of 101.00 during Wednesday’s European session, after being rejected at the 101.20 area earlier in the day, and has turned negative on daily charts.

BNY’s Geoff Yu notes that cross-border investors’ Dollar holdings remain close to multi-year highs, driven by strong United States (US) asset exposure with fewer FX hedges.

The USD/CAD pair loses traction to near 1.4175 during the early European trading hours on Wednesday. Renewed US military strikes against Iran have boosted crude oil prices and provide some support to the commodity-linked Canadian Dollar (CAD) strengthens against the US Dollar (USD).

The Euro (EUR) trades 0.1% higher to near 185.20 against the Japanese Yen (JPY) during the European trading session on Wednesday.

Bitcoin (BTC) extends its correction, trading below $63,000 on Wednesday after failing to overcome the $64,000 resistance level. The renewed tensions in the Middle East have dampened risk appetite, weighing on BTC prices.

The GBP/USD pair trades almost flat at around 1.3355 during the European trading session on Wednesday. The Cable consolidates as investors await the Federal Open Market Committee (FOMC) minutes of the June policy meeting, which will be published at 18:00 GMT.

China has lifted refined fuel export restrictions for July and allowed a private refiner ‌to resume shipments after a four-month pause, Reuters reported on Wednesday, as the world’s biggest refiner returns toward normal after disruptions from the Iran war.

EUR/USD maintains its position after registering modest losses in the previous day, trading around 1.1410 during the Asian hours on Wednesday.

The Indian Rupee (INR) ticks higher against the US Dollar (USD) in the opening session on Wednesday. The USD/INR pair edges down to near 95.00 despite renewed geopolitical risks, following United States (US) attacks on Iran, which have lifted oil prices.

Silver price (XAG/USD) attracts some buyers to near $60.35, snapping the two-day losing streak during the early European session on Wednesday. The white metal edges higher amid a softer US Dollar (USD) ahead of the release of the June FOMC meeting Minutes.

The Australian Dollar (AUD) trades 0.23% higher to near 0.6943 against the US Dollar (USD) during the Asian trading session on Wednesday.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) face renewed selling on Wednesday, extending their corrective move so far this week. BTC faced rejection at $64,000, and ETH failed to break above the 50-day Exponential Moving Average (EMA).

USD/CHF extends its gains for the third successive day, trading around 0.8090 during the Asian hours on Wednesday. The pair appreciates as the Greenback receives support from safe-haven demand amid renewing geopolitical tensions.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding gains for the second consecutive day and trading around 101.10 during the Asian session on Wednesday.

New Zealand RBNZ Interest Rate Decision in line with expectations (2.5%)

Silver (XAG/USD) trades with a negative bias for the third straight day and hovers around the $59.80 region during the Asian session on Wednesday.

The EUR/USD pair defends the 1.1400 mark during the Asian session on Wednesday, though it struggles to attract any meaningful buyers on the back of renewed US-Iran hostilities.

West Texas Intermediate (WTI) oil price continues to advance after registering nearly 5% gains in the previous day, trading around $72.20 per barrel during the Asian hours on Wednesday.

NZD/USD loses ground near the 0.5680 level as investors look ahead to Wednesday’s Reserve Bank of New Zealand (RBNZ) policy decision, while the US Dollar (USD) remains supported by cautious remarks from the Federal Reserve (Fed).

United States API Weekly Crude Oil Stock came in at -0.399M, above expectations (-1.5M) in July 3

BNY’s Geoff Yu reports that the People's Bank of China (PBoC) expanded the Renminbi (RMB) Business Facility and Southbound Bond Connect quotas, boosting Hong Kong’s role as the main offshore yuan hub.

West Texas Intermediate (WTI) crude Oil edges higher on Tuesday as fresh attacks near the Strait of Hormuz threaten the recovery in shipping seen in recent weeks following the interim US-Iran peace deal. At the time of writing, WTI is trading around $70.44, up about 2.65% on the day.

The Pound Sterling retreats against the US Dollar on Tuesday as tensions in the Middle East rise, following reports of attacks on two ships in the Strait of Hormuz. The GBP/USD trades at 1.3373, down 0.11%.

Scotiabank strategists Shaun Osborne and Eric Theoret report the Euro (EUR) is slightly softer versus the US Dollar (USD) but supported by a sharp recovery in yield spreads and stronger German industrial production.

AUD/USD declines toward 0.6940 as the Australian Dollar (AUD) loses momentum, while the US Dollar (USD) remains supported by cautious remarks from the Federal Reserve (Fed) and lingering uncertainty over inflation.

Silver (XAG/USD) extends its decline for a second consecutive day on Tuesday, trading around $60.70 at the time of writing, down 2.21% on the day.

USD/CHF holds modest gains on Tuesday as traders balance softer US labor market data against hawkish Federal Reserve (Fed) expectations, keeping the US Dollar (USD) range-bound. At the time of writing, the pair is trading around 0.8066, remaining on the front foot for a second consecutive day.

Scotiabank strategists Shaun Osborne and Eric Theoret highlight the Japanese Yen (JPY) as the best-performing G10 currency on the day, though gains versus the US Dollar (USD) are marginal.

BNY’s Geoff Yu cites European Central Bank (ECB) Governing Council member Fabio Panetta, who describes a fragile Euro area outlook with upside inflation risks and downside growth risks.

National Bank of Canada ’s (NBC) Stéfane Marion and Kyle Dahms highlight the Japanese Yen (JPY) trading near multi-decade lows around 161 per USD, even as long-end yield differentials move in Japan’s favour.

EUR/GBP trades with a positive bias on Tuesday as sellers take a breather following the recent selloff that pushed the cross to a more than one-year low. At the time of writing, EUR/GBP is trading around 0.8550 after rebounding from an intraday low of 0.8533, its lowest level since June 2025.

Scotiabank strategists Shaun Osborne and Eric Theoret note the British Pound (GBP) is slightly softer against the US Dollar (USD) after encountering resistance near 1.3400, with limited fresh data and Bank of England (BoE) news.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is effectively flat versus the US Dollar (USD) and trading close to their fair value estimate around 1.4158. They expect the recent deterioration in spreads to stabilize, easing downside pressure on the CAD.

Royal Bank of Canada (RBC) economist Claire Fan notes that the Q2 2026 Bank of Canada Business Outlook Survey showed resilient sales and investment expectations despite earlier Oil price shocks.

Commerzbank’s Carsten Fritsch notes Gold fell to USD 4,120 per ounce after fresh Iranian attacks lifted TTF gas and Oil prices, but Fed rate expectations remain unchanged.

National Bank of Canada ’s (NBC) Stéfane Marion and Kyle Dahms note the Euro (EUR) fell toward 1.13 in June despite a more hawkish European Central Bank (ECB), underscoring that EUR/USD remains driven by relative rates.

Bitcoin (BTC) falls below $64,000 on Tuesday, erasing part of the recent gains following six consecutive days of price rises. Institutional demand shows signs of recovery, with spot ETFs recording a second day of inflows through Monday after weeks of outflows.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights the Reserve Bank of New Zealand (RBNZ) policy decision as the key domestic event, with a first 25 bps hike to 2.50% expected.

RaboResearch Global Economics & Markets discusses how the Federal Reserve’s new task force on inflation frameworks under Chair Warsh may elevate trimmed inflation in policy decisions.

BNP Paribas analysts assess recent European Central Bank (ECB) communication from Sintra, highlighting Christine Lagarde’s cautious stance and shift toward “framework guidance” in a volatile environment.

Societe Generale’s Kenneth Broux highlights that USD/CAD has broken out of a large consolidation and extended gains towards 1.4250, with the upper part of the prior range at 1.4130 now acting as key support.

According to data from the People's Bank of China (PBoC), world’s second-largest economy China increases its Gold reserves again.

The US Dollar (USD) trades higher for the second consecutive day against the Swiss Franc (CHF). Downdside attempts remain shallow so far, amid a calm market mood, and the immediate trend shows a mild bullish stance, with resistance at the 0.8075 area under pressure.

The New Zealand Dollar (NZD) continues to trade subdued against the US Dollar (USD) as markets brace for the Reserve Bank of New Zealand's (RBNZ) upcoming monetary policy decision. 

Francesco Pesole at ING argues that Marine Le Pen’s eligibility ruling matters more for French politics than markets, as investors have largely priced in a National Rally (RN) victory under Le Pen or Bardella with fiscal prudence.

European Central Bank (ECB) policymaker and Governor of the Bank of Italy, Fabio Panetta, said during the European trading session on Tuesday that upside risks to inflation in the Eurozone economy remain intact, as the governance of the Strait of Hormuz, a critical chokepoint to almost 20% of global

Volkmar Baur at Commerzbank expects the Reserve Bank of New Zealand (RBNZ) to raise rates at its July meeting to reinforce its inflation-fighting credentials, which should initially support the New Zealand Dollar (NZD).

Commerzbank’s Volkmar Baur notes EUR/USD has been stuck between 1.1350 and 1.1450 since mid-June, with few catalysts expected over the summer.

The EUR/USD pair trades marginally lower at around 1.1433 during the European trading session on Tuesday.

The Indian Rupee (INR) holds onto Monday’s losses against the US Dollar (USD) in the opening session on Tuesday.

Gold (XAU/USD) attracts sellers for the second straight day and drops to the $4,125-$4,124 region during the Asian session on Tuesday. Crude oil prices edge higher amid renewed tensions in the Strait of Hormuz, reviving inflationary concerns.

Silver price (XAG/USD) is down 1.35% to near $61.00 during the Asian trading session on Tuesday.

Bitcoin (BTC) sustains above $63,000 at press time on Tuesday, upholding a streak of six consecutive days of gains despite Strategy selling 3,588 BTC on Monday.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped 42,197 ETH last week, extending its weekly accumulation streak of the top altcoin.

AUD/USD inches lower after two days of gains, trading around 0.6950 during the Asian hours on Tuesday. The Australian Dollar (AUD) faces downward pressure as weakening economic sentiment amid a cooling labor market signals that high borrowing costs are taking a toll.

Silver price retreats by over 1% on Monday, even as the Greenback and US Treasury yields edge lower, with the white metal threatening to drop below $60 for the first time this week. At the time of writing, the XAG/USD trades at $61.80, after peaking at around $63.28 earlier during the day,

NZD/USD trades under pressure near the 0.5700 level as the US Dollar (USD) remains supported by hawkish-leaning comments from Federal Reserve (Fed) Governor Christopher Waller and resilient United States (US) services data.

Rabobank’s FX Strategy team discusses the New Zealand Dollar (NZD) ahead of the July 8 Reserve Bank of New Zealand (RBNZ) meeting, where consensus and the bank expect a 25 bp hike to 2.5%.

Federal Reserve (Fed) Governor Christopher Waller said on Monday that forward guidance can strengthen the impact of monetary policy when used properly, but warned that it can also become problematic if it limits policymakers’ flexibility.

Societe Generale analysts describe AUD/USD extending its pullback after breaking below the May trough around 0.7070 and retesting the 200-DMA near 0.6870/0.6830, aligned with March lows. They stress this zone as key support, noting November 2025’s correction also held there.

ING’s Francesco Pesole expects the Reserve Bank of New Zealand (RBNZ) to deliver a 25bp ‘insurance’ hike in July, taking the policy rate to 2.50%, despite the sharp drop in Oil prices.

The Euro (EUR) shows a moderately negative stance against the US Dollar (USD) on Monday, in a calm start of the week.

The Australian Dollar (AUD) is trading moderately lower against the US Dollar (USD) on Monday, as cooler Australian inflation figures have eased pressure on the Reserve Bank of Australia (RBA) to hike interest rates further.

Silver price (XAG/USD) halts its four-day winning streak, trading around $62.30 per troy ounce during the European hours on Monday. The white metal edges lower as market expectations solidify around a Federal Reserve (Fed) interest rate hike later this year.

Rabobank’s Senior Market Strategist Benjamin Picton highlights that Brent has turned lower as OPEC+ eases production cuts and tanker flows through the Strait of Hormuz resume, but stresses that shipping risks remain crucial for Oil prices.

BNY’s Geoff Yu expects the Reserve Bank of New Zealand (RBNZ) to raise the Official Cash Rate (OCR) by 25bp to 2.50%, supported by stronger Gross Domestic Product (GDP), resilient labor markets and firm inflation near the top of target.

The USD/CAD pair is seen building on last week's bounce from the vicinity of mid-1.4100s and gaining positive traction for the second consecutive day on Monday.

USD/JPY gains ground for the second successive day, trading around 162.20 during the early European hours on Monday. The currency pair is maintaining a bullish near-term bias as it holds comfortably above both the nine-day and 50-day Exponential Moving Averages (EMAs).

The EUR/USD pair trades marginally lower to near 1.1428 during the early European trading session on Monday. The major currency pair faces slight selling pressure as the US Dollar (USD) gains ground after a negative weekly close.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground after remaining unchanged in the previous day and trading around 101.00 during the Asian hours on Monday.

Silver price (XAG/USD) is down 1% to near $61.80 during the Asian trading session on Monday. The white metal falls back after rising for four straight trading days.

Bitcoin (BTC) steadies above $63,000 at press time on Monday following a five-day recovery stretch last week, totaling roughly 7% gains.

USD/JPY extends its gains for the second successive day, trading around 161.70 during the Asian hours on Monday. The Japanese Yen (JPY) is caught in a high-stakes tug-of-war, buckling under surging import costs even as 10-year JGB yields hit a fresh 30-year high of 2.79%.

Gold (XAU/USD) price rises by more than 1% on Friday as investors digest a softer-than-expected US jobs report, trimming hawkish bets despite higher inflation. At the time of writing, the XAU/USD pair trades at $4,174, after bouncing off daily lows of $4,121.

The British Pound steadied against the US Dollar on Friday, but it is poised to end the week with gains of over 1% as investors turn skeptical that the Federal Reserve will raise interest rates at the September meeting. The GBP/USD consolidates at around 1.3350, unchanged.

USD/JPY rebounds on Friday after falling nearly 0.90% in the previous session, amid speculation that Japanese authorities may have intervened in the foreign exchange market after the Japanese Yen slid to a 40-year low earlier this week.

EUR/GBP trades in a narrow range on Friday, with the Euro (EUR) modestly outperforming the British Pound (GBP) as sellers take a breather following a four-day decline that dragged the cross to a one-year low.

Bitcoin (BTC) maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum (ETH) and Ripple (XRP) are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

Gold (XAU/USD) extends gains on Friday as weaker-than-expected US Nonfarm Payrolls (NFP) data released on Thursday batters the US Dollar (USD) and cools expectations of an imminent Federal Reserve (Fed) interest rate hike.

The US Dollar underperforms its major currency peers as traders reconsider hawkish Federal Reserve (Fed) interest rate expectations, following the release of the weak United States (US) Nonfarm Payrolls (NFP) data for June on Thursday.

Silver (XAG/USD) advances to $62.35 on Friday at the time of writing, up 2.32% on the day, as investors increase exposure to precious metals following the release of a weaker-than-expected US employment report.

Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week.

Wells Fargo Economics sees Canada’s labor market as soft but stabilizing after a strong May rebound, with employment growth under 1% year over year and gains concentrated in full-time jobs.

The Australian Dollar (AUD) is up against its major currency pairs, trading 0.23% higher to near 0.6940 against the US Dollar (USD) during the European trading session on Friday. The Aussie pair gains as a slight decline in hawkish Federal Reserve (Fed) prospects has lifted market sentiment.

ING’s Francesco Pesole highlights that EUR/USD price action after the US jobs report underlines the lack of a strong bullish narrative for the Euro, as markets doubt further ECB hikes. Softer inflation and low Oil prices weigh on expectations.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts fresh sellers following an intraday uptick to the $69.25 area on Friday, its modest bounce from the lowest level since late February touched the previous day.

The USD/CAD pair reflects a subdued performance near 1.4175 during the European trading session on Friday. The Loonie pair edges lower as the US Dollar (USD) faces selling pressure due to easing hawkish Federal Reserve (Fed) prospects.

A report from the Bank of England (BoE) decision maker panel (DMP) has shown that businesses’ year-ahead expected own-price inflation was 4.1% in the three months to June, 0.1% point higher than firms reported in the three months to May.

The USD/JPY pair turns lower for the second straight day following an intraday uptick to mid-161.00s and drops to a more than two-week low during the first half of the European session on Friday.