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Gold Hits 2024 Low on Hawkish Rate Expectations
Gold (XAU/USD) fell to a six-month low on Thursday, erasing all year-to-date gains, as expectations for prolonged high interest rates and technical selling pressured the metal.
BBH: BoJ Rate Hike Fully Priced In, USD/JPY Near 160.50
Brown Brothers Harriman notes that USD/JPY is trading tightly around 160.50, just below the late-April pre-intervention high, with a 25 bps Bank of Japan rate hike to 1.00% already fully priced in.
UOB Sees AUD/USD Grinding Lower Toward 0.6975
United Overseas Bank analysts maintain a bearish stance on AUD/USD after the pair closed below 0.7000, targeting a gradual move toward 0.6975 despite modest downside momentum.
ING: ECB Summer Hikes Are Insurance, Not Based on Current Data
ING’s Carsten Brzeski says the European Central Bank’s planned summer rate hikes are precautionary, driven by memories of 2022 inflation rather than today’s moderate headline inflation and survey-based expectations.
TD Securities Sees USD/CAD Converging to 1.38 as BoC Holds Rates
TD Securities reports the Bank of Canada left rates unchanged at 2.25% with a balanced tone, expecting a hold through 2026, and forecasts the Canadian dollar converging to 1.38 against the US dollar.
USD/CAD Rises as Safe-Haven Demand Bolsters US Dollar
USD/CAD advanced toward 1.3975 on Thursday, up 0.23% on the day, as the US dollar strengthened on safe-haven demand amid Middle East tensions.
British Pound Edges Lower Ahead of UK GDP Data
The British Pound weakened slightly against the US Dollar on Thursday, trading near 1.3350, as markets await UK monthly GDP figures.
BoC caution limits Canadian Dollar gains against USD – Commerzbank
Commerzbank analyst Michael Pfister notes the Bank of Canada kept rates at 2.25% and sees little impetus for near-term tightening as core inflation eases and the economy weakens.
AUD Stays Near Two-Month Low as Risk Aversion Lifts USD
The Australian Dollar remains under pressure, trading near two-month lows against a strengthening US Dollar amid risk-off market sentiment.
TD Securities: USD Uptrend Intact into FOMC Despite UK CPI Softness
TD Securities strategists note that a softer UK core CPI print initially weakened the USD, but they expect the broader uptrend to hold into next week's FOMC meeting.
Gold and US Dollar Slide After June US Inflation Data
Both gold and the US dollar declined across most pairs following the release of June 10 US inflation figures that largely met consensus. Traders also focused on renewed tensions between the US and Iran.
Bank of Canada Holds Rate at 2.25% as Recession Fears Persist: Rabobank
Rabobank analysts note the Bank of Canada kept its overnight rate unchanged at 2.25% in June, citing ongoing recession risks and elevated inflation from high energy prices.
BBH: EUR/USD Faces Downside Risk Ahead of ECB Hike
Brown Brothers Harriman’s Elias Haddad warns that EUR/USD is trading defensively near 1.1530 ahead of an expected 25 bps ECB rate hike to 2.25%, with updated projections likely being downgraded.
ECB Set for First Rate Hike in Three Years, Geopolitical Risks Mount
The ECB is reportedly preparing to begin tightening monetary policy for the first time in three years, while US exchanges launched a second consecutive night of strikes on Iran and SpaceX IPO is said to be imminent.
EUR/JPY Flat Near 185.20 as ECB Guidance and Intervention Fears Cap Gains
EUR/JPY trades flat around 185.20 as traders await ECB guidance and remain cautious over potential intervention.
Silver Rises 1.05% to $64.05 per Troy Ounce
Silver prices rose on Thursday, trading at $64.05 per troy ounce, up 1.05% from the previous $63.39.
WTI Dips to Near $87.50 as US-Iran Talks Continue
West Texas Intermediate oil price declined to around $87.60 per barrel during European trading, paring recent gains as US-Iran talks remain intact.
USD/CAD Rallies to 1.3970, Fresh High Since November 2025 on Oil Slump
The USD/CAD pair rallied to 1.3970, a fresh high since November 2025, driven by a slump in oil prices.
EUR/USD Tests Support Ahead of ECB Meeting, Societe Generale Warns
Societe Generale strategists note EUR/USD remains under pressure after slipping below its 200-day moving average in May, with the pair now testing support near two-month lows ahead of the ECB decision.
ECB Set to Hike as US-Iran Tensions De-escalate
The European Central Bank is expected to raise interest rates while the US has completed strikes against Iran. Traders are cautiously optimistic that the recent escalation in the Middle East may be over, though the ceasefire remains fragile.
Silver Rebounds from 2.5-Month Low as US-Iran Talks Ease Tensions
Silver (XAG/USD) recovered to $64.50 on Thursday after hitting a two-and-a-half-month low of $61.50 earlier in the day, supported by news of ongoing US-Iran negotiations that calmed market fears. Despite the bounce, bears remain in control.
BoC Holds Rate at 2.25%, Stresses Flexibility on Energy and Trade Risks
Deutsche Bank notes the Bank of Canada left its policy rate unchanged at 2.25% but stressed flexibility, with Governor Macklem indicating that sustained higher energy prices could require rate hikes while US trade restrictions might justify cuts.
USD/CHF Eyes 0.8000 Barrier as Ascending Channel Persists
USD/CHF pauses its four-day winning streak near 0.7990 during European trading, with technicals pointing to a bullish bias as the pair moves within an ascending channel.
USD/JPY Reaches 160.52, Highest Since July 2024
The USD/JPY pair climbed to 160.52 on Thursday, its strongest level in over a year, as the yen continues to weaken despite an acceleration in Japan's producer price index.