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Dollar Index Hits Nine-Week High on Fed Rate Hike Prospects
The US Dollar Index extended its rally, reaching a new nine-week high and breaching the psychological 100 level for the first time in months, supported by growing expectations of Federal Reserve rate hikes.
Key Central Bank Decisions and US Data Point to Risk-Off Mood
A series of major economic events this week, including US CPI, the Bank of Canada rate decision, and the ECB interest rate decision, have markets on edge with a potential risk-off tone.
USD/CHF Hits Two-Month Highs, Approaches 0.8000
The US dollar strengthened against the Swiss franc for a second straight day, reaching near 0.8000 – a level not seen in two months.
Gold Declines as Strong US Labor Market Data Reduces Fed Easing Hopes
Gold (XAU/USD) continues to fall as robust U.S. employment figures diminish expectations for Federal Reserve rate cuts, pushing Treasury yields and the dollar higher.
EUR/JPY Slides as BoJ Tightening Expectations Boost Yen
The euro fell against the Japanese yen on Monday, with EUR/JPY trading around 184.10, down 0.32%, as yen strength persists on the back of increased Bank of Japan tightening bets and renewed official warnings.
RBI Keeps Rate at 5.25%, Favors Inflow Tools Over Hikes – Commerzbank
Commerzbank's Charlie Lay notes the Reserve Bank of India held its policy rate at 5.25% and signaled a preference for using capital inflow measures to support the rupee rather than raising rates.
HSBC: US Dollar at Crossroads Amid Geopolitics, Trade Policy, and Fed Uncertainty
HSBC's FX Viewpoint notes the US Dollar is at a crossroads, influenced by Middle East tensions, US trade policy shifts, and the upcoming June FOMC meeting under new Fed Chair Kevin.
USD/JPY Rebound Supported by Yield Spread – SocGen
Analysts at Societe Generale note that USD/JPY has rebounded after defending a multi-month ascending trend line around 155.50-155.00 and is now challenging the April high, with support at 159.20.
RBI Holds Repo Rate, Giving Indian Rupee a Temporary Boost
The Indian Rupee gained after the Reserve Bank of India unanimously decided to keep the benchmark repo rate unchanged at its latest monetary policy meeting, but analysts warn the relief may be short-lived.
USD Net Long Futures Positioning More Than Quadrupled: Rabobank
Rabobank strategists note that USD net long futures positioning has more than quadrupled, indicating resilient support for the dollar.
EUR/USD starts week at April lows after US jobs data
EUR/USD opened the new week at 1.1520, near April lows, after the US dollar rallied on a stronger-than-expected May jobs report.
Silver price extends losses near $67.00 as Middle East tensions rise
Silver (XAG/USD) fell for a second straight session, trading around $67.00 per troy ounce amid escalating geopolitical tensions in the Middle East.
Warsh's First Fed Meeting Raises Independence Concerns
DBS analyst notes Kevin Warsh's debut as Fed Chair will test perceptions of central bank independence as he balances Trump's rate cut demands with a data-dependent stance.
ECB Expected to Deliver 25bp Hike on Thursday, Commerzbank Says
Commerzbank strategist Rainer Guntermann says a 25 basis point rate hike by the European Central Bank on Thursday is almost certain and fully priced, which would be the first increase since September 2023. He does not expect a follow-up move in July, viewing that as premature, but anticipates another hike later in the year, with cuts expected in 2024.
Hawkish ECB May Not Halt EUR/USD Downside – ING
ING’s Chris Turner notes that EUR/USD was hit hard by a surging dollar, and a hawkish ECB delivering a 25bp hike may not stop the downside pressure.
GBP/JPY Holds Above One-Week Low as Intervention Risks Cap Gains
The British pound staged a modest recovery against the Japanese yen on Monday, holding above a one-week low near 213.30, but potential intervention risks are limiting further upside.
RBI Holds Rate at 5.25%, Unveils Capital Flow Measures to Support Rupee
India's central bank kept its policy rate unchanged at 5.25% and announced new capital flow measures, including concessional FX swaps and tax breaks for foreign investors in government securities, providing near-term support for the rupee.
AUD/USD Hits 8-Week Low on Hawkish Fed Bets
The Australian Dollar weakened against the US Dollar as traders increased expectations of further Fed rate hikes, pushing AUD/USD to a near eight-week low.
USD/CAD Strengthens to Near 1.3950 Despite Overbought RSI
USD/CAD trades around 1.3945, hitting its highest since April 3, as the US Dollar gains on heightened Middle East tensions.
DBS: Strong NFP, May CPI Projection to Support USD into June FOMC
DBS Group Research analyst Philip Wee says robust nonfarm payrolls and an expected May CPI jump to 4.2% YoY should keep the US Dollar supported ahead of the June FOMC meeting.
Japanese Yen Extends Losses, Trades at Intervention Zone of 160.30
The Japanese Yen continues to weaken against the US Dollar on Monday, with USD/JPY trading near 160.30, a level that previously triggered intervention by Japanese authorities.
RBI Holds Rate at 5.25%, Flags Inflation Rise – Commerzbank
The Reserve Bank of India kept the repo rate unchanged at 5.25% and maintained a neutral stance, while signaling rising inflation, according to Commerzbank strategists.
Eurozone Sentix Investor Confidence Expected to Improve Slightly in June
The June Sentix investor confidence index for the euro area is forecast to rise to -14.6 from -16.4 in May, extending a modest rebound, though sentiment remains depressed amid high inflation and weak growth. Renewed Iran uncertainty and rising Fed rate hike expectations also weigh on the outlook.
EUR/USD Rebounds to 1.1550 After Hitting Channel Bottom
EUR/USD recovers from the lower boundary of a descending channel, trading near 1.1530 in Asian hours. Daily chart signals ongoing bearish bias despite the bounce.