Market news
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Yen Upside Limited as Flows Deteriorate – BNY
BNY's Geoff Yu notes that USD/JPY has broken above 160.00 with only a muted response from Japanese authorities, while cross-border flows into Japanese assets continue to deteriorate.
USD/JPY Hovers Near Intervention Level at 160.50
The USD/JPY pair is trading flat near 160.50 during the European session on Thursday, as markets remain cautious over potential FX intervention by Tokyo to support the yen.
GBP/JPY Extends Gains for Fourth Day Amid Mideast Risks
GBP/JPY rose for the fourth consecutive day, recovering from an intraday dip to the 214.35-214.30 region, as Middle East tensions overshadowed intervention fears.
S&P 500 Slides to One-Month Lows on Stagflation Fears: Deutsche Bank
Equities fell to one-month lows as higher oil prices and US-Iran tensions revived stagflation concerns, according to Deutsche Bank.
Gold Extends Losses as Yields Rise on Persistent Inflation
Gold prices are falling as strong U.S. yields and persistent inflation data prompt a reassessment of monetary policy, according to ING analysts.
NZD/USD Drops Below 0.5800 Ahead of US PPI Data
The New Zealand Dollar weakened against the US Dollar, trading near 0.5795, as renewed US-Iran tensions weighed on risk sentiment ahead of the US Producer Price Index release.
ECB Outlook Caps EUR/USD Upside – Commerzbank
Commerzbank’s Michael Pfister says the ECB’s expected rate hike is already priced into EUR/USD and doubts President Lagarde will commit to multiple hikes, while cooling oil prices and softer inflation further limit upside.
AUD/USD Holds Above 61.8% Fibo Support at 0.7000 After Soft US CPI
The AUD/USD pair edged higher to near 0.7007 during European trading on Thursday, finding support above the 61.8% Fibonacci retracement level at 0.7000. Gains came as the US dollar weakened following softer-than-expected US CPI data.
Apollo's Zito: Tokenomics Debate Misses the Point Amid AI Cost Focus
Apollo's John Zito argued at the Morgan Stanley US Financials Conference that the market is measuring the wrong aspects of tokenomics, while the real focus should be on the AI invoice.
Danske Bank: Risk-Off Rotation Hits Global Equities on Weak Sentiment
Danske Bank notes a risk-off rotation in global equities as weak sentiment drives major indices lower and defensive positioning across sectors.
Geopolitical Tensions Drive Oil Higher; CEE Inflation Pass-Through Delayed
Rising geopolitical tensions, including US President Trump's threat of fresh strikes on Iran, have pushed oil prices up. Analysts note a delayed pass-through from energy costs to inflation in Central and Eastern Europe.
CryptoQuant Suggests Bitcoin Bottom at $53,600, Demand Drops 652K BTC
CryptoQuant points to $53,600 as a potential Bitcoin bottom at the average realized price, but notes unfavorable conditions including a 652,000 BTC demand drop and 74,000 BTC monthly ETF outflows.
Silver Rises to Near $64 on US-Iran Ceasefire Hopes
Silver (XAG/USD) recovered early losses to trade near $64.10 during early European trading on Thursday, supported by expectations that the US-Iran April ceasefire will hold despite recent attacks.
ECB Rate Decision Approaches as Iran Threatens Strait of Hormuz
Markets await the ECB's expected rate hike amid signals for future policy, while Iran's Revolutionary Guard threatens to close the Strait of Hormuz and targets vessels.
WTI crude rises near $89.50 as US launches new strikes on Iran
West Texas Intermediate crude oil edged higher to around $89.50 during early European trading on Thursday amid renewed US military strikes against Iran.
GBP/USD Targets 1.3400 as Dollar Weakens, Stays Below Weekly High
GBP/USD edged higher on Tuesday, attracting dip-buyers near 1.3385 as the US dollar showed modest weakness, though the pair remains below its weekly high of 1.3425.
Gold Breaks 200-Day Moving Average, Loses Safe-Haven Status Amid Meltdown
Gold prices have crashed through the 200-day moving average, with traders reporting that the metal is now behaving like collateral damage in a broader market meltdown rather than a safe haven.
Indian Rupee Slumps as Oil Surges on US-Iran Ceasefire Fears
The Indian Rupee weakened against the US Dollar on Thursday as oil prices surged on fears the US-Iran ceasefire could collapse, with USD/INR rising to near 95.65.
Euro Has Room to Test 1.16/17 While Above 1.15; ECB Rate Hike Expected
The Euro could test 1.16/17 while above 1.15, with markets expecting a 25bps ECB rate hike. The Dollar index may dip to 99.5-99, while EURINR is bearish below 111 and EURJPY could test 186.
Indonesian Rupiah Weakens as Retail Sales Slump in April
The Indonesian Rupiah declined against the US Dollar, with USD/IDR trading near 17,970, following weaker domestic retail sales data for April.
DXY Bulls Have Upper Hand Above 99.50
The US Dollar Index edges lower during Asian trading on Thursday, pausing the overnight recovery from near the weekly lows, while analysts highlight a bullish bias above the 99.50 level.
U.S. Real Spending Excluding Energy Rebounds 1.5% in May
Real spending excluding energy rose 1.5% month-over-month in May, reversing April's 1.0% decline, and was 2.1% higher year-over-year despite energy headwinds.
AUD/JPY Edges Up to 112.40 on RBA Hawkish Stance
AUD/JPY rose to near 112.40 in early European trade Thursday, supported by the Reserve Bank of Australia's hawkish tone and bullish technicals above the 100-day SMA.
USD/JPY Flat Near Six-Week High Amid Intervention Talk
USD/JPY traded little changed around 160.50 during Asian hours after hitting a six-week high of 160.56, with speculation of Japanese FX intervention limiting further upside.