Market news
Crypto, stocks, forex and macro, aggregated for traders.
Zcash Founder Reveals Critical Orchard Pool Counterfeiting Vulnerability
Zcash founder Zooko disclosed a critical bug in the Orchard pool that could have allowed unlimited undetectable minting of ZEC. The vulnerability was discovered on May 29 and patched by June 2.
US House Committee to Introduce Crypto Tax Legislation on Friday
A key US House committee is preparing to drop crypto tax legislation as early as Friday, covering staking, mining rewards, and aiming to bring digital assets in line with traditional securities tax rules, according to Bloomberg.
Yen Strengthens on Intervention Fears, USD/JPY Drops to 159.90
USD/JPY extended losses for a second consecutive day, trading near 159.90 during Asian hours on Friday, as the yen gained support from heightened fears of government intervention.
Eurozone Manufacturing PMI Input Prices Hit 3-Year High, Signaling Inflation Surge
Eurozone manufacturing PMI input prices surged to 80 in May, the highest since May 2022, with output prices hitting a 3.5-year high, indicating accelerating inflation pressures from rising energy and raw material costs.
PBOC Sets USD/CNY Reference Rate at 6.8157
The People's Bank of China set the USD/CNY central rate at 6.8157 on Friday, higher than the previous fix of 6.8203 but above the Reuters estimate of 6.7735.
EUR/USD Holds Steady Around 1.1620 Ahead of US Jobs Report
The EUR/USD pair is trading near 1.1620 in early Asian trading on Friday, as traders hold off on major moves before the release of the US jobs report for May.
WTI Falls Below $91 Despite Iran Threats
West Texas Intermediate crude oil dipped to around $90.85 during early Asian trading on Friday, as traders assessed the ongoing US-Iran peace developments.
US money market fund assets hit record $8.28T with $66B weekly inflow
Assets in US money market funds surged $66 billion in the week ending May 28 to a record $8.28 trillion, with $41 billion coming in a single day as month-end rebalancing boosted inflows.
Japan's Katayama: Authorities Ready to Act on Forex as Needed
Japan's Finance Minister Satsuki Katayama said on Friday that authorities are always ready to respond appropriately to foreign exchange movements.
Japan April Cash Earnings Beat Estimates, Household Spending Improves
Japan's April cash earnings rose 3.5% year-on-year, beating the 3.1% estimate, while household spending fell 0.5% year-on-year, better than the expected 1.5% decline.
Trump Open to Meeting Iran's Supreme Leader for Deal
President Trump stated he would be honored to meet Iran's Supreme Leader if it facilitates a deal to end the U.S.-Iran conflict, according to CNBC.
ISM Services Prices Index Hits Highest Since Aug 2022, Signaling Rising Inflation
The ISM Services Prices index rose 0.6 points in May to 71.3, the highest since August 2022, with diesel, gasoline, and oil cited as key drivers. The reading suggests CPI could rise above 5.0% for the first time since early 2023.
NIB Holdings Sells Australia, New Zealand Travel Insurance to Allianz Partners for Up to A$50M
NIB Holdings has agreed to sell its travel insurance businesses in Australia and New Zealand to Allianz Partners for up to A$50 million, with a strategic distribution partnership and expected closing by end of 2026 pending regulatory approvals.
Sterling Relies on Rate Hikes Economy Can't Justify
Markets still expect Bank of England rate hikes this year, but the UK economy is contracting rather than overheating, making sterling's position fragile.
Gold Drops Below $4,500 as US-Iran Talks Stall, NFP Awaited
Gold edged lower to near $4,470 in early Asian trade on Friday, pressured by stalled US-Iran ceasefire negotiations and ahead of the US May nonfarm payrolls report.
Perpetual to Acquire 70% of Interfi Systems
Perpetual will purchase a 70% stake in Interfi Systems, with an option to buy the remaining 30% by FY31. The deal is expected to close before the end of June, funded from internal cash.
RBA Tough Talk Meets Slow Growth, Aussie Dollar Stuck
The Australian Dollar remains rangebound as the RBA signals potential rate hikes while the economy shows a sharp slowdown with Q1 GDP growth of just 0.3%.
Lululemon Q2 Guidance Hit by Clearance Sales, Middle East Disruption
Lululemon's Q2 guidance reflects higher clearance levels and Middle East franchise disruption, though China sales rose mid-to-high teens. The company cited missed expectations on product launches and a yoga campaign, with negative commentary impacting results.
Broad Market Rallies Despite Stumble by Key Leader
Wall Street stocks advanced broadly on Thursday even as a major market leader declined, surprising investors.
USD/JPY Stays Range-Bound as Buyers and Sellers Trade Swings
USD/JPY continues to trade in a range, offering opportunities for both buyers and sellers within established boundaries.
Euro Gains as Jobless Claims Weigh on USD Ahead of NFP
The euro edged up 0.12% as US jobless claims data pressured the dollar, with traders eyeing the NFP release. Optimism over uninterrupted US-Iran talks also supported the euro.
USD/IDR Hits Record High Above 18,000 on Policy Risks, Energy Pressure
The Indonesian rupiah weakened to a new all-time low against the US dollar, breaching the 18,000 level, as policy uncertainty and energy price shocks weigh on the currency. Brown Brothers Harriman analyst Elias Haddad highlighted the pressure on IDR and noted Indonesian equities also slumped to multi-year lows.
Trump Says He Would Be 'Honored' to Meet Iran's Supreme Leader
President Trump stated he would be 'honored' to meet Iranian Supreme Leader Mojtaba Khamenei if it leads to a deal, which would be the first such meeting between a sitting US president and an Iranian supreme leader.
NZD/USD Muted Near 0.5870 as Fed Caution and Iran Tensions Support USD
The NZD/USD pair stays muted around 0.5870 on Friday, pressured by cautious Fed commentary and safe-haven demand linked to Iran developments.