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Australian inflation climbed 0.2%, which was less than expected. This has raised expectations that the RBA will trim rates next month to close to 100%. The US releases the June jobs report on Thursday and nonfarm payrolls are expected to drop to just 110 thousand.
US equities surged as the S&P 500 hit a record high and the Russell 2000 led gains, signaling a broader market recovery beyond tech. Meanwhile, Asia markets slipped on weak China services data and rising trade tensions from a new US-Vietnam deal. The British pound dropped on UK fiscal uncertainty, and the Aussie dollar weakened. Gold held steady ahead of key US economic data. Traders eye AUD/USD's (Chart of the day) resistance near 0.6600 for signs of the next move.
US stocks saw a sector rotation as tech sold off and the Dow rallied. The Nasdaq 100 dropped -0.9% on AI regulation fears, while the Dow neared record highs. Asia markets were mixed as tariff tensions weighed on Japan’s Nikkei 225 (Chart of the day). Gold held gains ahead of US jobs data, and the US dollar extended its losing streak.
The euro has rallied for a ninth straight day and has pushed above 1.18. Eurozone headline CPI ticked up to 2.0% from 1.9%, while core CPI was unchanged at 2.3%. US ISM Manufacturing PMI is expected to contract in June for a fourth straight month.
UK GDP surprised on the upside with a strong gain of 0.7% in the first quarter. This will be welcome news for the UK government and the BoE but concerns remain that growth will weaken in the second half of the year. In the US, consumer spending declined for the first time since January.
US stocks closed Q2 2025 strong with record highs; Nikkei 225 dips on tariff threats, STI (Singapore 30 Chart of the day) hits new high, USD/JPY breaks down, gold nears key intermediate resistance.
US stocks hit record highs despite stagflation fears, Asia Pacific stocks in upbeat sentiment as Canada drops digital tax, boosting sentiment. USD weakens; gold eyes rebound from key support, German DAX eyeing fresh all-time high (Chart of the day)
US stocks rallied led by the Nasdaq 100 hitting fresh record highs amid dovish Fed expectations. Asian equities extended gains, while the US dollar slid to a 3-year low, JPY held firm (Chart of the day). Rising US jobless claims support potential rate cuts. Gold fell below key support as safe-haven demand eased.
Australia's inflation rate eased in May, as both headline and core CPI were considerably lower. This has raised expectations for an RBA rate hike next month. Federal Reserve Chair Powell said he plans to maintain rates until the effect of tariffs on prices is more clear, and dismissed President Trump's attacks on Powell for not lowering rates.
Canada's inflation rate was unchanged at 1.7% in May and underlying CPI showed little movement. The BoC meets next in July and the July inflation report will be a key factor in the BoC's rate decision. Fed Chair Powell testified before lawmakers on Tuesday and reiterated that the Fed will not lower rates until it has a better handle on the effect of tariffs on inflation.
Geopolitical tensions eased as Israel and Iran respected a US-brokered ceasefire, driving a 15.3% drop in oil prices and boosting global equities. Fed Chair Powell signaled potential rate cuts, reinforcing risk-on sentiment. The US dollar weakened near key support, while Gold (Chart of the day) stabilized at its 50-day moving average amid softer yields and inflation expectations.
Canada releases the May inflation report later today, with the BoC hoping to gain some clarity about the inflation picture. Oil prices are lower today and AUD/USD and NZD/USD are sharply higher, as risk appetite has risen following a ceasefire between Israel and Iran.