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Commerzbank highlights that strong Singapore manufacturing and electronics PMIs underpin a constructive growth outlook, with Q2 GDP expected to exceed Q1’s 6% expansion. Against this backdrop, USD/SGD has eased slightly but remains near this year’s highs. The bank expects the pair to consolidate in a defined range rather than trend strongly in the near term.Range-bound outlook for USD/SGD”Looking ahead, the manufacturing outlook remains constructive.””We will get the advance Q2 GDP report in the next week or so.””It is expected to post a strong performance and even exceed Q1’s 6% yoy expansion, supported by a strong manufacturing sector and continued firm…
Societe Generale notes that stronger-than-expected China PMI data suggest slow but steady growth, reducing urgency for the PBoC to ease policy. The bank highlights that USD/CNY has fallen back below its 50-day moving average as Yuan strength reflects robust exports supported by the global AI boom. The report also points to a higher trade-weighted CEFTS RMB Index and firmer 10y CGB yields.Yuan strength backed by exports”China PMI signals slow growth but less urgency for the PBoC to ease: official manufacturing PMI rose more than expected to 50.3 in June from 50.0 while non-manufacturing PMI surprisingly rose to 50.2 from 50.1.””The…
The USD/JPY pair posts modest gains on Friday amid thin trading due to the US Independence Day holiday. The US Dollar (USD) stabilizes against the Japanese Yen (JPY) after a sharp decline on Thursday following softer-than-expected United States (US) labor market data. At the time of writing, USD/JPY trades at 161.30 after falling to a two-week low of 160.49 earlier in the Asian session.The Greenback weakened on Thursday after the latest US Nonfarm Payrolls report missed expectations, signaling that the labor market is cooling. Softer job creation reinforced expectations that the Federal Reserve (Fed) may have less room to keep…
Silver (XAG/USD) prices reclaim the $60.00 mark for the second straight day on Friday, extending their weekly gains to over 5.50% and trading at $62.42 amid broader US Dollar weakness, pushing the white metal to an eight-day high of $62.89. Source
Gold (XAU/USD) price rises by more than 1% on Friday as investors digest a softer-than-expected US jobs report, trimming hawkish bets despite higher inflation. At the time of writing, the XAU/USD pair trades at $4,174, after bouncing off daily lows of $4,121.Bullion rises as soft jobs data weighs on Dollar outlookOn Thursday, US Nonfarm Payrolls for June missed estimates by a large margin, coming in at 57K instead of 110 K. The Unemployment Rate edged lower, but mostly due to a lower participation rate, which hit 61.5, the lowest since March 2021.Immediately, the swaps market adjusted interest rate expectations of…
ABN AMRO’s Bill Diviney expects the US Dollar to weaken broadly but notes slightly less upside for EUR/USD after revising the bank’s ECB outlook and incorporating French and US election risks. With the ECB seen delivering one more hike and the Fed staying more dovish than markets, ABN AMRO now projects EUR/USD at 1.18 for 2026 and 1.23 for 2027.Euro gains tempered by election risks”We still expect the US dollar to weaken more broadly.””However, we have made a modest adjustment to our EUR/USD forecasts because of two developments.””Taken together, these factors point to slightly less upside for EUR/USD this year…
USD/CHF heads for its first weekly loss in five weeks as weaker-than-expected US Nonfarm Payrolls (NFP) data released on Thursday weighed on the US Dollar (USD). The pair rebounds on Friday as the Greenback stabilizes, with traders reassessing the Federal Reserve’s (Fed) interest rate outlook.At the time of writing, USD/CHF is trading virtually unchanged around 0.8034 after touching an intraday low of 0.8010. The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is trading around 100.84, recovering from an intraday low of 100.61.The lack of follow-through selling in the US Dollar (USD)…
Commerzbank analyst Norman Liebke reports that the Copper market is focused on a potential 15% US import tariff on refined Copper, which could temporarily boost US demand and prices if implemented in 2027. At the same time, Barbara Lambrecht highlights worsening supply from Chile, where mine output is falling, reinforcing concerns about tight global Copper ore availability.US policy and Chile output concerns”The fact that there has been no report from Lutnick so far has put downward pressure on copper prices.””Should he decide to impose the import tariff, it would take effect on January 1, 2027, and would likely trigger a…
EUR/USD holds onto modest gains on Friday but struggles to extend its advance as the US Dollar (USD) stabilizes following Thursday’s weaker-than-expected US jobs report. Market activity remains subdued as US financial markets are closed for the Independence Day holiday.At the time of writing, the pair is trading around 1.1438 after hitting an intraday high of 1.1462, but it remains on track to snap a two-week losing streak. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, is trading around 100.76 after falling to a two-week low of 100.56.Traders are reassessing the monetary…
The Euro (EUR) trades higher for the second consecutive day on Friday, with the US Dollar (USD) on its back foot in the aftermath of the disappointing US Nonfarm Payrolls (NFP) report released on Thursday. The EUR/USD pair, however, is struggling to breach resistance at 1.1475 so far.US economy produced 57K net jobs in June, according to NFP figures, just above half of the 110K expected by the market, while May’s reading was revised down to 129K from the 172K previously estimated. These figures have cooled market hopes of immediate Federal Reserve (Fed) interest rate hikes and sent the US Dollar lower against its main…