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Deutsche Bank strategists note that tech weakness extended from the Magnificent 7 and Apple into Asian markets, weighing on risk sentiment and US equity futures. However, gains in semiconductors, led by Micron, alongside strength in small caps and equal-weighted stocks, showed that the broader US market backdrop was more mixed than the headline tech selloff suggested.Tech selloff spreads across Asia”There seems to be a mini ice-age in Asia this morning with tech again selling off. The KOSPI is slumping -8.01% as I type with the Nikkei -4.54% lower. SoftBank is around -14% lower after the NYT suggested that OpenAI may…
It is the best performing currency at the half-year point, up 3% and contrasts with a year ago, when it was nursing a fall of more than 10%, in its biggest first-half dive since the early 1970s, on US tariff policy. | Photo Credit: REUTERS/Dado Ruvic The dollar heads into the second half of 2026 on a high, thanks to bets for higher US interest rates and an unquenchable thirst for U.S. assets from investors chasing the “American exceptionalism” that may spell more pain for other currencies.It is the best performing currency at the half-year point, up 3% and contrasts…
Gold (XAU/USD) struggles to capitalize on the previous day’s modest recovery move and meets with a fresh supply during the Asian session on Friday amid the emergence of some US Dollar (USD) dip-buying. As investors look past key US inflation data, concerns about the fragile US-Iran peace agreement benefit the safe-haven Greenback. Adding to this, expectations that the US Federal Reserve (Fed) will hike interest rates this year help the USD to stall Thursday’s pullback from its highest level since May 2025 and exert pressure on the bullion.The US Bureau of Economic Analysis (BEA) reported on Thursday that the Personal…
The yen tottered near its weakest level against the dollar in 40 years early in Asia on Friday as traders reined in bets for Federal Reserve rate hikes after U.S. inflation met forecasts and central bank officials sent mixed signals about the policy path ahead. The Japanese currency was flat against the dollar at 161.82 yen, edging back from a two-year nadir of 161.95 on Thursday. Breaching the 161.96 mark would take it to its weakest level since 1986. The yen was little changed after data showed on Friday that core inflation in Tokyo accelerated in June in line with…
The UN’s International Maritime Organization (IMO) paused the planned evacuation of more than 11,000 sailors stranded in the Strait of Hormuz after a Singapore-flagged ship passing through the waterway was attacked, BBC reported on Friday.IMO chief Arsenio Dominguez said that several boats had already been evacuated, but the agency wanted to ensure that “necessary safety guarantees” would continue to be in place.A White House official stated that it was too soon to say who struck the ship. The official, who spoke on condition of anonymity to discuss internal deliberations, said that the US was looking into which party was responsible…
Mumbai: Chances are you may buy dollars a little cheaper before the next vacation or wiring money to kids abroad. The Reserve Bank of India (RBI) has stepped up the heat on banks to push better deals for retail customers and small businesses.In a meeting few weeks ago, senior RBI officials asked the top brass of several banks to share data every three months on the number of such customers on-boarded on the separate, dedicated platform that offers a slightly more attractive exchange rates.The forex retail electronic platform, developed by the Clearing Corporation of India, allows resident individuals as well…
UOB economists Enrico Tanuwidjaja and Sathit Talaengsatya note that the Bank of Thailand (BoT) kept its policy rate at 1.00% and is expected to hold this level through 2027. They stress that Thailand’s recovery is narrow, with strength in technology exports but weak household demand and SME credit. They see cost-push inflation as temporary and not a trigger for rate hikes.BoT seen on extended on-hold stance”We maintain our view that 1.00% is the terminal rate for this cycle and expect the BoT to remain on hold throughout the rest of 2026 and throughout 2027. Persistent economic slack, weak demand-driven inflation,…
The dollar headed on Thursday for its biggest monthly gain in almost a year, ahead of U.S. inflation data that could support many investors’ growing belief that the Federal Reserve will need to raise rates at least once this year.The dollar hit a 13-month high against the euro on Wednesday, leaving the single European currency below $1.14. It also sent the pound to seven-month lows and kept the Japanese yen around its weakest in 40 years, around 161.9.Dollar strength has pushed gold briefly below $4,000 an ounce for the first time in more than seven months and sent bitcoin under…
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, climbed to 4.1% in May from 3.8% in April, the US Bureau of Economic Analysis (BEA) reported on Thursday. This reading came in line with the market expectation. In this period, the core PCE Price Index, which excludes volatile food and energy prices, rose 3.4%, as anticipated.On a monthly basis, the PCE and the core PCE rose 0.4% and 0.3%, respectively.Other details of the publication showed that Personal Income and Personal Spending both increased by 0.7% on a monthly basis…
The rupee appreciated 16 paise to settle at 94.39 (provisional) against the US dollar on Thursday as global crude oil prices continued to slide.Positive sentiments in the domestic equity markets and a marginally weaker greenback further supported the local unit while FII outflows prevented sharper gains, forex traders said.At the interbank foreign exchange, the rupee opened at 94.30 against the dollar and traded in the range of 94.13-94.56. It settled at 94.39 (provisional), up 16 paise from the previous close.The rupee appreciated 21 paise to settle at 94.55 against the US dollar on Wednesday.”The rupee strengthened on falling commodity prices…