The USD is off slightly, equities markets are up, Treasury yields are flat while oil trades lower. U.S. retail sales barely rose in May and previous month's figures were revised downward, suggesting that economic activity remained weak in the second quarter. Light day on the economic data front.
In other news. North Korea’s Kim expressed "unconditional support" for "all of Russia's policies", including "a full support and firm alliance" for Russia's war with Ukraine. The West fears that this could lead to Russia helping Kim’s nuclear and missile programs. Netanyahu’s assertion that the US is withholding arm shipments to Israel is rejected by the Biden’s administration.
In currency news. The CNY was little changed near seven-month lows against the USD, as the central bank aims to prevent it from excess fluctuation. The RBA’s hawkish sounding comments led the market to scale back the probability of a rate cut this year from 64% to 36%. The ZAR firms up to 11-month high, local inflation in focus. The USD is marginally higher against the Asian currencies (CNY +0.04%, JPY 0.03%). The AUD rallied 0.20% against the USD, while the NZD lost 0.18%. Trading currencies are mixed with the ZAR strengthening 0.24% and the MXN losing 0.10% against the greenback.
In commodity markets. Oil steady amid U.S. stock build but war jitters abound. Gold prices edged up (0.06%) after data suggesting lacklustre U.S. economic activity keeping alive hopes for at least one interest rate cut this year. Copper is higher (1.4%) this morning as market focuses on shortages and funds buying. Both wheat and soybeans are flat as we start the day.
Current level USD Index 105.235 Down 0.02%
The USD/CAD lost some ground against the C$ on the back of yesterday’s lower than expected retail sales. Extended crude oil price has also given some support for the C$.
Current level USD/CAD 1.3709 Down 0.06%
The EUR/CAD rebounded from a 1-month low but remains under pressure.
Current level EUR/CAD 1.4726 Down 0.04%
EUR/USD trades sideways as investors look for fresh cues on the Fed and the ECB interest-rate outlook.
Current levelEUR/USD 1.0742 Up 0.03%
The GBP/EUR remains strong after UK data showed continued underlying pressure on prices which suggest that the BoE will wait longer before cutting rates.
Current level GBP/EUR 1.1832 (0.8447) Flat
The GBP/USD edges higher as sticky UK service CPI dents BoE early rate-cut bets.
Current level GBP/USD 1.2680 Down 0.19%
Other ccy levels vs C$. GBPCAD 1.7456 AUDCAD.9139 CADCHF.6452 CADJPY 114.95 CADTHB 26.73 CADCNY 5.2908 CADNOK 7.6966 CADSEK 7.6004 CADDKK 5.0623 CADZAR 13.1161
Other ccy levels vs USD. JPY 157.86 CHF.8845 AUD.6671 NZD .6135 CNY 7.2568 MXN 18.4137 INR 83.4279 PLN 4.0289 CZK 23.155 ZAR 18.4141 ILS 3.7092 AED 3.6726 KWD 0.30665
Other Major X levels. EURCHF.9505 EURJPY 169.64 EURSEK 11.2008 EURNOK 11.3388 GBPCHF 1.1263 EURAUD 1.6104 GBPAUD 1.9081 AUDCHF.5903 AUDJPY 105.22 CHFJPY 178.36
Payment International Inc.'s payment and foreign currency exchange services are provided by Global Currency Exchange Network Ltd T/A GC Partners. Global Currency Exchange Network Ltd is authorised by the FCA under the Payment Services Regulations, 2017 (FRN: 504346). Registered as a Money Services Business, regulated by HM Revenue & Customs ("HMRC") under the Money Laundering Regulations 2017. (Registration number is 12137189). Registered in England and Wales. Company number 04675786. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP
