News from the economy, politics and the financial markets
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S&P Global PMIs expected to show US economy continued to grow in July
S&P Global will release on Thursday its preliminary July Purchasing Managers' Indices (PMIs) for the United States, based on surveys of top private sector executives, to provide an early indication of economic momentum.
Pound Sterling weakens as UK PMI grew modestly
The Pound Sterling (GBP) declines against its major peers on Thursday as the preliminary United Kingdom (UK) S&P Purchasing Managers’ Index (PMI) report for July has shown that the overall business activity grew at a slower-than-projected pace.
RBNZ’s Conway: Global uncertainty may ease inflation – BBH
NZD/USD is consolidating yesterday’s gains around 0.6050. RBNZ Chief Economist Paul Conway maintained a dovish tone, BBH FX analysts report.
Gold Price Forecast: XAU/USD slumps to near $3,360, fails to break triangle on upside
Gold price (XAU/USD) trades almost 0.7% lower around $3,360 during the European trading session on Thursday.
USD/CAD remains depressed near 1.3600 ahead of US PMI, Jobless Claims data
The US Dollar is ticking higher against the Canadian Dollar on Thursday and has risen above 1.3600, although it remains close to one-year lows at the 1.3540 area, driven by risk-on markets, following the release of US preliminary PMIs and weekly Jobless Claims data.
USD/JPY: Markets eye stronger services PMI into July 31 BoJ – Scotiabank
The Japanese Yen (JPY) is entering Thursday’s NA session unchanged against the US Dollar (USD), having faded its early Asian session gains driven by the release of a mixed set of PMI’s, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
AUD/USD hits 11-month high on improved risk sentiment and robust PMI data – BBH
AUD/USD broke higher through key resistance level at 0.6600, reaching its highest level since August 2024.
GBP is underperforming due to PMI disappointment – Scotiabank
The Pound Sterling (GBP) is weak, down 0.3% against the US Dollar (USD) and underperforming most of the G10 currencies with the exception of CHF, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USD/JPY rebounds above 146.00 as Japan's PMI steadies – BBH
USD/JPY recovered above 146.00 after testing a two-week low yesterday around 145.86, BBH FX analysts report.
EUR: All eyes on ECB meeting – Scotiabank
The Euro (EUR) is soft, down a modest 0.2% against the US Dollar (USD) as we head into Thursday’s NA session and the 8:15am ET ECB policy decision (followed by the 8:45am ET press conference), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
CAD slips, fails to benefit from pro-risk mood – Scotiabank
The Canadian Dollar (CAD) is modestly lower on the session, unable to find any lift today from the bid for its FX commodity cousins or global stocks, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USD steadies but undertone remains bearish – Scotiabank
The US Dollar (USD) is trading a little higher overall on the session but its performance is more mixed against the G10 currencies and it slipped to its lowest since November against the CNY in overnight trade, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
GBP: UK composite PMI drops to 2-month low as services sector slows – BBH
Pound Sterling (GBP) is underperforming most major currencies, BBH's FX analysts report.
Dow Jones futures dip despite the upbeat mood on the latest US trade deals
Wall Street futures anticipate a mixed opening on Thursday, as the enthusiasm about trade deals wears off. Dow Jones futures are trading 0.30% lower at the time of writing, while S&P 500 Index futures trade 0.10% higher and the Nasdaq Index advances 0.3%, pointing to new record highs.
USD/CNH: 7.1295 is probably out of reach for now – UOB Group
Risk for US Dollar (USD) remains on the downside against Chinese Yuan (CNH); the significant support level at 7.1295 is probably out of reach for now. In the longer run, USD view is negative; it could drop to 7.1295, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Dow Jones Industrial Average inches back into peaks on trade deal hopes
The Dow Jones Industrial Average (DJIA) caught a strong bid on Wednesday, rising to its highest levels in five months and knocking on the door of fresh all-time highs.
Tesla, Alphabet stocks slide 1% on Q2 earnings releases
Both Elon Musk's Tesla (TSLA) and Alphabet (GOOGL) released second-quarter earnings after the close on Wednesday, and traders are treating them much the same. Alphabet stock has lost 1.6% at the time of writing, while TSLA has given up 1.0%.
Gold falls below $3,400 as US–EU trade deal nears despite US Dollar weakness
Gold price drops below $3,400 on news that the United States (US) and the European Union (EU) are close to signing an agreement, similar to the one signed by Washington and Tokyo on Tuesday. Consequently, the Greenback edges lower, a tailwind for the golden metal.
US-Japan trade agreement poses accidental threat to US auto sector
United States (US) President Donald Trump is racing to secure preliminary trade deals ahead of his own self-imposed tariff deadline of August 1, following a self-imposed delay of President Trump’s “liberation day” tariffs that were initially announced in early April.
AUD/USD climbs on improved risk appetite and dampening demand for US Dollar
The Australian Dollar (AUD) is extending its gains against the US Dollar (USD) on Wednesday, supported by renewed global risk appetite and tailwinds from the newly announced US-Japan trade agreement.
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