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Copper: Tight supply underpins constructive outlook – ING
ING strategists Warren Patterson and Ewa Manthey highlight that Copper has extended its July gains as easing Middle East tensions lift sentiment. They point to tight physical conditions, low inventories and firm Chinese import demand as key supports.
Euro nears three-week high against British Pound on UK fiscal concerns, BoE outlook
EUR/GBP holds firm on Tuesday, extending its recovery from the more than one-year low touched earlier this month as diverging monetary policy expectations between the European Central Bank (ECB) and the Bank of England (BoE), along with UK fiscal concerns, weigh on the British Pound (GBP).
New Zealand Dollar struggles as firm US Dollar keeps NZD/USD pinned
NZD/USD trades around 0.5770 on Tuesday at the time of writing, slightly lower on the day. The New Zealand Dollar (NZD) remains pressured by the firm US Dollar (USD), which continues to benefit from safe-haven demand amid persistent geopolitical tensions.
United States Wholesale Inventories above forecasts (0.2%) in June: Actual (0.3%)
United States Wholesale Inventories above forecasts (0.2%) in June: Actual (0.3%)
United States Goods Trade Balance below forecasts ($-98B) in June: Actual ($-101.5B)
United States Goods Trade Balance below forecasts ($-98B) in June: Actual ($-101.5B)
United States ADP Employment Change 4-week average: 15K (July 4) vs previous 16.5K
United States ADP Employment Change 4-week average: 15K (July 4) vs previous 16.5K
Swiss Franc: Tariffs and steady SNB stance pressure currency – Commerzbank
Commerzbank’s Michael Pfister notes that reports of the Swiss National Bank (SNB) planning to keep rates unchanged until early 2028, if accurate, clash with still-ambitious market expectations for hikes by 2027.
Brazil Mid-month Inflation came in at 0.06%, below expectations (0.19%) in July
Brazil Mid-month Inflation came in at 0.06%, below expectations (0.19%) in July
British Pound drops against US Dollar, Fed-BoE policy in focus
The British Pound (GBP) extends its decline against the US Dollar (USD) to near 1.3277 during the European trading session on Tuesday, the lowest level seen in over three weeks.
Brazil Current Account above expectations ($-2.4B) in June: Actual ($-2.33B)
Brazil Current Account above expectations ($-2.4B) in June: Actual ($-2.33B)
Australian Dollar: Inflation risks keep hike debate alive – TD Securities
TD Securities strategists expect the Reserve Bank of Australia’s (RBA) preferred core Consumer Price Index (CPI) to rise 0.9% q/q in Q2, matching consensus and up from 0.8% in Q1. This would lift annual core inflation to 3.7%, just below the RBA’s 3.8% projection.
EUR/USD Price Forecast: Under pressure with YTD lows at 1.1324 coming closer
The Euro (EUR) is failing to draw any significant support from the truce in the Middle East and the lower Oil prices and keeps heading south against the US Dollar (USD) on Tuesday. EUR/USD bears are testing fresh one-month lows below 1.1360, drawing near the year-to-date low of 1.1324.
CEE FX: Normalising rates leave room for gains – ING
ING’s Frantisek Taborsky notes Central and Eastern European (CEE) rate curves have repriced sharply, with more tightening now expected in Czech Republic and Poland and further easing in Hungary.