Market News
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Oil: Hormuz risk repricing with fragile support – BNY
BNY’s Geoff Yu notes Oil prices have stabilized near $80 as markets digest Iran’s proposed shipping route with Oman through the Strait of Hormuz. The temporary arrangement has reduced perceived disruption risk for Brent and WTI, helped by larger U.S. inventories.
Australian Dollar comes under pressure as US Dollar snaps two-day decline
AUD/USD edges lower on Thursday as the US Dollar (USD) steadies following two consecutive days of losses. At the time of writing, the pair trades around 0.7036, down roughly 0.32% on the day.
United States Wholesale Inventories came in at 0.2% below forecasts (0.3%) in June
United States Wholesale Inventories came in at 0.2% below forecasts (0.3%) in June
US Dollar: Undervaluation flags downside risks – MUFG
Halpenny highlights MUFG’s G10 regression models showing the US Dollar undervalued against most peers, implying risk premia tied to Middle East conflict, inflation concerns and political interference at the Federal Reserve.
United Kingdom: Polling bounce faces October test – Standard Chartered
Standard Chartered’s Christopher Graham analyzes recent United Kingdom (UK) polling, noting Labour has regained a lead over Reform UK and Conservatives after Andy Burnham became prime minister.
United States: Core CPI momentum seen returning in July – TD Securities
TD Securities economists expect United States (US) July Core Consumer Price Index (CPI) to return to trend after June’s one-off weakness.
Mexican Peso: Carry flows outpace fundamentals – BNY
BNY’s Geoff Yu highlights that Mexican Peso (MXN) carry demand is surging ahead of Banxico’s decision, with MXN the best-bought currency on a weekly basis. However, weak volumes, deteriorating equity flows and only modest sovereign bond demand temper the story.
Russia Central Bank Reserves $: $720.3B vs previous $732.1B
Russia Central Bank Reserves $: $720.3B vs previous $732.1B
Australian Dollar: Modest upside bias into 12 months – Rabobank
Rabobank’s Senior FX Strategist Jane Foley notes AUD/USD has trended higher since July, mainly due to a softer US Dollar (USD), with the Australian Dollar (AUD) mid-pack versus G10 peers.
US Initial Jobless Claims increased to 199K last week
According to a report from the US Department of Labor (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance rose marginally to 199K for the week ending August 1.
Swedish Krona: Hotter core supports SEK against Euro – ING
ING’s FX Strategist Francesco Pesole notes Sweden’s core CPIF excluding energy rose to 0.6% in July, giving the Swedish Krona (SEK) a modest boost, while headline inflation slowed as expected.
United States Unit Labor Costs registered at 1.3%, below expectations (2%) in 2Q
United States Unit Labor Costs registered at 1.3%, below expectations (2%) in 2Q
United States Continuing Jobless Claims came in at 1.801M, above expectations (1.79M) in July 24
United States Continuing Jobless Claims came in at 1.801M, above expectations (1.79M) in July 24