BNY’s Geoff Yu argues that Oil near $95 is a shock for Asian energy importers but not a trigger for a broad balance-of-payments crisis.
Silver price dives over 3.80% on Thursday as the precious metals segment tumbles amid overall US Dollar strength and heightened risk aversion amid heightened tensions in the Middle East. The XAG/USD trades at $57.62 after hitting a weekly high of $60.94.
AUD/USD edges lower on Thursday as a stronger US Dollar (USD) outweighs support from stronger-than-expected Australian employment data. At the time of writing, the pair trades around 0.6966, down 0.45% on the day.
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is tracking the broader US Dollar (USD) trend, with USD/CAD easing overnight then rebounding to trade nearly flat.
USD/CHF climbs to its highest level since June 2025 on Thursday, supported by a broadly stronger US Dollar (USD) as the expanding war in the Middle East pushes Oil prices higher and strengthens Federal Reserve (Fed) rate hike expectations.
Gold price (XAU/USD) loses nearly 2% on Thursday as the US Dollar stages a comeback amid growing speculation that the White House may continue its campaign against Iran, which seems poised to prolong the Gulf war. The XAU/USD trades below $4,050 after falling from a two-day high above $4,100
The Dow Jones Industrial Average trades around 600 points lower on Thursday, down 1.1% near 51,600 in a session whose high sits within a handful of points of the opening print.
EUR/USD trades on the back foot on Thursday as the expanding war in the Middle East pushes Oil prices higher and fuels hawkish Federal Reserve (Fed) expectations, boosting demand for the US Dollar (USD).
US President Donald Trump said he is close to deciding whether to launch a new military operation against Iran, according to Israel’s N12. Trump said he is “considering a massive attack greater than anything before,” adding that Israel would join the operation “within two minutes” if requested.
The Pound Sterling drops by over 0.40% against the Greenback as risk aversion weighs on most G8 currencies amid the escalation of the Middle East conflict and growing speculation of an extended US campaign against Iran. The GBP/USD trades at 1.3313 after reaching a daily high at 1.3393.
Crude Oil is staging the kind of one-day advance that usually arrives strapped to a flash headline, and the wires have duly supplied several, but the tape refuses to behave like a reaction.
USD/JPY trades above163.90 on Thursday as the US Dollar (USD) strengthens following significantly better-than-expected United States (US) labor market data.
TD Securities economists Eli Nir and Oscar Munoz analyze upcoming BEA methodology changes to United States (US) Personal Consumption Expenditures (PCE) Price Index inflation for portfolio management, legal services, and computer software & accessories.
West Texas Intermediate (WTI) crude Oil rallies more than 5% on Thursday as hostilities between the US and Iran deepen supply risks. At the time of writing, WTI trades around $90.50 per barrel, its highest level since June 11.
Nordea strategists Jan von Gerich, Tuuli Koivu and Anders Svendsen note that the European Central Bank (ECB) kept its deposit rate at 2.25% but signalled further tightening. They still forecast three additional 25bp hikes, now at a quarterly pace, taking the deposit rate to 3% by March 2027.
Rabobank’s Florence Schmit notes TTF natural gas has risen above €60/MWh as Middle Eastern supply disruptions intensify.
TD Securities’ Gennadiy Goldberg and Molly Brooks note that market pricing for Fed hikes has risen alongside higher Oil prices and US-Iran tensions, but they judge a July move as unlikely.
The Euro (EUR) trades under pressure against the British Pound (GBP) as traders assess the European Central Bank’s (ECB) latest monetary policy announcement.
Commerzbank strategist Michael Pfister argues that Banxico’s recent rate cuts were broadly justified by moderating inflation and Mexico’s weakening economy, leaving little reason for the central bank to tighten policy despite markets pricing in roughly three rate hikes.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
ING’s economists describe United Kingdom (UK) public finances as strained by rising spending pressures and high debt interest, despite ongoing fiscal consolidation via frozen tax thresholds and falling gilt issuance.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
The Japanese Yen (JPY) continues to trade at historic lows, with USD/JPY pressing past year-to-date highs above the 163.00 handle, as a renewed surge in global Oil and Natural Gas prices has dealt a severe blow to the net-energy-importing Japanese economy.
BNY's Geoff Yu highlights that Brent has surged into the high $90s as Houthi attacks and U.S.-Iran escalation raise disruption risks around the Strait of Hormuz and Red Sea. Bond markets are treating this as an inflation shock, with higher yields and tighter financial conditions.
USD/CAD rebounds on Thursday as the US Dollar (USD) regains momentum amid rising tensions in the Middle East and growing Federal Reserve (Fed) rate hike bets, while traders show a muted reaction to Canadian Retail Sales data.
EUR/USD trades around 1.1385 on Thursday after the European Central Bank (ECB) left its key interest rates unchanged, in line with market expectations.
There were 187,000 Initial Jobless Claims in the week ending July 18, the US Department of Labor (DOL) reported on Thursday. This print followed the previous week's reading of 209,000 and came in much better than the market expectation of 212,000.
Gold (XAU/USD) loses ground on Thursday, snapping a four-day winning streak as the US Dollar (USD) rebounds, while the widening war in the Middle East drives Oil prices higher. At the time of writing, XAU/USD trades around $4,050 after hitting a two-week high of $4,165 on Wednesday.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
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