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Thursday's US PCE inflation report, printing broadly in line with expectations, simultaneously pushed 10-year Treasury yields to seven-week lows, weakened the dollar index to 101.2, provided relief for gold and silver, supported the Brazilian real, and contributed to gilt yield declines in the UK …
The UK composite PMI's fall to 49.4 in June — a 14-month low and the second consecutive sub-50 reading — has materially altered the Bank of England's policy calculus by providing concrete evidence of genuine economic contraction rather than a temporary growth slowdown.
Russia's ruble retreated from a three-year high of 70 per dollar to 73, exposing the structural tension between capital controls that artificially maintain the currency's value and a deteriorating fiscal reality driven by escalating war costs, increasing bond issuance, and a 0.2% annual GDP …
Sterling dropped below $1.32 on Friday, approaching its lowest level in seven months, as currency investors navigated the simultaneous pressures of Keir Starmer's resignation, a composite PMI at a 14-month low of 49.4, and persistent Bank of England policy uncertainty.
The Russian ruble retreated to 73 per dollar from a three-year high of 70 in late May as the Bank of Russia projected materially more accommodative fiscal policy over the next three years, driven by rising government bond issuance to finance military expenditure and …
The Australian dollar fell below $0.690, approaching a three-month low and heading for a second consecutive monthly loss exceeding 4%, caught between a broadly stronger US dollar driven by Fed hawkishness and fading expectations for further Reserve Bank of Australia rate increases.
The offshore Chinese yuan weakened to approximately 6.80 per dollar on Friday, heading for a second consecutive weekly loss as the Federal Reserve's hawkish pivot continues to strengthen the dollar and the PBOC's overnight reverse repo reform introduces near-term technical uncertainty into domestic short-term …
The Japanese yen traded around 161.7 per dollar on Friday, near its weakest level since 1986, despite BOJ Governor Kazuo Ueda reaffirming commitment to further rate hikes and hawkish board member Naoki Tamura advocating increases every few months.
The Indian rupee strengthened to approximately 94.3 per dollar on Friday, reversing earlier losses as crude oil's fall below $80 per barrel — beneath pre-Iran-conflict levels — materially improved India's imported inflation outlook and current account dynamics.
The US dollar index fell for a second session to 101.2 on Friday following the benign PCE inflation report, but remained on track for a weekly gain as markets maintained pricing of 80% odds for a December Fed rate hike and 63% for September.
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