News/Event

S&P Global will release the preliminary figures of August’s United States Purchasing Managers' Indices (PMIs), a report collecting top private sector executives' opinions about business conditions, to provide an early indication of momentum in the world’s largest economy.

West Texas Intermediate (WTI), futures on NYMEX, trade flat near $86.00 during the European trading session on Friday, closer to its over three-week high of $87.38 posted the previous day.

The Euro (EUR) is trading a few pips below 1.1700 against a depressed US Dollar (USD) on Friday, on track for a more than 1% weekly rally, and with the three-month high of 1.1710 at a short distance.

MUFG’s Michael Wan highlights that FX measures to attract US Dollar (USD) inflows into India have significantly lowered Indian Rupee (INR) rates via added liquidity, with limited impact on USD/INR.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding losses after registering minor gains in the previous day and trading around 98.80 during the early European hours on Friday.

Here is what you need to know on Friday, August 21:

The Indian Rupee (INR) edges down against the US Dollar (USD) in the opening session on Friday. The USD/INR ticks up to near 95.72 as elevated oil prices and a sharp recovery in United States (US) Treasury Yields have weighed on the Indian currency.

The Japanese Yen (JPY) trades in a limited range at around 159.00 against the US Dollar (USD) during the Asian trading session on Friday. The pair consolidates, while both the JPY and the USD are underperforming against their other currency peers.

The Swiss Franc (CHF) resumes its upside journey against the US Dollar (USD) on Friday after a corrective move the previous day. The USD/CHF pair is down 0.17% to near 0.7990 in the Asian trading session.

Bitcoin (BTC) maintains its steady recovery toward $75,000 on Friday, following the US Treasury announcement of at least $4 billion of long-term bond buybacks.

The AUD/USD pair gains traction to near 0.7135 during the Asian trading hours on Friday. The US Dollar (USD) weakens against the Australian Dollar (AUD) and is set for a weekly loss as traders viewed the US Treasury's bond buyback gambit as merely a temporary fix. 

The GBP/USD pair gathers strength near 1.3645 during the early Asian trading hours on Friday. The US Dollar (USD) softens against the British Pound (GBP) amid fading Federal Reserve (Fed) rate hike expectations.

USD/CAD extends its losses for the third successive day, trading around 1.3770 during the Asian hours on Friday. The currency pair loses ground as the commodity-linked Canadian Dollar (CAD) receives support from rising crude oil prices.

EUR/USD remains stronger for the third consecutive day, trading around 1.1680 during the Asian hours on Friday. The Euro (EUR) gains ground against the US Dollar (USD), bolstered by strong economic fundamentals across the region.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – oscillates in a range around the $86.00 mark during the Asian session on Friday and remains well within striking distance of a three-week high, touched the previous day.

Gold price (XAU/USD) edges higher to around $4,530 during the early Asian session on Friday. The precious metal rebounds after earlier falling following the US President Donald Trump administration’s unexpected decision to boost repurchases of longer-dated bonds. 

The New Zealand Dollar (NZD) is holding near the top of its recent range against the US Dollar (USD), sitting in the mid-0.5900s at the time of writing after touching its best level since early June.

The US Dollar Index (DXY) is hovering near 98.90, still short of 100.00, but grinding higher on Thursday. Hawkish commentary from Federal Reserve Bank of St.

USD/JPY rebounds on Thursday, recovering most of the previous day’s losses as the US Dollar (USD) stages a modest recovery after falling to a three-month low. At the time of writing, USD/JPY trades around 159.05, up roughly 0.55% on the day.

AUD/USD is trading in the 0.7100 neighborhood at the time of writing on Thursday, holding close to multi-week highs after a steady climb off its earlier lows. The pair is marginally weaker on the day as the US Dollar (USD) regains a little ground, but the broader uptrend remains intact.

The Pound Sterling advances on Thursday during the North American session, up 0.25% after US economic data revealed that the labour market remains solid, despite a weaker Nonfarm Payrolls in July. The GBP/USD trades at 1.3639 after reaching a daily low of 1.3594.

Federal Reserve Bank of St. Louis President Alberto Musalem is crossing the wires with remarks on the economy and the monetary policy outlook, speaking in an interview with CNBC on Thursday.

EUR/GBP trades near the 0.8560s zone, having drifted steadily lower from near the 0.8585 area after failing to hold its push higher. The cross is down 0.15% in Thursday's American session with traders squaring up ahead of a data-heavy Friday.

BNY Mellon’s Geoff Yu notes Gold has surged through $4,500/oz. as investors reassess U.S. Treasury buybacks and their inflation implications. The report argues the intervention has calmed bond markets but may shift pressure into alternative stores of value like Gold and Bitcoin.

The Japanese Yen (JPY) shows a moderate pullback on Friday, despite the broad-based US Dollar (USD) weakness, following the US Treasury’s plan to double buybacks of long-term Government debt.

Geoff Yu at BNY Mellon highlights that foreign investors are accelerating Japanese Government Bond selling while Japanese investors increase purchases of overseas bonds and equities. This flow mix weakens support for the Japanese Yen and points to further depreciation.

Silver (XAG/USD) declines 0.44% on Thursday and trades around $66.70 at the time of writing, giving back part of Wednesday’s gains.

Brown Brothers Harriman’s (BBH) Elias Haddad notes AUD/USD is holding gains on broad US Dollar weakness despite a soft July Australian labor report. The economy unexpectedly lost jobs, with rising unemployment and falling hours worked pointing to weaker labor demand.

Bitcoin (BTC) extends its gains, inching toward $72,000 at the time of writing on Thursday, as crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations.

West Texas Intermediate (WTI), futures on NYMEX, trades 2% higher at around $86.00 during the European trading session on Thursday, the highest level seen in over three weeks.

GBP/USD extends its gains for the second successive day, trading around 1.3630 during the European hours on Thursday. The pair appreciates as the US Dollar (USD) faces challenges, driven by the decision of the US Treasury Department to stabilize domestic bond markets.

ING strategists Ewa Manthey and Warren Patterson note Oil has extended its rally for a fifth straight session, with ICE Brent above $92 and WTI over $86 as markets react to tighter US sanctions on Iran.

The US Dollar (USD) took a beating on Wednesday after US Treasury Secretary Scott Bessent announced a plan to buy back long-term government debt to ease Bond yields.

ING’s Chris Turner notes that US Treasury buy-back operations and a drop in longer-dated yields have supported equities and weighed on the Dollar.

Silver (XAG/USD) is practically flat on Thursday, holding most of Wednesday’s gains, trading just above $67.00 at the European session opening.

Asian equities advanced on Thursday, with South Korea's KOSPI surging nearly 6% intraday amid a more than 5% jump in SK Hynix shares following the buyback announcement.

The NZD/USD pair gains momentum to near 0.5950 during the Asian trading hours on Thursday. The pair holds near a two-and-a-half-month high, bolstered by hawkish Reserve Bank of New Zealand (RBNZ) tone and softer US inflation data.  

AUD/USD depreciates after registering over 0.5% gains in the previous day, trading around 0.7120 during the Asian hours on Thursday. The AUD/USD pair faces downward pressure as the Australian Dollar (AUD) slips in response to a weak domestic labor market report.

The AUD/JPY cross attracts some sellers following the release of a dismal Australian jobs report, though it lacks follow-through and holds above the weekly low touched the previous day.

The GBP/USD pair edges lower during the Asian session on Thursday and retreats further from its highest level since May 11, touched the previous day.

The People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Wednesday. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively.

The EUR/USD pair posts modest losses around 1.1675 during the early Asian session on Thursday. The Euro (EUR) edges lower against the US Dollar (USD) after experiencing a sharp surge in the previous session.

The US Treasury Department said on Wednesday that it will buy back more of its longer-term bonds, in an effort to curb a sharp increase in borrowing costs, the Wall Street Journal reported.

Crypto investors may be underestimating the scale of the industry’s next growth phase by relying too heavily on current market conditions, according to Bitwise CIO Matt Hougan.

The shared currency gained over 0.85% during the North American session on Wednesday, even though the latest Federal Reserve minutes had a “hawkish” tone, with some participants, along with the three dissenters, suggesting that raising rates could be necessary if the disinflation process stalls.

The USD/CHF tumbles nearly 2% on Wednesday as a US Treasury announcement of a buyback sent the Greenback into a tailspin, as US Treasury yields also dive. The pair trades at 0.7979 after reaching a high of 0.8128.

AUD/USD holds firm near a two-and-a-half-month high on Wednesday, supported by broad US Dollar (USD) weakness, while technical indicators point to further upside. At the time of writing, the pair trades around 0.7118, up 0.43% on the day, after reaching an intraday high of 0.7129.

Bitcoin (BTC) and Gold (XAU/USD) are broadly rising on Wednesday, with BTC hovering near $65,000 and XAU gaining momentum near its immediate $4,500 hurdle.

Geoff Yu writes that Bank Indonesia (BI) kept its benchmark rate at 5.75% for a second month in Acting Governor Destry Damayanti’s first decision.

The Pound Sterling climbs against the Greenback on Wednesday as the US Treasury stepped up in the markets to offer liquidity support via a buyback of longer-dated bonds, a day after the US 30-year yield hit its highest level since 2007.

The Japanese Yen (JPY) extends its intraday gains on Wednesday as the US Dollar (USD) comes under fresh selling pressure following a sharp decline in longer-term US Treasury yields. At the time of writing, USD/JPY trades around 158.47, its lowest level in more than a week.

The US Dollar Index (DXY) comes under fresh selling pressure on Wednesday as longer-term US Treasury yields fall sharply following the Treasury Department’s decision to expand its buyback operations.

Chris Turner at ING explains that Korea’s earlier massive portfolio outflows and a weaker Korean Won (KRW) pushed USD/KRW to 1560 in June, despite a large current account surplus.

EUR/USD climbs sharply on Wednesday, reaching its highest level since June as the US Dollar (USD) comes under fresh selling pressure following the US Treasury’s announcement that it will increase buybacks of longer-dated government debt.

Societe Generale’s Sam Cartwright argues that a new UK Prime Minister has not altered the constrained fiscal backdrop, limiting ambitions on housebuilding, social care, investment and defence.

Bitcoin’s (BTC) upside remains capped on Wednesday while the downside appears strongly supported above $64,000. The Crypto King’s early week rebound lost momentum near $65,000 as investors assessed the impact of geopolitical tensions in the Middle East.

West Texas Intermediate (WTI), futures on NYMEX, trade 0.55% higher at around $84.80 during the European trading session on Wednesday.

Brown Brothers Harriman’s (BBH) Elias Haddad reports the Australian Dollar is underperforming as bond yields fall after Q2 wage growth matched expectations. Haddad argues this outcome will keep the RBA on hold, with private sector wage gains at a four‑year low.

Standard Chartered strategists have revised its Bank of Japan (BoJ) rate outlook, bringing forward its expected 25bps hike from October to September and raising its terminal rate forecast to 1.75% from 1.50% previously.

OCBC’s Sim Moh Siong and Christopher Wong note that Gold’s rebound has lost momentum as renewed Oil gains and higher long-end US yields revive inflation concerns. Daily charts show fading bullish momentum and a lower Relative Strength Index (RSI) from near overbought levels.

ING’s Chris Turner notes that the Dollar remains supported by higher energy prices and long-end US yields, but FX volatility is still low, favouring carry trades.

Derek Halpenny at MUFG notes that UK July CPI came in broadly as expected, with the headline rate rising to 2.9% mainly on higher utility bills, while services inflation eased.

Here is what you need to know on Wednesday, August 19:

ING strategists Ewa Manthey and Warren Patterson note that Oil prices have risen for a fourth straight session, supported by US-Iran tensions and concerns over shipping through the Strait of Hormuz.

The Australian Dollar (AUD) underperforms its major currency peers on Wednesday, trading 0.17% lower at around 0.7070 against the US Dollar (USD) during the European trading session.

UOB strategists highlight Bank Indonesia’s (BI) policy meeting, with consensus expecting no change but its macro team forecasting a 25 bps hike to 6.00%. They see risks around the Indian Rupee (IDR), divided views on Federal Reserve (Fed) policy and rising global inflation.

The Japanese Yen (JPY) recovers strongly against its major currency peers on Wednesday after underperforming in the past few days. The US Dollar (USD) is down 0.25% against the Japanese currency at around 159.20 during the early European trading session.

USD/CHF depreciates after registering modest gains in the previous day, trading around 0.8120 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) weakens amid easing expectations of a US interest rate hike next month.

AUD/USD extends its losses for the second successive day, trading around 0.7080 during the Asian hours on Wednesday. Addressing the broader economic backdrop, Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser emphasized on Wednesday that inflation remains unacceptably high.

Silver price (XAG/USD) is down 0.5% to near $63.00 during the Asian trading session on Wednesday. The white metal extends its Tuesday’s decline amid fears of prolonged inflation concerns on the back of continued energy supply disruption.

Ethereum (ETH) continued its consolidation pattern over the past week with several key on-chain and derivatives metrics indicating traders remain hesitant to return to the market.

NZD/USD hovers around the 0.5870 zone at the time of writing on Tuesday, marginally lower on the day. The pair is treading water as a firm US Dollar (USD) and a cautious market mood keep the New Zealand Dollar (NZD) on the back foot.

Brown Brothers Harriman’s (BBH) Elias Haddad describes United Kingdom (UK) June labor data as soft, with unemployment stuck at 4.9% and private sector regular pay growth slowing to 2.8% year-on-year.

Commerzbank’s Carsten Fritsch notes that Gold remains around USD 4,400 per ounce even as US Treasury yields rise back toward late-July levels, decoupling from real interest rates.

EUR/USD consolidates losses on Tuesday after pulling back from a two-month high of 1.1614 reached the previous day.

Brown Brothers Harriman’s (BBH) Elias Haddad notes Brent crude has rallied above $91 as the US–Iran Strait of Hormuz standoff persists. Haddad argues crude Oil is driving the war narrative and expects price swings to steer escalation risks.

The Japanese Yen (JPY) underperforms its major currency peers on Tuesday, with USD/JPY trading 0.16% higher at around 159.70 during the European trading session.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.

USD/CAD extends its losses for the fourth successive day, trading around 1.3870 during the European hours on Tuesday. The currency pair depreciates as the commodity-linked Canadian Dollar (CAD) gains support from firming crude oil prices.

Commerzbank FX analyst Michael Pfister highlights that the Canadian Dollar’s recent weakness contrasts with a fragile recovery in Canada’s real economy.

NZD/USD depreciates after two days of losses, trading around 0.5880 during the European hours on Tuesday. The pair depreciates as the US Dollar (USD) holds ground on safe-haven flows amid escalating geopolitical tensions between the US and Iran.

The Japanese Yen (JPY) accelerates its decline as the US Dollar (USD) draws support from a sourer market mood, with investors wary of a re-escalation of tensions in the Middle East.

OCBC’s Sim Moh Siong and Christopher Wong highlight that still-attractive US Dollar (USD) carry and softer United States (US) data, which have reduced the odds of a September Fed hike, should keep the Dollar rangebound.

The Indian Rupee (INR) edges up against the US Dollar (USD) on Tuesday. The USD/INR ticks lower to near 95.67 after refreshing the three-week high at 95.85 in the opening session. The Indian currency has gained slight strength due to potential Reserve Bank of India’s (RBI) intervention.

The AUD/USD pair turns lower following a modest Asian session uptick on Tuesday, awaiting a break below the 0.7100 mark before extending the previous day's retracement from the highest level since June 5.

Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – enters a bullish consolidation phase after hitting an over two-week high during the Asian session on Tuesday and currently trades around the $84.20 region.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Tuesday at 6.7905 compared to the previous day's fix of 6.7873 and 6.7452 Reuters estimate.

The EUR/USD pair holds steady around the 1.1575-1.1580 region during the Asian session on Tuesday and, for now, seems to have stalled the previous day's modest pullback from a two-month top.

The Japanese Yen holds marginal gains against the US Dollar (USD) on Wednesday, although the USD/JPY pair has returned to levels above 159.00 during the European session, after hitting daily lows around 158.85.

West Texas Intermediate (WTI) US Oil advances on Monday and trades around $82.10 at the time of writing, up 0.70% on the day. Oil prices remain supported by the deadlock between the United States (US) and Iran, which keeps concerns about Oil flows through the Strait of Hormuz elevated.

DBS Group Research’s Philip Wee argues that the US Dollar (USD) is losing momentum as markets reassess United States (US)-Japan intervention, shifting Bank of Japan (BoJ) and Federal Reserve (Fed) expectations, and rising US fiscal risks.

Brown Brothers Harriman’s (BBH) Elias Haddad expects Canada’s July Consumer Price Index (CPI) to keep core inflation below 2%, reinforcing an extended Bank of Canada (BoC) pause.

AUD/JPY extends its gains for the second successive day, trading around 113.20 during the European hours on Monday.

The USD/CAD pair edges lower to around 1.3860 during the early European session on Monday. The US Dollar (USD) extends the decline against the Canadian Dollar (CAD) as traders pare bets on the US Federal Reserve (Fed) rate hikes.

The GBP/USD pair gains traction to near 1.3555 during the early European trading hours on Monday. The US Dollar (USD) weakens against the British Pound (GBP) as bets for a US Federal Reserve (Fed) rate hike come down.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 99.50 in the Asian trading hours on Monday. The DXY loses momentum as data showed US Retail Sales unexpectedly declined in July. 

Israel has resumed airstrikes against Lebanon in the past few days after scaling back its attacks in the enclave earlier this month, Reuters reported on Sunday.

Societe Generale analysts highlight CNY’s firm trend, with the currency advancing to 6.7424, its strongest level since February 2023, on Dollar weakness and lower US yields.

The US Dollar Index (DXY) extended its slide on Friday, holding below 100.00 at fresh lows after a fourth straight soft US data print.

The EUR/USD registers gains of over 0.32% as traders face key resistance at the 100-day Simple Moving Average (SMA) at 1.1567, as bulls eye the 1.1600 psychological figure. At the time of writing, the pair trades at 1.1564 after bouncing off daily lows of 1.1526.

Ethereum (ETH) derivatives interest has been ranging sideways over the past week after a mild flip in seller dominance.

USD/CAD extends its decline farther below 1.4000 on Friday and heads for a third consecutive weekly loss. At the time of writing, the pair trades around 1.3877, at levels last seen in early July.

TD Securities’ Robert Both expects Canadian headline CPI to rise to 2.9% year-on-year in July, driven by higher gasoline and food prices, while ex. food/energy components stay muted.

Nordea strategists argue that while near-term risks for the Dollar are broadly balanced, the longer-term outlook remains negative.

Royal Bank of Canada (RBC) economist Claire Fan highlights that Canadian growth rebounded strongly in Q2, supported by resilient domestic demand and improving net trade. She notes that U.S.

TD Securities’ Ryan McKay and Bart Melek note that CTA (Commodity Trading Advisors) net long positioning in Gold is becoming more entrenched as discretionary demand improves.

MUFG’s Lee Hardman notes the US Dollar (USD) is trading on a softer footing as Fed rate hike expectations are scaled back following weaker labour data and a mixed United States (US) Producer Price Index (PPI) report.

TD Securities’ Oscar Munoz argues that Chair Kevin Warsh’s communication strategy has undermined market confidence in the Federal Reserve’s inflation-fighting resolve.

Danske Bank’s Danske Research Team notes that US July PPI came in slightly below expectations, with volatile trade and transport services dragging the headline lower while broader services stayed firm.

The British Pound (GBP) trades 0.35% higher to near 1.3533 against the US Dollar (USD) during the European trading session on Friday.

Brown Brothers Harriman’s (BBH) Elias Haddad notes the USD index (DXY) is trading near the lower end of its recent 99.50–100.00 range as cooling United States (US) Consumer Price Index (CPI) and Producer Price Index (PPI) have cut implied odds of a September Fed rate hike.

The Canadian Dollar (CAD) outperforms a majority of its currency peers on Friday, with the USD/CAD pair trading 0.32% lower at around 1.3888. The Canadian currency gains on hopes of a United States (US)-Canada interim deal.

The New Zealand Dollar (NZD) appreciates on Wednesday as the US Dollar (USD) loses ground across the board amid dwindling hopes of immediate Federal Reserve interest rate hikes.

The University of Michigan (UoM) will release the preliminary estimate of August’s Consumer Sentiment Index on Friday.

The Euro (EUR) holds moderate gains against the US Dollar (USD) on Friday, as Eurozone Gross Domestic Product (GDP) came in line with market forecasts while June's Trade Balance beat forecasts.

Rabobank strategist Elwin de Groot reports that the Reserve Bank of Australia (RBA) left rates unchanged, with markets initially reading the statement as dovish.

TD Securities’ Gennadiy Goldberg and Molly Brooks analyze the Federal Reserve’s decision to halt Reserve Management Purchases (RMP) after tapering from $40bn to $10bn per month.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, continues to lose ground through the first half of the European session on Friday and retreats further from a two-week high, touched the previous day.

Societe Generale notes India’s headline CPI rose slightly to 4.45% year-on-year in July, backing the RBI’s decision to keep policy unchanged. The central bank has reportedly been active in FX markets as the trade deficit widened.

Deutsche Bank analysts highlight that Brent Oil has finally broken a six-day winning streak, with prices pulling back modestly as some geopolitical risk premium is removed.

ING FX Strategist Francesco Pesole highlights that EUR/USD appears modestly undervalued, with short-term fair value estimated around 1.160–1.1650 based on swap spreads.

Here is what you need to know on Friday, August 14:

The Euro (EUR) is trading practically flat against the British Pound (GBP) on Friday, holding moderate gains after bouncing from three-week lows on Thursday. The EUR/GBP pair, however, is struggling to find significant acceptance above 0.8550, and remains on track for a 0.2% weekly loss.

The Bank of Japan (BoJ) is set to raise interest rates as soon as September and is likely to hike more aggressively thereafter from the current pace of roughly twice a year, three sources familiar with its thinking told Reuters.

West Texas Intermediate (WTI), futures on NYMEX, trades 0.4% higher around $81.40 during the early European trading session on Friday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is losing ground for the second successive day, trading around 99.90 during the Asian hours on Friday.

Ethereum (ETH) continued to consolidate in the tight $1,800-$2,000 range on Thursday amid weak signals across key on-chain metrics.

SharpLink Gaming (SBET) announced plans to stake $200 million in Ethereum (ETH) through Lido as part of its strategy to generate returns from its ETH treasury, according to a Thursday announcement.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 99.90 in the Asian trading hours on Friday. The DXY weakens following cooler US inflation data.

The USD/JPY pair loses traction to near 159.45 during the Asian trading hours on Friday. Softer US inflation reports and fears of currency intervention weigh on the US Dollar (USD) against the Japanese Yen (JPY).

The EUR/USD pair gains ground to near 1.1535 during the early Asian session on Friday. The US Dollar (USD) softens against the Euro (EUR) following a softer-than-expected US inflation report. The US July Retail Sales data will take center stage later on Friday. 

The largest weekly build in American Crude Oil inventories in three and a half years landed on Wednesday into a market that two forecasting agencies spent the same morning describing as physically short, and the barrel has been selling since.

USD/JPY is trading sideways on Thursday, hovering in the mid-159.00s and holding within its recent range. It is more of the same for the pair, which continues to move in consolidation as opposing forces cancel each other out.

Gold (XAU/USD) price declines on Thursday as the US Dollar (USD) trims some of its earlier losses, as economic data in the US showed that the disinflation process continues, amid a moderately softening jobs market.

AUD/USD is trading little changed on Thursday, shrinking near the 0.7050s below the multi-week high reached on Wednesday near 0.7091. The pair holds its ground after US data pointed to cooling price pressure, keeping the US Dollar (USD) stagnant.

The Japanese Yen (JPY) struggles to gain traction against the US Dollar (USD) on Thursday, even as the Greenback weakens modestly following softer-than-expected US Producer Price Index (PPI) data. The Yen strengthened immediately after the release, briefly pushing USD/JPY toward 159.

The Pound Sterling registers modest gains versus the Greenback as US inflation data in the producer side came below or aligned with estimates, revealing that the disinflation process continued. The GBP/USD trades at 1.3503, up 0.06%.

TD Securities reports that United Kingdom (UK) Gross Domestic Product (GDP) for June surprised to the upside at 0.3% m/m, driven by a strong services sector expanding 0.4% m/m. May was revised to flat, leaving June as the only positive month in Q2.

EUR/GBP is trading sideways on Thursday near the 0.8540 level, with the Euro (EUR) steadying after three consecutive days of losses despite the Pound Sterling (GBP) gaining support from UK economic growth data that was broadly in line with expectations.

Rabobank's Senior FX Strategist Jane Foley analyzes the US Dollar’s (USD) evolving relationship with Oil and its safe haven role.

India’s Consumer Price Index (CPI) inflation accelerated slightly to 4.45% year-on-year in July from 4.38% in June, primarily propelled by rising food costs.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights USD/JPY trading just below 160.00 as Japan’s government signals support for faster Bank of Japan (BoJ) rate hikes, reinforcing narrowing US–Japan differentials and a lower USD/JPY case.

Brown Brothers Harriman’s (BBH) Elias Haddad notes NZD/USD briefly dipped below its 200-day moving average as the Reserve Bank of New Zealand (RBNZ) Q3 inflation expectations survey showed mixed but well-anchored readings near the 2% midpoint.

EUR/GBP edges higher on Thursday as the Euro (EUR) draws support from hawkish European Central Bank (ECB) expectations, overshadowing stronger-than-expected UK Gross Domestic Product (GDP) data that would otherwise have supported the British Pound (GBP).

Gold (XAU/USD) posts marginal losses on Thursday, after meeting resistance at the $4,450 area, yet with price action holding just above previous highs around $ 4,380 at the time of writing.

Brown Brothers Harriman’s (BBH) Elias Haddad notes GBP/USD trading directionless near 1.3500 as United Kingdom (UK) Q2 and June Gross Domestic Product (GDP) data show encouraging activity. Growth was driven by investment and consumption, with government spending a drag.

UOB’s Alvin Liew assesses United States (US) inflation and Federal Reserve (Fed) policy after the July Consumer Price Index (CPI) report. Liew notes headline and core CPI remain above the Fed’s 2% target but sees inflation gradually easing, with headline CPI averaging 3.5% and core 2.8% in 2026.

The EUR/USD pair drops to a one-and-a-half-week low during the first half of the European session, though it manages to recover a few pips from the vicinity of the 1.1500 psychological mark.

BNY’s Geoff Yu argues that the July Fed meeting marked a peak in Dollar dehedging rather than an end to U.S. exceptionalism. Cross-border investors are rebuilding USD hedges, reducing effective unhedged U.S. exposure while maintaining broadly solid underlying demand for U.S. assets.

ING analysts Warren Patterson and Ewa Manthey note Oil prices have eased, with Brent crude ending largely flat as US-Iran talks remain in deadlock and Russian port infrastructure escapes major damage.

The British Pound (GBP) attracts slight bids against the Japanese Yen (JPY) during the European trading session on Wednesday, following the release of the preliminary United Kingdom (UK) Q2 Gross Domestic Product (GDP) data.

The Australian Dollar (AUD) trades 0.17% lower at around 0.7050 against the US Dollar (USD) during the early European trading session on Thursday.

The USD/CHF pair prolongs the weekly uptrend for the fourth consecutive day and climbs to a two-week high, around 0.8045, during the Asian session on Thursday amid a firmer US Dollar (USD). Moreover, the fundamental backdrop favors bulls and backs the case for further appreciation for spot prices.

Gold (XAU/USD) retreats after touching a fresh high since June 5, around the $4,450 area, during the Asian session on Thursday and is currently placed near the lower end of its daily range.

New Zealand's (NZ) inflation expectations ease on a two-year frame in the third quarter of 2026, the Reserve Bank of New Zealand’s (RBNZ) latest monetary conditions survey showed on Wednesday.

Bitcoin (BTC) is showing signs of growing market exhaustion, with weakening liquidity and subdued demand leaving the market vulnerable to a sharp move, according to a Glassnode report on Wednesday.

DBS Group Research’s Radhika Rao reports that Indonesia’s onshore markets welcomed President Prabowo’s nomination of Deputy Governor Destry Damayanti as the next Bank Indonesia Governor.

The Euro reversed course after reaching a two-day high of 1.1563, following the release of a benign US inflation report for July, which triggered a repricing for a less “hawkish” Federal Reserve, throughout 2026.

Silver price surges over 1.40% on Wednesday as the latest inflation report in the United States (US) shows that prices are cooling, on its way towards the Federal Reserve’s goal of 2%. The XAG/USD trades at $65.53.

The Japanese Yen trims its gains against the US Dollar (USD) on Wednesday as in-line US CPI data fails to trigger a significant move. At the time of writing, USD/JPY trades around 159.20 after touching an intraday low of 158.58.

BNY notes Crude Oil prices remain elevated as doubts over a U.S.–Iran deal heighten supply concerns. The IEA reports global Oil markets tightened further in July, with demand, supply, refining runs and inventories all affected by geopolitical disruptions and high fuel prices.

Silver (XAG/USD) accelerates its advance on Wednesday and trades around $66.00 at the time of writing, up 2.18% on the day.

TD Securities strategists note that July US inflation came in broadly in line with expectations, with headline CPI rising 0.1% m/m and core CPI increasing 0.2% m/m.

Scotiabank strategists Shaun Osborne and Eric Theoret report the British Pound (GBP) is posting fractional gains versus the US Dollar (USD) and outperforming G10 peers as improving sentiment supports price action.

National Bank of Canada's (NBC) Jocelyn Paquet analyzes how China’s sharp reduction in petroleum imports helped offset the Middle East supply shock and limit Oil price gains. The July rebound in Chinese imports is highlighted as historically large in percentage terms.

The US Dollar (USD) reflects a sideways performance against its peers ahead of the United States (US) Consumer Price Index (CPI) data is scheduled to be published at 12:30 GMT.

Brown Brothers Harriman’s (BBH) Elias Haddad notes markets are steady ahead of the United States (US) July Consumer Price Index (CPI) release, which is seen as pivotal for Fed funds expectations and the Dollar.

OCBC’s Sim Moh Siong and Christopher Wong highlight that the US Dollar (USD) stayed mixed as markets waited for the key United States (US) Consumer Price Index (CPI) release, with Middle East tensions and hawkish Federal Reserve (Fed) rhetoric offsetting each other.

The GBP/USD pair extends its sideways consolidation around the 1.3500 psychological mark through the first half of the European session on Wednesday. Traders opt to wait on the sidelines ahead of important macro data from the US and the UK.

The Swiss Franc (CHF) is down against its major currency peers during the European trading session on Wednesday. As of writing, USD/CHF trades 0.17% higher at around 0.8125.

DBS Group Research Strategist Chang Wei Liang highlights that the Japanese Yen (JPY) remains undervalued but that this undervaluation has narrowed after Japan’s second FX intervention of 2026, conducted jointly with the United States (US).

The GBP/JPY cross climbs to a nearly two-week high, around the 215.35-215.40 area, during the first half of the European session on Wednesday and looks to prolong its recent solid recovery from the lowest level since early March, touched last week.

OCBC’s Sim Moh Siong and Christopher Wong note the Reserve Bank of Australia (RBA) kept rates unchanged at 4.35% but retained a modest tightening bias, with the Board having actively considered a hike.

MUFG’s Teppei Ino reviews recent USD/JPY price action following coordinated Japan-US intervention. The pair opened near 157.58, dropped toward 155.20 on official confirmation of joint action, then recovered and traded above 158 by 7 August.

Here is what you need to know on Wednesday, August 12:

Gold prices rose in India on Wednesday, according to data compiled by FXStreet.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending gains for the third successive day and trading around 99.90 during the Asian hours on Wednesday.

NZD/USD continues its losing streak for the third consecutive day, trading around 0.5870 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) gains ground on increased safe-haven demand amid rising uncertainty surrounding Middle East peace talks.

The USD/JPY pair touches a one-and-a-half-week high during the Asian session on Wednesday, with bulls now looking to build on the momentum further beyond mid-159.00s amid a supportive fundamental backdrop.

The Reserve Bank of Australia (RBA) unanimously held rates at 4.35% in August, but major economic forecasters offer varying takes on what comes next:

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7882 compared to the previous day's fix of 6.7900 and 6.7430 Reuters estimate.

The EUR/USD pair struggles to gain any meaningful traction and holds steady around mid-1.1500s during the Asian session on Wednesday, within a familiar range held over the past week or so.

West Texas Intermediate (WTI) oil price extends its gains for the third successive day, trading around $82.70 per barrel during the Asian hours on Wednesday. Crude oil prices advance as investors weigh mixed signals regarding a potential deal between the United States (US) and Iran.

Over the past two years, Ethereum (ETH) has faced one of its biggest challenges — its circulating supply has been in an uptrend, a direct stab at its ultrasound money thesis.

The single currency registers minimal losses against the Greenback on Tuesday as traders and market participants prepare for the release of the US Consumer Price Index (CPI) on Wednesday, which could set the path for the future of US monetary policy.

Commerzbank’s energy team notes fading hopes for a US–Iran agreement to reopen the Strait of Hormuz, driving Brent toward USD 90 and gas oil to nearly USD 1,350 per ton. Drone attacks on refineries in Saudi Arabia, Russia, Libya and tight diesel supply add to the risk premium.

The Pound Sterling holds firm against the Greenback on Tuesday following the release of US jobs data, which was softer than expected, while investors await US inflation data and UK data releases on Thursday. The GBP/USD trades at 1.3508, nearly unchanged.

USD/CAD trades under pressure on Tuesday, staying on the back foot for a third straight day. However, the pair lacks follow-through selling as the US Dollar (USD) holds firm ahead of Wednesday’s US Consumer Price Index (CPI) data.

Brown Brothers Harriman’s (BBH) Elias Haddad explains USD/JPY has retraced half of its post-intervention drop, with US–Japan rate spreads already narrowing in favor of the Japanese Yen (JPY).

AUD/USD trades moderately higher above the 0.7060 price region after the Reserve Bank of Australia (RBA) left interest rates unchanged at 4.35% in a unanimous decision at the August monetary policy decision.

Rabobank's Senior FX Strategist Jane Foley examines Japanese inflation dynamics and Bank of Japan policy. The report notes elevated Oil prices and supply risks, but stresses BoJ’s focus on core inflation and wage-driven pressures after decades of deflation.

Silver (XAG/USD) extends its correction on Tuesday and trades around $65.05 at the time of writing, down 2.31% on the day.

OCBC’s Sim Moh Siong and Christopher Wong note the US Dollar (USD) softened as Fed hike expectations moderated and the US yield curve steepened.

Talks between Oman and Iran have reached an advanced stage, Qatar’s Foreign Ministry spokesperson said on Tuesday.

HSBC strategists discuss the sharp post-intervention drop following coordinated action by Japan’s Ministry of Finance and the US Treasury. They argue that joint intervention is more effective than unilateral moves but unlikely to change the broader trend without improved Japanese fundamentals.

The US Dollar Index (DXY) appreciates for the second consecutive day on Tuesday, favoured by a mix of concerns about the stalled US-Iran negotiations and hawkish Fed speak, which keeps hopes of a September rate hike alive.

Rabobank's Senior Macro Strategist Bas van Geffen reports that the Australian Dollar (AUD) slipped briefly after the RBA left its policy rate unchanged, as markets interpreted the statement and downgraded growth and inflation forecasts as dovish.

Deutsche Bank strategists highlight that Brent Oil has broken above $85, closing near $88 as the Strait of Hormuz remains shut and rhetoric between the US and Iran escalates.

EUR/CAD continues its losing streak for the fifth consecutive day, trading around 1.6080 during the European hours on Tuesday. The Euro (EUR) is under pressure as rising risk aversion, driven by escalating US-Iran tensions, weighs on the cross.