BOC’s Macklem: Increasingly we look to be on our way to hitting inflation targetBOC’s Macklem Q&A: You can see some weakening of the labor force under the hoodFed’s Daly: Bumpiness of inflation data so far this year has not inspired confidenceFed’s Daly: Must be thoughtful about not loosening too early or holding too longMacron’s poll numbers continue to sinkCanada announces 30-day consultation on China EV tariffsICYMI: Goolsbee says it’s worth wondering where we are on our restrictiveness scaleDallas Fed June manufacturing index -15.1 vs -19.4 priorBelgian June business sentiment -11.1 vs -11.0 prior
Markets:
Nasdaq down 1.1%WTI crude oil up $0.94 to $81.69US 10-year yields down 2.7 bps to 4.23%Gold up $12 to $2332EUR leads, USD lags
The market moves were tough to pin down today as the US dollar was soft without any real catalysts. Some pointed to the potential for yen intervention as a driver but the dollar was weaker against the euro, pound and loonie in particular. After the early move, it was tempered throughout the day, even as Treasury yields dipped.
The overall risk trade is in an interesting spot as the NVDA correction hits 16% and bitcoin falls below $60,000 for the first time since early May. That bodes poorly for risk assets more broadly but you wouldn’t know it from the S&P 500 that was down just 0.3%. Energy helped with oil prices shaking off early weakness to gain just over 1%.
Eyes will be on the yen in the day ahead as intervention watch continues. The big hiccup in Europe certainly put the market on notice but we’re back to within striking distance of 160.00.
This article was written by Adam Button at www.forexlive.com.
