• The dovish FOMC meeting continued to weigh on the US dollar throughout Asia, seeing USD/JPY drop to its lowest level since the January flash crash.
  • RBA’s Lowe hammered home the likelihood of another cut, saying it’s unrealistic to think 25bps cut can alter growth, it’s not unrealistic to expect a further reduction in cash rate and the possibility of a lower cash rate remain on the table.
  • Australian yields hit fresh record lows with the AU2 and 10yr yields falling to 0.93% and 1.29% respectively. The ASX200 pushed to a fresh post-GFC high and hones-in on the all-time high.
  • AUDNZD fell to its lowest level since early April. Better than expected GDP data from NZD and expectation for RBNZ to hold next week have weighed on the cross.
  • Asian caught the tailwind from the FOMC meeting, trading mostly higher led by Singapore and Hong Kong.
  • Gold is on track for tis most bullish week in 3 years, after spiking higher to $1392, its highest level in five years.
  • Trump is to meet with Putin at the G20 meeting next week.


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Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.


GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.


USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.


Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

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Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

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