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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
USD/JPY inches lower after four days of gains, trading around 160.60 during the Asian hours. The USD/JPY pair surged to 160.80 the previous day, marking its highest level since July 2024 and significantly heightening speculation that Japanese authorities could soon intervene to support the struggling Yen.
The AUD/USD pair regains positive traction during the Asian session, reversing part of the previous day's slide to sub-0.7000 levels, or the weekly low. Spot prices currently trade around the 0.7040 region, up nearly 0.40% for the day, amid a broadly weaker US Dollar.
Gold clings to its modest intraday gains in the European session on Thursday and hangs close to the $4,300 mark amid a broadly weaker US Dollar (USD). The optimism over a US-Iran peace deal prompts USD profit-taking and supports the bullion. The Fed’s hawkish tilt could limit USD losses, capping the commodity.
Bitcoin remains under pressure, extending its correction, trading below $64,000. The US Federal Reserve left interest rates unchanged but struck a hawkish tone on Wednesday, dampening the risk sentiment.
Bank Indonesia decided to hike the benchmark interest rate by 25 basis points to 5.75% on June 18, from the previous 5.5%. The decision aligned with the market expectations. The Indonesian Rupiah receives support against the US Dollar as an immediate reaction to the BI interest rate decision. The USD/IDR is trading around 17,820.
The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.
