PHP/INR Exchange rate

AUD/USD stays defensive near 0.6500 in Wednesday's Asian trading. The Aussie faces headwinds from softer Australian CPI inflation data for May, which fans RBA rate cut expectations. A pause in the US Dollar sell-off undermines the pair despite a better market mood. 

USD/JPY stalls the renewed upside below the 145.00 mark following the release of strong Japanese Services PPI, which supports the case for more BoJ rate hikes despite the mixed BoJ's June Summary of Opinions. Meanwhile, the US Dollar's downside consolidation phase also keeps the pair on the defensive. 

Gold price is looking to build on the previous day's bounce from sub-$3,300 levels, or over a two-week low, amid the prevalent US Dollar selling bias. However, Powell's hawkish tone could limit deeper USD losses. Furthermore, the Israel-Iran ceasefire optimism might cap the yellow metal.

Circle's CRCL fell to $222 on Tuesday, just a day after its surge to $292, nearly matching Coinbase's market cap. Several analysts predict that CRCL could see a reversal in the long term due to potential interest rate reductions and rising competition. CRCL’s market cap has declined to $54 billion.

As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.