Oil Prices Steady as Markets Weigh U.S.-Iran Talks, Dollar Strength Caps Gains 
IMF Forecasts Global Inflation Decline as Growth Remains Resilient 
Taiwan Urges Stronger Trade Ties With Fellow Democracies, Rejects Economic Dependence on China 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
Dollar Holds Firm as Strong U.S. Data, Fed Expectations and Global Central Bank Moves Shape Markets 
Indian Rupee Strengthens Sharply After U.S.-India Trade Deal Announcement 
Oil Prices Slide Nearly 3% as U.S.-Iran Talks Ease Geopolitical Tensions 
Trump Announces U.S.–India Trade Deal Cutting Tariffs, Boosting Markets and Energy Ties 
Starmer’s China Visit Highlights Western Balancing Act Amid U.S.-China Rivalry 
Philippines Manufacturing PMI Hits Nine-Month High Despite Weak Confidence Outlook 
S&P 500 Rises as AI Stocks and Small Caps Rally on Strong Earnings Outlook 
Asian Currencies Strengthen as Indian Rupee and Australian Dollar Rally 
UK Employers Plan Moderate Pay Rises as Inflation Pressures Ease but Persist 
Japan Finance Minister Defends PM Takaichi’s Remarks on Weak Yen Benefits 
U.S. Stock Futures Slip as Markets Brace for Big Tech Earnings and Key Data 
Asian currencies traded largely flat on Thursday, weighed down by weak economic data from China and Australia, while investor focus remained on U.S. trade developments and upcoming labor data. The Chinese yuan (USDCNY) held steady after June’s services PMI came in softer than expected, though still indicating expansion for a 30th straight month. Markets largely brushed off news that the U.S. had eased certain chip export restrictions to China, a sign of improving Sino-U.S. trade ties following a framework deal.
The Taiwan dollar (USDTWD) slipped 0.3%, underperforming regional peers due to its exposure to U.S. chip controls affecting major Taiwanese chipmakers. Meanwhile, the Australian dollar (AUDUSD) dropped 0.2% after May trade data showed a sharp fall in exports, underscoring global demand concerns. The South Korean won (USDKRW) rose 0.3%, while the Singapore dollar (USDSGD) saw modest gains. The Japanese yen (USDJPY) and Indian rupee (USDINR) were mostly unchanged.
The U.S. dollar index inched up 0.1% but stayed near multi-year lows. Traders await June nonfarm payrolls data, due later Thursday, for insights into the Federal Reserve’s interest rate direction. A weaker labor market could support expectations of rate cuts, especially after former President Donald Trump reiterated calls for lower rates while criticizing Fed Chair Jerome Powell.
Additionally, investors are watching the progress of a major U.S. tax and spending bill in Congress. Concerns over its fiscal impact and rising government debt had pressured the dollar and triggered a recent selloff in U.S. Treasuries.
Markets remain cautious ahead of the July 9 deadline for Trump’s proposed “liberation day” tariffs. While a deal with Vietnam was reached, investors await outcomes of U.S. trade negotiations with larger economies like India and Japan.
