Kevin Warsh Faces Early Fed Test as Inflation Risks Challenge Rate-Cut Expectations 
US Dollar Hits One-Year High as Hawkish Fed Outlook Overshadows Middle East Developments 
Yen Near 40-Year Low as USD/JPY Approaches Key 162 Level, Raising Intervention Concerns 
Asian Stocks Slide as AI Rally Pauses, South Korean Chipmakers Lead Regional Decline 
South Korea Signals Possible Interest Rate Hike as Inflation Remains Elevated 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Jerome Powell Warns Against Politicizing the Federal Reserve, Defends Democratic Institutions 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Japan, U.S. Discuss Yen Weakness as Currency Intervention Concerns Grow 
Japan Inflation Stays Below BOJ Target Despite Rate Hike and Rising Energy Cost Risks 
Oil Prices Fall as Iran Peace Talks Progress, Hormuz Reopens, and U.S. SPR Hits 1983 Low 
Wall Street Ends Mixed as Alphabet Slumps, Middle East Developments and Fed Outlook Weigh on Markets 
Indian Government Bonds Seen Opening Steady Ahead of RBI Policy Decision 
Not many economic data and events scheduled for today but some with high volatility risks associated.
Data released so far:
- Australia: Leading economic index down 0.1 percent in July, up 0.5 percent in the second quarter on a quarterly basis and up 1.9 percent from a year ago.
Upcoming:
- Italy: Second quarter flash GDP report will be published at 8:00 GMT.
- United Kingdom: ILO unemployment report will be published at 8:30 GMT.
- Eurozone: Second quarter flash GDP report will be published at 9:00 GMT.
- United States: Building permits and housing starts report will be published at 12:30 GMT. EIA will release weekly inventory report at 14:30 GMT. FOMC will release minutes at 18:00 GMT.
- New Zealand: Producer price inflation report will be released at 22:45 GMT.
- Japan: July trade balance report will be released at 23:50 GMT.
- Auction: Spain will auction 6-month and 12-month bonds today.
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