Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
UK Starting Salaries See Strongest Growth in 18 Months as Hiring Sentiment Improves 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market 
The USD/HKD currency spot is expected to hover around 7.85 in the run-up to the G-20 Osaka Summit, with rising upside risks to USD/HKD forwards. If risk sentiment improves, USD/HKD will slide in response as HKMA aggregate balance has shrunk markedly, according to the latest research report from Scotiabank.
The yuan’s weakness has weighed on the HKD despite a steady USD/HKD yield spread. Mainland Chinese investors have turned net buyers of Hong Kong shares again amid escalating US-China trade tensions.
The PBoC has stepped up efforts to stabilize market expectations of the yuan exchange rate, keeping USD/CNY fixing below 6.90.
However, the yuan would face increasing depreciation pressure should China fail to deescalate trade tensions with the US at the G-20 Osaka Summit set for 28-29 June, the report added.
