Author: FX
The first week of June delivered a masterclass in how quickly a market narrative can flip. For most of the week, traders were juggling two competing stories: a volatile Middle East standoff keeping oil prices elevated and safe-haven flows unpredictable, and a relentless stream of stronger-than-expected U.S. economic data quietly building the case that the Federal Reserve’s next move might be a rate hike rather than a cut. By Friday, there was no more room for quiet. A blowout May jobs report landed well above consensus, the dollar launched to new weekly highs, gold collapsed, the Nasdaq had its worst…
NZD/USD falls sharply towards the 0.5790 region on Friday as the US Dollar (USD) strengthened following a stronger-than-expected Nonfarm Payrolls (NFP) report, while the New Zealand Dollar (NZD) struggled to attract buyers amid a cautious market mood. At the time of writing, the pair trades at 0.5791, its lowest level in the last two months.The Bureau of Labor Statistics reported that the United States (US) economy added 172K jobs in May, significantly above market expectations of 85K and following an upwardly revised gain of 179K in April. Meanwhile, the Unemployment Rate held steady at 4.3%, while annual wage growth eased…
DBS Group Research’s Chang Wei Liang highlights that USD/KRW has pushed above 1530 as weakness in semiconductor stocks adds pressure on the Korean Won. He links KRW softness to foreign investor profit-taking after a sharp KOSPI rally and warns that further outflows, limited exporter repatriation of overseas earnings, and persistently high Oil prices could destabilize the currency.Won vulnerable on chips and flows”USD/KRW have sallied above 1530, and wobbles in semiconductor stocks today could pose another risk.””Following a retreat in US semiconductor stocks led by an industry bellwether on Thursday, Korean chipmakers have fallen 6% in early trading today.””KRW weakness has…
The NASDAQ led the selloff on Friday, tumbling 4.18%, with losses reaching nearly 4.5% at the session lows. The S&P 500 declined 2.65%, after being down as much as 3.0%, while the Dow Jones Industrial Average fell 1.35%.The catalyst was a sharp rise in Treasury yields following a stronger-than-expected U.S. employment report. Nonfarm payrolls increased by 172,000 in May, well above the 85,000 estimate, while revisions added a net 93,000 jobs to prior months. The stronger labor market data reinforced concerns that the Federal Reserve may have less urgency to cut interest rates, sending the 2-year Treasury yield up 11.3…
Silver (XAG/USD) price tanks and challenges the 200-day Simple Moving Average (SMA) near $67.79 on Friday, as the white metal registers a daily loss of nearly 8% and is poised to end the week down by almost 10%, amid a stronger-than-expected US Nonfarm Payrolls report.XAG/USD Price Forecast: Technical outlookSilver has extended its losses this week, hitting a nine-week low of $68.03, as sellers target the 200-day SMA. Momentum, as measured by the Relative Strength Index (RSI), shows that sellers are in charge as the index approaches oversold territory.If XAG/USD tumbles below the 200-day SMA, the next area of interest would…
Standard Chartered economists Jonathan Koh and Edward Lee revise their Bangko Sentral ng Pilipinas (BSP) policy rate path, dropping expectations for a 50bps off-cycle hike before the 18 June meeting. They still project a 50bps increase in June and 25bps in August as inflation risks persist and PHP weakness raises imported inflation concerns. Policy easing is only expected from Q2-2027.BSP path revised but still hawkish”We no longer expect Bangko Sentral ng Pilipinas (BSP) to deliver a 50bps off-cycle rate hike ahead of its scheduled 18 June monetary policy meeting.””That said, we maintain our call for a 50bps hike at the…
DBS Group Research economist Radhika Rao highlights that Indonesia’s onshore markets are under pressure, with the Rupiah at record lows and equities near six‑year lows. She notes that Bank Indonesia’s mandate will be broadened to include the real sector, while fiscal and oil‑related pressures build. Despite the expanded mandate, DBS expects monetary policy to stay focused on financial market stability and further rate tightening.Rupiah weakness and BI mandate shift”Indonesia’s onshore asset markets have been under pressure, with the IDR depreciating to an all-time low past 18000/USD (down ~7.5% ytd) and the benchmark equity index at a near six-year low.””Without fuel…
The US Dollar (USD) rallied to near 100.10 on Friday, rising from a daily low of 99.16, after the US Nonfarm Payrolls (NFP) report showed the economy added 172K jobs in May, well above the 85K expected, reinforcing expectations that the Federal Reserve (Fed) could raise interest rates later this year. The US Unemployment Rate held at 4.3%, while wage growth eased to 3.4%, suggesting a resilient labor market with softer pay pressure. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the…
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With an hour to go in Friday’s regular market, the NASDAQ 100 (NDX) is facing its worst sell-off since US President Donald Trump’s tariff announcement in April 2025. The NASDAQ 100, which holds the 100 largest non-financial stocks, has jettisoned its strong two-month rally. The index is down 3.87%, its worst sell-off since April 4, 2025, when Trump’s tariff announcement led to a 6.07% single-day drop.The culprit was the positive jobs report, which, before the market opened, showed new hiring in May reached 172K, well above the 85K forecast. An improving jobs picture in the US means that the Federal…