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USD/JPY slips as JGB yields surge and BoJ signals caution – BBH
USD/JPY slips as JGB yields surge and BoJ signals caution – BBH
USD/JPY had a brief uptick after the US and Japan confirmed existing currency policy and did not discuss foreign exchange levels. USD/JPY subsequently edged lower while Japanese government bond yields are breaking higher at the long-end of the curve, BBH FX analysts report.
USDJPY
BOJ
Currencies
Gold slumps as US Dollar gains on strong US PMI data
Gold slumps as US Dollar gains on strong US PMI data
Gold price (XAU/USD) slumps below $3,300 during North American trading hours on Thursday after surrendering initial gains, following a revisit of the two-week high around $3,345 earlier in the day.
Gold
XAUUSD
DollarIndex
UnitedStates
SEO
US House Passes Trump tax bill, sends it to Senate
US House Passes Trump tax bill, sends it to Senate
United States (US) President Donald Trump's sweeping tax and spending bill passed the Republican-controlled House of Representatives on Thursday. The bill will now move to the Senate floor.
UnitedStates
DollarIndex
Politics
The US House is voting
The US House is voting
First the motion to recommit, then comes passage of the reconciliation package
market overview
EUR/GBP rises after UK inflation surprise challenges BoE outlook – Danske Bank
EUR/GBP rises after UK inflation surprise challenges BoE outlook – Danske Bank
EUR/GBP ended the day higher following UK inflation data for April surprising significantly to the topside, relative to both consensus and BoE estimate, Danske Bank's FX analysts report.
EURGBP
BOE
Banks
UnitedKingdom
ECB's Holzmann: The Euro's importance as a global currency is set to increase
ECB's Holzmann: The Euro's importance as a global currency is set to increase
European Central Bank (ECB) policymaker Robert Holzmann said on Thursday, “the Euro's importance as a global currency is set to increase.”
EURUSD
ECB
CentralBanks
InterestRate
EUR/USD: Current upward bias to remain intact above the 55-day EMA – UOB Group
EUR/USD: Current upward bias to remain intact above the 55-day EMA – UOB Group
Improving upward momentum indicates EUR/USD could maintain its upward bias; it is premature to expect a retest of the 1.1573 high, UOB Group's FX analyst Quek Ser Leang reports.
EURUSD
Technical Analysis
Banks
When consensus on the 'safe haven' characteristic breaks down – Commerzbank
When consensus on the 'safe haven' characteristic breaks down – Commerzbank
In times of increasing 'geostrategic uncertainty', the US Dollar has recently been tending to weaken rather than strengthen. The more this price behavior of the US currency becomes apparent, the more it could intensify, Commerzbank's Head of FX and Commodity Research Ulrich Leuchtmann notes.
DollarIndex
Banks
G7 FX talks fuel USD bearishness – Danske Bank
G7 FX talks fuel USD bearishness – Danske Bank
EUR/USD edged higher above 1.13 as the USD continues to soften in an otherwise relatively quiet week for G10 FX, Danske Bank's FX analysts report.
Banks
DollarIndex
EURUSD
Currencies
Fed
Silver price today: Silver broadly unchanged, according to FXStreet data
Silver price today: Silver broadly unchanged, according to FXStreet data
Silver prices (XAG/USD) broadly unchanged on Thursday, according to FXStreet data.
Silver
Commodities
Metals
USD: Trading US deficit fears – ING
USD: Trading US deficit fears – ING
Yesterday, we suggested that the G7 finance ministers’ meeting in Canada could produce USD-supportive headlines, particularly if there were signs of easing trade tensions.
DollarIndex
Banks
Technical Analysis
The wonderfully normal Bank of England – Commerzbank
The wonderfully normal Bank of England – Commerzbank
Inflation rose sharply in the United Kingdom in April – more than analysts had expected. This was reported yesterday by the Office for National Statistics (ONS). The surprisingly high increase was broad-based.
BOE
Banks
GBPUSD
Inflation
Technical Analysis
GBP/USD falls to near 1.3400 following mixed UK PMI data
GBP/USD falls to near 1.3400 following mixed UK PMI data
GBP/USD is depreciating after the mixed S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) data was released on Thursday. The pair has maintained its position near 1.3468, the highest since February 2022, reached on Wednesday, and is trading around 1.3410 during the European hours.
GBPUSD
Macroeconomics
Majors
UnitedKingdom
GBP: EUR/GBP drop delayed – ING
GBP: EUR/GBP drop delayed – ING
April’s rise in UK services inflation was mostly down to a temporary spike in air fares and package holidays caused by the timing of Easter—an effect that should unwind soon, ING's FX analyst Francesco Pesole notes.
EURGBP
Banks
Technical Analysis
GBPUSD
New Zealand: Fiscally adrift – Standard Chartered
New Zealand: Fiscally adrift – Standard Chartered
Government maintained its goal of returning to a surplus by FY29; but deficit path has widened materially. Growth forecasts were downgraded across the forecast horizon. Near-term issuance trimmed, but total borrowing over the forecast horizon revised up by NZD 4bn.
Banks
NewZealand
NZDUSD
GDP
RBNZ
EUR/USD declines as US Dollar strengthens after strong US PMI data
EUR/USD declines as US Dollar strengthens after strong US PMI data
EUR/USD is down 0.4% to near 1.1280 during North American trading hours on Thursday. The major currency pair slides as the US Dollar (USD) attracts bids after the release of the upbeat preliminary United States (US) S&P Global PMI data for May.
EURUSD
ECB
Fed
PMI
SEO
ECB’s Vujčić: Eurozone growth positive but low
ECB’s Vujčić: Eurozone growth positive but low
European Central Bank (ECB) policymaker Boris Vujčić said on Thursday that the “Eurozone growth positive but low.”
ECB
EURUSD
CentralBanks
InterestRate
EUR: Another leg higher in EUR/USD may be inevitable – ING
EUR: Another leg higher in EUR/USD may be inevitable – ING
European currencies continue to gain ground, supported by a rotation out of US assets, ING's FX analyst Francesco Pesole notes.
EURUSD
Banks
Technical Analysis
EUR/JPY finds temporary ground below 162.00, largely ignoring weak Eurozone PMI data
EUR/JPY finds temporary ground below 162.00, largely ignoring weak Eurozone PMI data
The EUR/JPY pair trades 0.5% lower near 162.00 during European trading hours on Thursday. The pair strives to hold the immediate support despite preliminary Eurozone HCOB Purchasing Managers’ Index (PMI) data surprisingly declining in May.
EURJPY
PMI
BOJ
UnitedStates
Japan
RBA’s Hauser: Australian exporters are upbeat about resilience of China demand
RBA’s Hauser: Australian exporters are upbeat about resilience of China demand
Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser said on Thursday, “Australian exporters are upbeat about resilience of China demand.”
RBA
CentralBanks
AUDUSD
InterestRate
TradeWar
UK Preliminary Services PMI rebounds to 50.2 in May vs. 50 expected
UK Preliminary Services PMI rebounds to 50.2 in May vs. 50 expected
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dipped to 45.1 in May from 45.4 in April. The data missed the market forecast of 46 in the reported period.
UnitedKingdom
PMI
EconomicIndicator
Manufacturing
GBPUSD
AUD/JPY falls below 92.50, further downside appears due to rising odds of BoJ rate hikes
AUD/JPY falls below 92.50, further downside appears due to rising odds of BoJ rate hikes
AUD/JPY hits a fresh two-week low, with trading around 92.30 during the European hours on Thursday.
AUDJPY
Crosses
Macroeconomics
Japan
Australia
UK May flash services PMI 50.2 vs 50.0 expected
UK May flash services PMI 50.2 vs 50.0 expected
Latest data release by S&P Global - 22 May 2025
German IFO Business Climate Index climbs to 87.5 in May vs. 87.4 expected
German IFO Business Climate Index climbs to 87.5 in May vs. 87.4 expected
The headline German IFO Business Climate Index rose to 87.5 in May from 86.9 in April. The data came in slightly above the market forecast of 87.4.
Germany
Sentiment
EconomicIndicator
EURUSD
Eurozone Preliminary Manufacturing PMI rises to 49.4 in May vs. 49.3 expected
Eurozone Preliminary Manufacturing PMI rises to 49.4 in May vs. 49.3 expected
The Eurozone manufacturing sector remained in contraction, while services sector also followed suit in May, according to data from the HCOB's latest Purchasing Managers' Index (PMI) Survey, published on Thursday.
Eurozone
EconomicIndicator
PMI
Manufacturing
EURUSD
Breaking: US S&P Manufacturing PMI climbs to 52.3 in May, Composite PMI rises to 52.1
Breaking: US S&P Manufacturing PMI climbs to 52.3 in May, Composite PMI rises to 52.1
US S&P Global Composite PMI rose to 52.1 in May's flash estimate from 50.6 in April, showing that the business activity in the US' private sector continued to expand at an accelerating pace.
Breaking
UnitedStates
PMI
EconomicIndicator
SEO
US Dollar Index stays above 99.50 ahead of PMI data, voting on Trump tax cut bill
US Dollar Index stays above 99.50 ahead of PMI data, voting on Trump tax cut bill
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, holds gains after registering losses in the previous three successive sessions.
DollarIndex
Macroeconomics
Majors
Fed
UnitedStates
German Preliminary Manufacturing PMI improves to 48.8 in May vs. 48.9 expected
German Preliminary Manufacturing PMI improves to 48.8 in May vs. 48.9 expected
The German manufacturing sector activity picked up and the services sector deepened its contraction in May, the preliminary business activity report published by the HCOB survey showed on Thursday.
EconomicIndicator
PMI
Manufacturing
EURUSD
Germany
Forex Today: Attention turns to May PMI data from major economies
Forex Today: Attention turns to May PMI data from major economies
Here is what you need to know on Thursday, May 22:
Majors
Macroeconomics
Currencies
Commodities
EconomicIndicator
USD/CHF extends downside to near 0.8250, US PMI data in focus
USD/CHF extends downside to near 0.8250, US PMI data in focus
The USD/CHF pair extends the decline to around 0.8250 during the early European session on Thursday. The Greenback weakens against the Swiss Franc (CHF) due to US fiscal concerns. Traders will take more cues from the advanced US S&P Purchasing Managers Index (PMI) for May. 
USDCHF
Majors
Macroeconomics