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Russia's ruble retreated from a three-year high of 70 per dollar to 73, exposing the structural tension between capital controls that artificially maintain the currency's value and a deteriorating fiscal reality driven by escalating war costs, increasing bond issuance, and a 0.2% annual GDP …
Sterling dropped below $1.32 on Friday, approaching its lowest level in seven months, as currency investors navigated the simultaneous pressures of Keir Starmer's resignation, a composite PMI at a 14-month low of 49.4, and persistent Bank of England policy uncertainty.
The Russian ruble retreated to 73 per dollar from a three-year high of 70 in late May as the Bank of Russia projected materially more accommodative fiscal policy over the next three years, driven by rising government bond issuance to finance military expenditure and …
The Australian dollar fell below $0.690, approaching a three-month low and heading for a second consecutive monthly loss exceeding 4%, caught between a broadly stronger US dollar driven by Fed hawkishness and fading expectations for further Reserve Bank of Australia rate increases.
The offshore Chinese yuan weakened to approximately 6.80 per dollar on Friday, heading for a second consecutive weekly loss as the Federal Reserve's hawkish pivot continues to strengthen the dollar and the PBOC's overnight reverse repo reform introduces near-term technical uncertainty into domestic short-term …
The Japanese yen traded around 161.7 per dollar on Friday, near its weakest level since 1986, despite BOJ Governor Kazuo Ueda reaffirming commitment to further rate hikes and hawkish board member Naoki Tamura advocating increases every few months.
The Indian rupee strengthened to approximately 94.3 per dollar on Friday, reversing earlier losses as crude oil's fall below $80 per barrel — beneath pre-Iran-conflict levels — materially improved India's imported inflation outlook and current account dynamics.
The US dollar index fell for a second session to 101.2 on Friday following the benign PCE inflation report, but remained on track for a weekly gain as markets maintained pricing of 80% odds for a December Fed rate hike and 63% for September.
The 10-year US Treasury yield settled at approximately 4.37% on Friday, its lowest level in seven weeks, after the PCE inflation report came in broadly in line with forecasts and modestly reduced expectations for an aggressive Federal Reserve tightening cycle.
The UK 10-year gilt yield fell to 4.736%, an over two-month low, as June's flash composite PMI dropped to 49.4 — signalling economic contraction for the second consecutive month — reducing the urgency for further Bank of England rate increases.
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