| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | Australia | RBA Meeting's Minutes | | | | |
| 06:00 | United Kingdom | PSNB, bln | June | -17.44 | -15.6 | -20.68 |
During today's Asian trading, the US dollar rose slightly against major currencies, while investors kept a close eye on trade negotiations ahead of the August 1 deadline. Countries must finalize deals with Washington or face new tariffs, adding to global market unease.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.11% to 97.96.
The yen, after gaining 1% on Monday following Japan's upper house election, declined 0.3%. The election outcome was largely priced in, but Prime Minister Shigeru Ishiba’s weakened position raised doubts about Japan’s ability to secure a timely trade deal with the U.S. Analysts warned that rising political uncertainty could weigh on the yen and Japanese bonds, especially if concerns about increased fiscal spending intensify.
The euro declined 0.1%, ahead of an ECB meeting where rates are expected to remain unchanged. Sterling dipped 0.15%.
U.S. Treasury Secretary Scott Bessent emphasized that the administration prioritizes quality over speed in trade agreements, while leaving the door open for potential deadline extensions. The European Union, meanwhile, is considering broader countermeasures as hopes for a deal with the U.S. fade.
Investors also remain cautious amid growing concerns over the Federal Reserve’s independence. Trump has repeatedly criticized Fed Chair Jerome Powell, with reports suggesting he nearly fired him last week. Bessent further fueled uncertainty by suggesting a review of the Fed’s overall performance. While the Fed is expected to hold rates steady in July, markets anticipate possible cuts later this year. Goldman Sachs expects the Fed to begin a rate-cutting cycle in September, assuming inflation expectations remain under control.
The Australian dollar declined by 0.25%, while minutes of the Reserve Bank of Australia's latest policy meeting showed policy makers judged that lowering interest rates for a third time within four meetings was not consistent with the strategy of a cautious and gradual easing.