Dollar Gains and Gold Plunges as Trade Tensions Ease
Gains in the dollar are limited after the US Apr capital goods new orders nondefense ex-aircraft and parts fell more than expected. Also, today's stock rally has curbed liquidity demand for the dollar. The dollar still has some negative carryover from last Thursday when the House passed President Trump's tax and spending plan, which would add to the burgeoning US budget deficit.
US Apr capital goods new orders nondefense ex-aircraft and parts fell -1.3% m/m, weaker than expectations of -0.2% m/m and the biggest decline in 6 months.
The US Mar S&P CoreLogic composite-20 home price index rose +4.07% y/y, weaker than expectations of 4.50% y/y and the smallest increase in 1-2/ years.
The Conference Board's US May consumer confidence index rose +12.3 to a 3-month high of 98.0, stronger than expectations of 87.1.
Minneapolis Fed President Kashkari said he favors maintaining the fed funds rate at current levels until there is more clarity on the path of tariffs and their impact on prices.
The markets are discounting the chances at 2% for a -25 bp rate cut after the June 17-18 FOMC meeting.
EUR/USD (^EURUSD) today is down by -0.27%. Today's rally in the dollar is undercutting the euro. Losses in the euro are contained following today's better-than-expected Eurozone economic news, which showed strength in the economy. Additionally, hawkish comments from ECB Governing Council member Holzmann today supported the euro since he stated that he doesn't support additional ECB interest rate cuts.
The Eurozone May economic confidence indicator rose +1.0 to 94.8, stronger than expectations of 94.1.
Eurozone Apr new car registrations rose +1.3% y/y to 925,000 units, the first increase in four months.
ECB Governing Council member Holzmann said the ECB moving interest rates 'further south would be more risky than staying where we are and waiting until September.'
Swaps are discounting the chances at 97% for a -25 bp rate cut by the ECB at the June 5 policy meeting.
USD/JPY (^USDJPY) today is up by +1.06%. The yen today retreated from a 4-week high against the dollar after Japanese government bond yields plunged when Bloomberg News reported that Japan's finance ministry sent a questionnaire to market participants regarding appropriate issuance amounts for government bonds, a sign the finance ministry may seek to reduce debt issuance.
The yen today initially rallied to a 4-week high against the dollar after economic news showed Japan Apr PPI services prices rose more than expected, a hawkish factor for BOJ policy. Also, today's comments from BOJ Governor Ueda supported the yen when he said the BOJ will continue to tighten monetary policy as long as its objectives are met. In addition, lower T-note yields today are supportive of the yen.
Japan Apr PPI services prices rose +3.1% y/y, stronger than expectations of +3.0% y/y.
BOJ Governor Ueda said, 'We will adjust the degree of monetary easing as needed' to ensure that the BOJ achieves its sustainable price goal if incoming news gives authorities greater confidence that their economic expectations will be met.
June gold (GCM2 5) today is down -69.60 (-2.07%), and July silver (SIN2 5) is down -0.389 (-1.16%). Precious metals today are sharply lower on an easing of trade tensions after President Trump extended the deadline on 50% tariffs on EU goods to July 9 from June 1. Also, dollar strength and today's sharp rally in stocks have curbed safe-haven demand for precious metals. In addition, hawkish central bank comments today are weighing on precious metals after Minneapolis Fed President Kashkari and ECB Governing Council member Holzmann said they favor keeping interest rates steady, and BOJ Governor Ueda said the BOJ will keep raising interest rates as long as its objectives are met.
Weakness in today's US economic news is a bearish factor for industrial metals demand and silver prices. Apr capital goods new orders nondefense ex-aircraft and parts posted its biggest decline in 6 months, and the Mar S&P CoreLogic composite-20 home price index posted its smallest increase in 1-1/2 years.
Lower global bond yields today are supportive of precious metals. Also, geopolitical risks in the Middle East continue to support safe-haven demand for precious metals. Gains in silver were limited by concern that an escalation of the global trade war would dampen economic activity and demand for industrial metals.
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Winnipeg Free Press
23 minutes ago
- Winnipeg Free Press
South Korea's Lee must navigate the ‘Trump risk' at key summits in Japan and US
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CBC
23 minutes ago
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Facing calls for removal, Southern Chiefs' grand chief says development deal followed internal process
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DelveInsight's, 'Migraine Pipeline Insight 2025' report provides comprehensive insights about 30+ companies and 30+ pipeline drugs in Migraine pipeline landscape. It covers the Migraine pipeline drug profiles, including clinical and nonclinical stage products. It also covers the Migraine Pipeline Therapeutics assessment by product type, stage, route of administration, and molecule type. It further highlights the inactive pipeline products in this space. Explore the comprehensive insights by DelveInsight and stay ahead in understanding the Migraine Treatment Landscape. Click here to read more @ Migraine Pipeline Outlook Key Takeaways from the Migraine Pipeline Report On 17 August 2025, Teva Branded Pharmaceutical Products R&D LLC announced a study is to evaluate the long-term safety and tolerability of subcutaneous fremanezumab in the preventive treatment of migraine in pediatric participants 6 to 17 years of age (inclusive at enrollment in the pivotal study). 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Promising Migraine Pipeline Therapies such as ALD403 (Eptinezumab), Ketorolac, Sumatriptan, divalproex sodium, Erenumab, GSK1838262, ALD403 and others. Stay informed about the cutting-edge advancements in Migraine Treatments. Download for updates and be a part of the revolution in Neurology care @ Migraine Clinical Trials Assessment Migraine Emerging Drugs Profile AXS-07: Axsome Therapeutics AXS-07 is a novel, oral, rapidly absorbed, multi-mechanistic, investigational medicine. AXS-07 consists of MoSEIC (Molecular Solubility Enhanced Inclusion Complex) meloxicam and rizatriptan. AXS-07 is thought to act by inhibiting Calcitonin gene-related peptide (CGRP) release, reversing CGRP-mediated vasodilation, and inhibiting neuroinflammation, pain signal transmission, and central sensitization. Meloxicam is a new molecular entity for migraine enabled by MoSEIC™ technology, which results in rapid absorption of meloxicam while maintaining a long plasma half-life. 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In clinical and preliminary research, it has been observed that increased oxytocin levels can relieve headaches. When oxytocin is delivered via the nasal route, it results in enhanced binding to receptors on neurons in the trigeminal system, inhibiting transmission of pain signals. Intranasal oxytocin has been well tolerated in several clinical trials in adults and children and has been shown to block calcitonin gene-related peptide (CGRP) release in animals, a pathway known to be critical to the pathogenesis of migraine attacks. TNX-1900 is believed to interrupt pain signals at the trigeminal ganglia by suppressing electrical impulses, a potentially different activity than drugs that just block CGRP. TNX-1900 is an investigational new drug and has not been approved for any indication. The Migraine pipeline report provides insights into The report provides detailed insights about companies that are developing therapies for the treatment of Migraine with aggregate therapies developed by each company for the same. It accesses the Different therapeutic candidates segmented into early-stage, mid-stage, and late-stage of development for Migraine Treatment. Migraine Companies are involved in targeted therapeutics development with respective active and inactive (dormant or discontinued) projects. Migraine Drugs under development based on the stage of development, route of administration, target receptor, monotherapy or combination therapy, a different mechanism of action, and molecular type. Detailed analysis of collaborations (company-company collaborations and company-academia collaborations), licensing agreement and financing details for future advancement of the Migraine market. Get a detailed analysis of the latest innovations in the Migraine pipeline. Explore DelveInsight's expert-driven report today! @ Migraine Unmet Needs Migraine Companies Satsuma Pharmaceuticals, Biohaven Pharmaceuticals, Allodynic Therapeutics, Vaxxinity, AbbVie, Pulmatrix, AEON Biopharma, Eli Lilly and Company, Trevena, Xoc Pharmaceuticals, Pharmaleads, Pear Therapeutics and others. Migraine pipeline report provides the therapeutic assessment of the pipeline drugs by the Route of Administration. Products have been categorized under various ROAs such as Intra-articular Intraocular Intrathecal Intravenous Ophthalmic Oral Parenteral Subcutaneous Topical Transdermal Migraine Products have been categorized under various Molecule types such as Oligonucleotide Peptide Small molecule Discover the latest advancements in Migraine Treatment by visiting our website. Stay informed about how we're transforming the future of neurology @ Migraine Market Drivers and Barriers, and Future Perspectives Scope of the Migraine Pipeline Report Coverage- Global Migraine Companies- Satsuma Pharmaceuticals, Biohaven Pharmaceuticals, Allodynic Therapeutics, Vaxxinity, AbbVie, Pulmatrix, AEON Biopharma, Eli Lilly and Company, Trevena, Xoc Pharmaceuticals, Pharmaleads, Pear Therapeutics and others. Migraine Pipeline Therapies- ALD403 (Eptinezumab), Ketorolac, Sumatriptan, divalproex sodium, Erenumab, GSK1838262, ALD403 and others. Migraine Therapeutic Assessment by Product Type: Mono, Combination, Mono/Combination Migraine Therapeutic Assessment by Clinical Stages: Discovery, Pre-clinical, Phase I, Phase II, Phase III For a detailed overview of our latest research findings and future plans, read the full details of Migraine Pipeline on our website @ Migraine Emerging Drugs and Companies Table of Content Introduction Executive Summary Migraine: Overview Pipeline Therapeutics Therapeutic Assessment Migraine– DelveInsight's Analytical Perspective Late Stage Products (Pre-Registration) AXS-07: Axsome Therapeutics Drug profiles in the detailed report….. Last Stage Products (Phase III) STS-101: Satsuma Pharmaceuticals Drug profiles in the detailed report….. Mid Stage Products (Phase II) TNX1900: Tonix Pharmaceuticals Drug profiles in the detailed report….. Preclinical and Discovery Stage Products Drug name: Company Name Drug profiles in the detailed report….. Inactive Products Migraine Key Companies Migraine Key Products Migraine - Unmet Needs Migraine - Market Drivers and Barriers Migraine - Future Perspectives and Conclusion Migraine Analyst Views Migraine Key Companies Appendix About Us DelveInsight is a leading healthcare-focused market research and consulting firm that provides clients with high-quality market intelligence and analysis to support informed business decisions. With a team of experienced industry experts and a deep understanding of the life sciences and healthcare sectors, we offer customized research solutions and insights to clients across the globe. Connect with us to get high-quality, accurate, and real-time intelligence to stay ahead of the growth curve. Media Contact Company Name: DelveInsight Business Research LLP Contact Person: Yash Bhardwaj Email: Send Email Phone: 09650213330 Address: 304 S. Jones Blvd #2432 City: Las Vegas State: NV Country: United States Website:
