
Dollar Gains on Solid US Economic News
The dollar index (DXY00) today is up by +0.52%. The dollar is climbing today on concerns that US trade policies will keep inflation elevated and dissuade the Fed from lowering interest rates. The dollar added to its gains on signs of strength in the US economy after weekly jobless claims rose less than expected, the Mar Philadelphia Fed business outlook survey fell less than expected, and Feb existing home sales unexpectedly rose.
US weekly initial unemployment claims rose +3,000 to 223,000, showing a slightly stronger labor market than expectations of 224,000.
The US Mar Philadelphia Fed business outlook survey fell -5.6 to 12.5, stronger than expectations of 9.0.
US Feb existing home sales unexpectedly rose +4.2% m/m to 4.26 million, stronger than expectations of 3.95 million.
US Feb leading economic indicators fell -0.3% m/m, weaker than expectations of -0.2% m/m.
The markets are discounting the chances at 18% for a -25 bp rate cut after the May 6-7 FOMC meeting.
EUR/USD (^EURUSD) today is down by -0.68% at a 1-1/2 week low. Today's dollar strength is weighing on the euro. Also, easing price pressures in the Eurozone may allow the ECB to keep cutting interest rates, a bearish factor for the euro, after the German Feb PPI rose less than expected. Losses in the euro accelerated today based on dovish comments from ECB Governing Council member Villeroy de Galhau, who said the ECB has room to cut interest rates further.
German Feb PPI fell -0.2% m/m and rose +0.7% y/y, weaker than expectations of +0.2% m/m and +1.0% y/y.
ECB President Lagarde said while the process of disinflation remains "well on track," the ECB is unable to make firm commitments on interest rates due to elevated unpredictability over trade.
ECB Governing Council member Villeroy de Galhau said he's "not worried about inflation in Europe," and the ECB has room to cut interest rates further.
Swaps are discounting the chances at 59% for a -25 bp rate cut by the ECB at the April 17 policy meeting.
USD/JPY (^USDJPY) today is up by +0.10%. The yen is under pressure today from a stronger dollar as better-than-expected US economic news supports gains in the dollar. Losses in the yen are limited as short covering in the yen supports prices ahead of Friday's monthly report on Japan's national CPI. Trading activity is well below average in the yen today with markets closed in Japan for the Vernal Equinox Day holiday.
April gold (GCJ2 5) today is down -0.90 (-0.03%), and May silver (SIK2 5) is down -0.240 (-0.70%). Precious metals today are under pressure from a stronger dollar. Also, strength in stocks today has reduced safe-haven demand for precious metals. Silver prices are under pressure after the FOMC Wednesday cut its US 2025 GDP forecast, a bearish factor for industrial metals demand. Also, concerns that US trade policies will undercut economic growth that reduces demand for industrial metals are negative for silver prices.
Losses in precious metals are limited due to carryover support from Wednesday when the FOMC kept interest rates unchanged but projected two 25 bp rate cuts by the end of the year. The FOMC also said it would slow the pace of runoff of its balance sheet starting next month, a bullish factor for precious metals. Lower global government bond yields today are supportive of precious metals. Ramped-up geopolitical risks in the Middle East Precious are also boosting safe-haven demand for precious metals after Israel this week launched a series of airstrikes across Gaza, ending a two-month ceasefire with Hamas, and after the US launched strikes on Yemen's Houthi rebels. In addition, the ongoing trade war has boosted the safe-haven demand for precious metals.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Japan Forward
an hour ago
- Japan Forward
Japan's Ruling Party to Launch TikTok Account in June
このページを 日本語 で読む Japan's ruling Liberal Democratic Party will launch its official TikTok account in June. This was revealed by Takuya Hirai, head of the LDP's Public Relations Headquarters, at an event hosted by the Chinese-owned video-sharing app on June 4. Speaking at the event, Hirai said, "We're finally starting the LDP's official TikTok account this month." He cited the platform's "clear appeal to young people" and its "excellent algorithm" as key reasons for the move. At the event held in Tokyo, TikTok revealed its "Socio-Economic Impact Report," which outlines the app's economic and social impact in Japan. Hirai, who served as Japan's first Minister for Digital Transformation, appeared as a guest speaker. During his remarks, Hirai highlighted a recent initiative in his home prefecture of Kagawa. Popular TikTok creators from nine countries and regions were invited to showcase the area's local charm. "Shops and products featured by these creators garnered significant attention," he said. "In terms of prompting real-world activity, I believe the economic impact is substantial." He also expressed optimism about future collaborations between local governments and TikTok. He linked this potential to the LDP's "Regional Revitalization 2.0" initiative, spearheaded by the Shigeru Ishiba administration. "By expanding the number of people with ties to a region and helping them discover new value, I believe we can create meaningful opportunities moving forward," he said. LDP's Takuya Hirai (center) with TikTok creators AAAtsushi and Meg Ensaka. TikTok now boasts one billion users worldwide, with around 33 million monthly users in Japan across the main app and related services. The economic report was released at a time when TikTok's influence on Japan's economy and society continues to grow. According to the report, TikTok videos have generated economic benefits across various domestic industries. The app's estimated contribution to Japan's nominal GDP is ¥485.5 billion JPY (around $3.4 billion USD). Nobuaki Yasunaga, Executive Officer of TikTok Japan, noted that the number of creators in Japan has risen to 2.26 million. "What matters most for us as a platform is that an economic cycle is being created within that community," he said. He emphasized that the estimated total income of creators has reached ¥119.7 billion ($830 million) The report also estimates that consumer spending through TikTok reached ¥237.5 billion ($1.6 billion) in 2024. This marks a 37% increase from 2023. "TikTok is no longer just a platform for watching and enjoying videos; it's becoming a driver of economic activity," the analysis concluded. The company is aiming for further growth in Japan by increasing the number of content creators, including political parties and local governments. TikTok Japan's Yasunaga pointed out that the platform is unique in encouraging creators to stay in a region for an extended period and produce videos in collaboration with local governments and residents — something other video platforms don't do. He added, "We want to continue supporting partnerships between creators and municipalities. Building trust is key. Many creators typically film in their own rooms, but by going out and meeting fans in person, they not only create real-world connections but also gain a sense of contributing to their communities through their activities." At the event, popular creators and company representatives took part in a panel discussion. They shared their personal experiences while discussing the appeal and potential of TikTok. Comments from the panel included: "It's especially effective for reaching young audiences," "Posting videos has brought in customers from overseas," and "With just a smartphone, it gave me a chance to pursue my dream through music." Singer-songwriter Meg Ensaka, whose "Kiretemasu!" ("I'm Pissed!") series has been viewed over 600 million times across TikTok and other platforms, spoke about the platform's impact on her career. Meg Ensaka served as the moderator of the panel discussion. "Since I started posting, more people have been coming to my live shows. My songs are now reaching middle and high school students, and my fanbase has expanded. At concerts across Japan, audiences have been growing, and merchandise sales have gone up too," she said. She also praised the platform's short video format. "TikTok is perfect for getting people who might not normally be interested to listen to your music," she said. She added, "The algorithm evaluates content based on its own quality, so [unlike other platforms] you don't need to worry about dragging down your average view count. It encourages creators to try bold, creative expressions. Anyone could go viral tomorrow." Author: Ryo Nishiyama, The Sankei Shimbun このページを 日本語 で読む


CTV News
4 hours ago
- CTV News
Fed to keep rates on hold at least until September as inflation risks linger: poll
Federal Reserve Chairman Jerome Powell walks off following a news conference following the Federal Open Market Committee meeting, Wednesday, May 7, 2025, at the Federal Reserve in Washington. (AP Photo/Jacquelyn Martin) The U.S. Federal Reserve will keep interest rates on hold for at least another couple of months, according to most economists polled by Reuters, as risks linger that inflation may resurge due to U.S. President Donald Trump's tariff policies. With most trade negotiations incomplete as the July 9 deadline for a 90-day pause on tariffs announced in April approaches, forecasters have been reluctant to change their already fragile economic outlook. Rising concerns about U.S. debt and a deluge of bond issuance fuelled by a sweeping tax cut bill passed by the U.S. House of Representatives, but not the Senate, are not helping. Data on Friday showed no signs of significant stress building in the labor market, suggesting the Fed is in no hurry to cut interest rates any time soon. All but two of the 105 economists in the June 5-10 Reuters poll predicted the U.S. Federal Open Market Committee would keep the fed funds rate unchanged at its June 17-18 meeting in a 4.25%-4.50% range, where it has been since the start of the year. Around 55% of economists - 59 of 105 - said the Fed would resume cutting next quarter, most likely in September and in line with interest rate futures pricing. That outlook has not changed from last month. 'As long as the labor market looks fine, we expect the FOMC to continue to stay on hold, and use rhetoric to bolster their inflation-fighting credibility. Until there is a cost, why signal otherwise?' said Jonathan Pingle, chief U.S. economist at UBS. 'At the moment 'grey area' seems more 'charcoal'... the Committee is facing a substantial amount of uncertainty.' Inflation expectations have remained elevated on predictions of high U.S. trade barriers. The administration has recently raised aluminum and steel tariffs to 50% from 25%. U.S. officials are currently engaged in trade talks with top Chinese officials in London, looking to secure a breakthrough. In the meantime, consumers are expecting price pressures to surge in coming years, while economists predict inflation to remain well above the Fed's 2% target until at least 2027. A significant 42% minority of poll participants - 44 of 105 - expect the FOMC to resume cutting rates in the fourth quarter of 2025 or later, with 20 predicting no cuts this year. 'High tariffs are here to stay, and they will produce elevated inflation that is sustained well into 2026,' said James Egelhof, chief U.S. economist at BNP Paribas. 'The Fed will see little need to cut... the lesson we have from history is, if inflation becomes entrenched in the economy, it can be very hard and very costly to remove.' There was no clear consensus on where the rate would be by end-2025, but about 80% of economists - 85 of 105 - predicted the fed funds rate in a 3.75%-4.00% range or higher. Trump called for a full percentage point reduction to 3.25%-3.50% immediately on Friday. The president's signature bill making its way through Congress is expected to add $2.4 trillion to an already enormous $36.2 trillion debt pile, making a rate cut more unlikely. 'With more fiscal stimulus coming out of the tax and spending bill, the Fed sees less of a case for supporting the economy with lower interest rates,' said Bill Adams, chief economist at Comerica Bank. 'The fiscal policy looks set to push the deficit (higher)... exerting continued upward pressure on long-term interest rates that will be a headwind for credit-intensive parts of the economy like the housing market and business capital spending.' The economy, which contracted 0.2% last quarter on a widening trade deficit, is forecast to grow just 1.4% this year, a sharp fall from 2.8% in 2024. Next year, it was predicted to expand 1.5%. That outlook was unchanged from May. (Reporting by Indradip Ghosh; Polling by Mumal Rathore and Sarupya Ganguly; Editing by Hari Kishan, Ross Finley and Jan Harvey)


Cision Canada
5 hours ago
- Cision Canada
PEXX Launches Borderless USD Neo-Bank for the Global Generation
Borderless dollar banking—built different for people who live and work everywhere SINGAPORE, June 10, 2025 /CNW/ -- PEXX, the cross-border USD platform built for today's mobile workforce, has opened its full neo-banking suite to customers in more than 50 countries. The launch delivers four connected products that let users Bank Different, Pay Different, Send Different, and Earn Different —replacing legacy bank delays, paperwork, and hidden fees with real-time settlement and transparent pricing. Since its initial launch in 2024, PEXX has empowered users across 50+ countries to move money faster, easier, and more affordably than traditional finance. With its expanded platform, PEXX fills three gaps no single provider closes: What legacy banks won't offer: a full-feature USD account you can open from anywhere—no branch visits, no U.S. residency required. What crypto exchanges can't deliver: fast, global crypto-to-fiat transfers that arrive as spendable dollars, off-chain and straight into bank accounts. What most neo-banks still lack: on-demand tokenized U.S.-Treasury yield (T-Bills) and real-time stablecoin settlement, working seamlessly and interchangeably with your dollars and Visa card. Together, these capabilities hand the borderless, digital-first generation one modern way to hold, move, and grow dollars—wherever life goes next. Banking Done Different USD and Stablecoins Everywhere. All at Once PEXX gives users everything they expect from a USD bank—without the barriers. Key features include: Borderless Virtual USD Accounts Open a full-featured digital USD account with zero monthly fees, no minimums, and instant onboarding using just a passport and phone—no U.S. residency or SSN required. Deposit in USDT or USDC, send and receive USD via SWIFT, ACH, and Fedwire from anywhere. Daily Interest Wallet Earn up to 3.5% APY automatically on idle balances, powered by tokenized U.S. Treasury Bills via regulated third-party infrastructure. No lockups. No hidden risks. Yield is paid daily. PEXX Card Spend USD, USDT, or USDC at 150M+ merchants worldwide with your free global Visa debit card—from Uber Eats and Alipay to your Netflix subscription. Free instant Visa virtual card with a flat 1.2% FX fee. Global Off-Ramp Transfers Send USD and stablecoins directly to bank accounts in over 50 countries, typically clearing within minutes, sometimes seconds, and always within 24 hours. Industry-leading FX rates and real-time Google FX pricing for full transparency. The Best Rates in the Game In key payment corridors, PEXX has developed stablecoin payment infrastructure to outperform leading global fintech players. Illustration of comparison below on 2 June 2025: By pairing real-time FX with zero transfer fees, PEXX lets users keep 1–2% more on every transfer—ideal for freelancers, businesses, and global citizens. Built for the Rest of Us PEXX is accessible worldwide—purpose-built for: Freelancers, remote workers, and creators earning in USD and stablecoins. Expats, students, and digital nomads managing cross-border payments. Startups and SMEs paying global teams or suppliers. Everyday users who want to store—and grow—USD securely. "Banking Without Borders" "PEXX gives you everything you expect from a USD bank—except the borders, high fees and friction. Our mission is simple: if you've got a passport and a phone, you should have full access to USD, just like anyone else. That's the future we're building." — Marcus Lim, CEO and Founder of PEXX Seed Funding & Growth Roadmap PEXX recently closed over $4 million seed round led by TNB Aura, with participation from Antler and LongHash Ventures, alongside angel investors including Dexter Lo, Kenneth Low. This strategic funding will fuel the company's next phase—spanning global licensing, product innovation, and expansion across Asia, Latin America, and the Middle East. PEXX also partners with Fireblocks for secure asset custody and Ripple for ultra-fast global blockchain payments. As an AUSTRAC-registered Digital Currency Exchange (DCE) and remittance dealer and Money Service Business in the US, PEXX combines cutting-edge technology with regulatory compliance to deliver a truly borderless banking experience. About PEXX PEXX is a next-generation USD platform and neo-banking suite built for the global generation. Founded in 2024, it delivers borderless access to U.S. dollars through interest-bearing wallets, real-time transfers, and a globally accepted Visa card—powered by stablecoins, tokenized T-Bills, and blockchain settlement. From freelancers to founders, PEXX brings Wall-Street-level financial tools to everyone, everywhere—showing there's a smarter, truly different way to send, spend, earn, and bank your money.