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June 25, 2026

USD/JPY flows: Staying at Recent High
Paying Article

June 25, 2026 5:23 AM UTC

Iran's IRGC warns ships face action for using Hormuz routes not cleared with Tehran
BoJ Hawk Tamura says neutral rate around 2% 

FX Daily Strategy: Europe, Jun 25th
Paying Article

June 25, 2026 4:06 AM UTC

Australian Employment Market Unlikely to Persuade RBA
U.S. May Core PCE Prices to outperform CPI
No significant revision for U.S. Final Q1 GDP 
And other U.S. Data

AUD/USD flows: Employment Improves
Paying Article

June 25, 2026 2:33 AM UTC

Australian May unemployment rate 4.4%

Chart GBP/USD Update: Consolidating at 1.3140 fresh year low
Freemium Article

June 25, 2026 1:57 AM UTC

Break of the 1.3160 March low saw losses to fresh year low at 1.3140 before turning up to consolidate sharp losses last week

Chart EUR/USD Update: Consolidating at 1.1325 fresh year low
Paying Article

June 25, 2026 1:41 AM UTC

Losses through the 1.1355 Fibonacci level has seen extension to fresh year low at 1.1325

Chart EUR/JPY Update: Room for further losses
Paying Article

June 25, 2026 1:20 AM UTC

Breakdown from the 184.00 support see prices extending losses from the 186.30 high to reach 183.17 low

June 24, 2026

...
Bank of Canada Minutes from June 10 - Balanced tone, and energy risks have fallen since the meeting
Paying Article

June 24, 2026 7:24 PM UTC

Minutes from the Bank of Canada meeting from June 10 do not provide many surprises, but confirm a fairly balanced tone that was evident after the meeting.  The balanced tone does not however mean that policy will remain on hold, with high uncertainty meaning that risks could shift and the BoC agree

Chart USD/CAD Update: Fresh year high - focus on strong resistance at the 1.4290 Fibonacci retracement
Freemium Article

June 24, 2026 4:12 PM UTC

Cautious trade has given way to another fresh year high

Preview: Due July 9 - U.S. June Existing Home Sales - Pending home sales imply a rise
Paying Article

June 24, 2026 3:34 PM UTC

We expect June existing home sales to increase by 1.9% to 4.25m, which would be a third straight increase and the highest level since December 2025. This would be consistent with signals from May pending home sales, but other housing signals are less positive.

FX Daily Strategy: Asia, Jun 25th
Paying Article

June 24, 2026 3:00 PM UTC

Australian Employment Market Unlikely to Persuade RBA
U.S. May Core PCE Prices to outperform CPI
No significant revision for U.S. Final Q1 GDP 
And other U.S. Data

Preview: Due July 1 - U.S. June ADP Employment - Weekly ADP data remains healthy
Paying Article

June 24, 2026 2:51 PM UTC

We expect a 125k increase in June’s ADP estimate for private sector employment, which matches our forecast for private sector non-farm payrolls in June. It is also consistent with a 30.75k four week average for the ADP weekly report in the weeks to June 6, the week before monthly data was surveyed

EUR/USD flows: Yields coming off; follow through taken back
Paying Article

June 24, 2026 2:22 PM UTC

Yields falling off though seen quite symmetrically so far
EUR/USD takes an o/s breather, going back to the 1.1350 break

U.S. May New Home Sales - Second straight decline suggests trend is weakening
Paying Article

June 24, 2026 2:21 PM UTC

May new home sales with a 7.3% decline to 580k have extended a 5.7% decline in April. Housing indicators are mixed overall but new home sales appear to have broken out of what had been a fairly stable range to the downside.

NOK flows: Oil fall away still driving on retracement
Paying Article

June 24, 2026 1:52 PM UTC

Oil ongoing slide back to initial gap and USD/NOK breakout still driving pair higher
10~ area next on the pair

Chart EUR/JPY Update: Under pressure
Paying Article

June 24, 2026 1:41 PM UTC

Pressure on 184.00 has given way to a sharp break lower

Preview: Due June 25 - U.S. May Durable Goods Orders - Aircraft to correct lower, but ex transport trend positive
Paying Article

June 24, 2026 1:37 PM UTC

We expect May durable goods orders to fall by 4.0% overall after a rise of 8.0% in April, the moves led by volatility in aircraft. Ex transport we expect an increase of 0.8%, slightly slower than three straight gains in excess of 1.0%, but maintaining a positive trend.

Preview: Due June 25 - U.S. May Personal Income and Spending - Core PCE Prices to outperform CPI, Savings to fall further
Paying Article

June 24, 2026 1:24 PM UTC

We expect May’s core PCE price index to rise by 0.3%, though probably on the low side of 0.3% before rounding, with overall PCE prices up by 0.4%. We expect a 0.6% increase in personal spending to outperform a 0.3% rise in personal income, extending a recent sharp decline in savings.

Preview: Due June 25 - U.S. Final (Third) Estimate Q1 GDP - No significant revision
Paying Article

June 24, 2026 1:08 PM UTC

We expect a final estimate of Q1 GDP at 1.6%, unrevised from the preliminary, though in USD terms we do expect a marginal upward revision.

US Q1 Current Account - Deficit increases on lower investment income surplus
Paying Article

June 24, 2026 1:03 PM UTC

The Q1 current account deficit of $226.8bn is wider than expected, and up from $221.1bn in Q4, with Q4’s deficit revised significantly higher from $190.7bn in the original Q4 release.  This is the first increase in the deficit since the record pre-tariff deficit of $438.2bn in Q1 2025.

Chart EUR/PLN Update: Critical resistance at 4.3000 - 4.3100
Paying Article

June 24, 2026 1:00 PM UTC

The run higher from congestion support at 4.2400 has extended to reach 4.2900~

Chart USD/ZAR Update: Pushing higher
Paying Article

June 24, 2026 11:35 AM UTC

Choppy trade around 16.4000 is giving way to fresh gains

Chart EUR/CAD Update: Lower towards 1.6100
Paying Article

June 24, 2026 11:11 AM UTC

Consolidation around 1.6150 has given way to the anticipated break

Chart EUR/CHF Update: Focus on 0.9200
Paying Article

June 24, 2026 10:30 AM UTC

Little change, as prices extend cautious trade beneath congestion resistance at 0.9230

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Outlook Forecasts to download in Excel
Paying Article

June 24, 2026 10:00 AM UTC

Below is an Excel file that contains our headline forecasts for GDP, Inflation, Monetary Policy, and Exchange Rates.

Europe Summary and Highlights 24 Jun
Paying Article

June 24, 2026 9:53 AM UTC

Dollar stretches, remains firm, if now taking a breather around some levels
IFO data broadly as expected

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