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South African Rand: SARB surprise weighs against US Dollar – Commerzbank
Commerzbank’s Volkmar Baur says the South African Reserve Bank’s (SARB) decision to keep its policy rate unchanged at 7% came as a negative surprise, particularly after June inflation rose and Brent crude moved above USD 100 per barrel.
Fri, Jul 24
Euro remains capped below 1.1400 despite bright Eurozone preliminary PMIs
The Euro (EUR) ticks up against the US Dollar (USD) on Friday but remains capped below 1.1400, and dangerously close to the year-to-date low, at 1.1324.
Fri, Jul 24
Gold: Oil-led inflation fears cap recovery – ING
ING’s Warren Patterson and Ewa Manthey report that Gold has come under pressure as higher Oil prices stoke inflation concerns and push yields and the US Dollar higher.
Fri, Jul 24
United States Dollar Index Price Forecast: Pullbacks could be bought into near 101.00
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, drifts lower during the early European session on Friday and erodes a part of the previous day's strong gains back closer to the monthly high.
Fri, Jul 24
Eurozone flash Manufacturing PMI rises surprisingly faster-than-estimates to 52.0
Preliminary HCOB Manufacturing Purchasing Managers’ Index (PMI), in the oldest continent, expands at a faster pace to 52.0 in July from June’s figure of 51.4. The manufacturing activity was anticipated to expand but at a moderate pace to 51.3.
Fri, Jul 24
Dow Jones futures bounce back as oil cools, though geopolitical risks persist
Dow Jones futures gain 0.35% to trade around 52,070 during European trading hours on Friday. Meanwhile, S&P 500 futures and Nasdaq 100 futures advance 0.21% and 0.08%, trading near 7,460 and 28,650, respectively.
Fri, Jul 24
Silver Price Forecasts: XAG/USD edges up above $58.00 as the US Dollar trims gains
Silver (XAG/USD) edges up on Friday's early European trading session, returning to levels above $58.00 as the US Dollar trims some gains.
Fri, Jul 24
Brent: War premium drives triple-digit prices – UOB
UOB Global Economics & Markets Research highlights that escalating US-Iran tensions and Houthi attacks on Red Sea shipping have driven Brent crude above US$100 for the first time since May, with Asia trading near US$101.
Fri, Jul 24
Germany’s flash Manufacturing PMI unexpectedly rises strongly to 52.2 vs. 50.1 estimates
German flash HCOB Composite PMI returns to the expansion trajectory in July after declining in June. Preliminary figures show that the overall business activity expanded to 51.2. The Composite PMI was seen arriving at 49.8 from 49.5 in June.
Fri, Jul 24
Forex Today: New wave of US tariffs, deepening Middle East conflict keep markets on edge
Here is what you need to know on Friday, July 24:
Fri, Jul 24
Equities: Oil shock and tech earnings hit equities – Deutsche Bank
Deutsche Bank strategists highlight that the S&P 500 and Nasdaq fell sharply as surging Oil prices and stagflation fears weighed on risk assets. Weak post‑earnings reactions in Tesla and Alphabet dragged the Mag 7 index to its biggest daily loss since 2025.
Fri, Jul 24
Russian Ruble: CBR seen holding rate despite pressure to cut – Commerzbank
Commerzbank’s Tatha Ghose expects Russia’s central bank to keep its key rate at 14.25%, despite political and economic pressure for a cut. Surging inflation expectations, higher Oil and commodity prices, and accelerating Consumer Price Index (CPI) argue against easing.
Fri, Jul 24
British Pound steadies against Japanese Yen following outperformance in UK Retail Sales
GBP/JPY remains calm after six days of losses, trading around 218.20 during the early European hours on Friday. The currency cross holds its ground as the British Pound (GBP) receives support from the release of stronger-than-expected UK Retail Sales data.
Fri, Jul 24
USD/CAD Price Forecast: Softens below 1.4100, but bullish outlook stays intact above key support
The USD/CAD pair trades in negative territory near 1.4075 during the early European trading hours on Friday. Escalating conflicts in the Middle East boost crude oil prices, supporting the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD).
Fri, Jul 24
ECB's Kocher: Don't see evidence of second-round effects
European Central Bank (ECB) Governing Council member Martin Kocher said on Friday that he doesn’t see any hard evidence of second-round effects, but the central bank will act if the inflation outlook deteriorates.
Fri, Jul 24
Euro extends rally against British Pound despite strong UK Retail Sales data
The Euro (EUR) rallies further against the British Pound (GBP) as the latter weakens despite upbeat United Kingdom (UK) Retail Sales data for June. The EUR/GBP pair jumps to near 0.8550 in the European trading session on Friday, the highest level seen in two weeks.
Fri, Jul 24
US Dollar Index: Higher yields and FOMC focus lift DXY – MUFG
Lloyd Chan at MUFG notes that US rate expectations remain volatile, with markets now pricing further Federal Reserve (Fed) tightening this year. Rising Treasury yields have pushed the US Dollar (USD) higher, lifting the US Dollar Index (DXY).
Fri, Jul 24
Gold: Oil spike caps rebound and keeps risks two-way – OCBC
OCBC’s Sim Moh Siong and Christopher Wong note Gold has retreated back toward USD 4,040/4,050 after briefly trading above 4,160 as Brent surged past USD100 and the Dollar and US yields climbed.
Fri, Jul 24
British Pound remains depressed near 1.3300 despite upbeat UK Retail Sales data
The British Pound (GBP) remains pinned near three-week lows against the US Dollar (USD) on Friday, trading near 1.3300 and on track for a 1% weekly decline.
Fri, Jul 24
Indonesian Rupiah advances as US Dollar struggles despite increasing risk aversion
USD/IDR depreciates after registering over 0.5% gains in the previous day, trading around 18,020 during the Asian hours on Friday. However, the pair may see upward momentum following Bank Indonesia's (BI) unexpected decision to hold its benchmark interest rate steady at 5.75% in July.
Fri, Jul 24
