EUR/USD
1.13917
-0.259%
Gold
4089.08
2.037%
Oil
68.099
-2.564%
USD/JPY
162.378
-0.113%
GBP/USD
1.32752
0.115%
GBP/JPY
215.563
0.003%
Real-time News
1. According to SMM, the JFR union in Moquegua, Peru, has begun a strike, which is expected to cause delays in shipments from mines owned by Quellaveco and Grupo Mexico. Furthermore, the strike could spread to the port of Matarani in Arequipa, which, if it does, will further impact the shipping schedules of other major mines such as Las Bambas, Cerro Verde, and Constancia. Whether the strike has extended to Arequipa is currently unconfirmed. 2. Federal Reserve Chairman Warsh said on Wednesday that inflation expectations and inflation risks have both declined in recent weeks; he also reiterated the Feds commitment to reducing inflation to its 2% target. "In the initial weeks of this period, inflation expectations have fallen, and inflation risks have decreased accordingly," Warsh said. 3. Data shows that Venezuelan oil exports through trading companies fell to approximately 775,000 barrels per day. Venezuelan oil exports to the United States increased to 630,000 barrels per day in June, while exports to India fell to 277,000 barrels per day in June. 4. Federal Reserve Chairman Warsh reiterated that he will not provide "forward guidance" on upcoming interest rate policy, marking a significant shift for the Fed. "Were going to forge a new path," Warsh said. "I hope that when we meet again in four weeks, well have a full internal debate." 5. U.S. ADP employment rose by 98,000 in June, the lowest increase since March, below market expectations of 118,000. 6. Three sources said Wednesday that OPEC+ oil-producing countries will agree to further increase their August production target at their meeting on Sunday, a move that would increase oil supply as the Strait of Hormuz gradually reopens and oil prices fall. The sources said the August production target would increase by approximately 188,000 barrels per day, the same increase as in June and July. 7. The EIA report showed that U.S. commercial crude oil inventories, excluding strategic reserves, fell by 3.775 million barrels to 408 million barrels in the week ending June 26, a decrease of 0.92%, the lowest level since the week ending September 28, 2018. U.S. crude oil inventories fell for the 10th consecutive week. Crude oil inventories on the U.S. West Coast fell to a record low.July 1st - U.S. manufacturing activity expanded for the sixth consecutive month in June as the surge in input costs driven by war eased. According to data released Wednesday, the Institute for Supply Management (ISM) manufacturing index fell 0.7 points to 53.3, still near a four-year high. A reading above 50 indicates expansion, and the latest data shows the sector is experiencing its longest expansion since 2022. The pace of increase in raw material purchase prices slowed significantly in June. The ISMs price sub-index fell 9.1 points to 73, the largest monthly drop since July 2022; this followed a sharp decline in oil prices after a provisional agreement between the U.S. and Iran.ECB Governing Council member Kasik: There may be more clarity on wages in the fall.ECB Governing Council member Kasik: The impact of the war on oil prices is likely to have a longer-term effect. Another rate hike is a reasonable expectation.July 1 – In response to the Supreme Courts ruling this week blocking President Trumps dismissal of Federal Reserve Governor Cook, Federal Reserve Chairman Warsh gave his initial response: "The Federal Reserve operated independently and followed its statutory duties until the Supreme Courts ruling. Following the Supreme Courts ruling, the Federal Reserve will continue to do so… I trust the federal judges appointed under Article III of the Constitution and I firmly believe in the rule of law. We will follow the Supreme Courts ruling, but from the perspective of day-to-day operations, this ruling reaffirms our position: we are doing everything in our power to perform our duties impartially, just as a referee would judge a ball. We take our reform goals seriously and will deliver on the important commitments Congress has given us—to achieve price stability within the framework of our dual mandate; as long as we do this, we need not worry about political interference or judicial intervention. We can focus on the task at hand."
