Daily Market Insight

• Powell's second day of testimony reiterated that more convincing data is needed • US wholesale inventories rise in May • China CPI inflation slows in June, PPI shrinks at slowest pace in 16 months • The dollar index traded within a very narrow range as traders awaited the US CPI data

• Chair Powell largely stuck to the script at the Senate testimony • Australia's consumer sentiment worsened due to concerns about rates and inflation • Taiwan sees 28-month high in export and import growth for June • Dollar remained within a narrow range following Fed Chair Powell's remarks

• Joe Biden vowed to stay in the presidential race • Japan posts current account surplus of $17.7 billion in May • China's central bank adopts new tool for liquidity and interest rates. • Dollar stabilizes ahead of key data

• The U.S. added 206,000 jobs, with a slight uptick in the unemployment rate. • Left-wing New Popular Front coalition leads French election • Thailand's headline inflation eases in June • Dollar falls as US payroll report bolsters the odds for Fed rate cuts

• UK election: Exit poll predicts a significant victory for Labour • Euro zone household savings highest since 2021, but investments fall • Japanese household spending unexpectedly declined • The dollar slightly declines during trading on a holiday

• ADP job growth in the US decelerated in June • The US ISM service sector weakened as orders declined • Jobless claims rose more than expected and remain near a one-year high • Downbeat data drives the US dollar index lower

• US labor market easing despite more job openings • Powell's comments leaning towards a dovish stance • Euro zone inflation eases a touch, but services costs stuck • US dollar inches lower as dovish Powell comments offset upbeat jobs data

• US manufacturing continues to decline, while inflationary pressures are diminishing • Euro zone Manufacturing PMI decline deepens in June • German inflation decreases more than anticipated in June • UK manufacturing growth slows as shipping delays hit exports • US dollar climbs to new 38-year peak vs yen; euro rises after French elections

• U.S. PCE slows as expected in May • Far right wins first round in France election • China's June factory activity continued to contract, while services experienced a slowdown • Euro rises after France's first-round vote

• Final US Q1 GDP revised higher, but consumption was slower • US weekly jobless claims decline slightly • Tokyo's CPI edged higher in June, but underlying inflation remained subdued • The US dollar weakens following softened economic data