Daily Market Insight

• Biden exits race, backs Harris • Nvidia developing AI chip for China • PBOC cuts rates to boost the economy • US dollar edges up as Biden ends campaign

• Biden faces rising pressure to withdraw • US Initial Jobless Claims surge most since May • ECB keeps rates steady, seeks more data before next cut • Japan's CPI inflation rises slightly below expectations in June • Euro steady as ECB keeps September cut option open

• US considers stricter trade regulations to curb China's chip industry • Industrial production was stronger than expected • Williams echoes Powell in stating that the Fed is "closer" to cutting interest rates • UK inflation remains stable at 2%, surpassing forecasts • The Dollar declined further due to the strength of its major peers

• U.S. retail sales exceed expectations in June • ZEW Economic Sentiment Index fell more than expected • Canada's June inflation drop boosts likelihood of a rate cut next week • The dollar remained largely unchanged overall

• Fed's Powell highlights inflation progress • China GDP disappoints at 4.7% in Q2 as weak spending weighs • China's new home prices decline sharply, highlighting the need for additional support • The dollar edges slightly lower after Powell

• US Producer Prices Rise as Service Margins Increase • Investors expect an increase in Trump-victory trades following the shooting • China's trade balance soars in June with rising exports and falling imports • The Dollar index extended into its third day of declines

• U.S. inflation eases, likely ensuring Fed rate cut • US weekly jobless claims fall more than expected • Stronger UK economic growth benefits new government • The dollar tumbled on a cooler-than-expected US CPI report

• 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