Economic pessimism has set in – but there are reasons for Australians to be hopeful 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Global Financial Firms Shift Asia Expansion Focus to South Korea as China, India Face Caution 
Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
China Manufacturing PMI Edges Higher in June as Exports and AI Investment Boost Growth 
Gold Prices Drop as Fed Rate Outlook and Iran Tensions Weigh on Market 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Yen Falls to 40-Year Low as Markets Watch Japan Intervention and U.S. Jobs Report 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
US Stock Futures Rise as US-Iran Ceasefire Hopes Boost Market Sentiment 
Asian Stocks End Strong Quarter as Dollar Surges, Yen Hits 40-Year Low Ahead of US Jobs Data 
Trump Suspends Some Morocco Fertilizer Tariffs to Ease U.S. Supply Shortage 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
The U.S. dollar remained close to recent highs on Tuesday as global markets braced for a critical deadline set by President Donald Trump, demanding Iran reopen the Strait of Hormuz to international shipping or face military strikes on its infrastructure. The standoff has rattled financial markets worldwide, sending energy prices surging and driving investors toward the dollar as a reliable safe-haven currency.
The ongoing Middle East conflict, combined with the potential closure of the strategically vital Persian Gulf chokepoint, has reinforced bullish sentiment around the greenback — particularly across Asian markets. Despite cautious optimism over the Easter holiday period that a diplomatic breakthrough might ease tensions, few traders were willing to sell dollars ahead of Trump's 8 p.m. Eastern Time deadline. The president warned Monday that Iran could be neutralized "in one night," pledging to target Iranian power plants and bridges if demands were not met.
Currency markets reflected the uncertainty. The Japanese yen weakened to 159.79 per dollar, approaching multi-decade lows last seen during 2024 interventions. The euro traded at $1.1533 and the British pound at $1.3227, both hovering near multi-month lows recorded in late March. Meanwhile, the Australian and New Zealand dollars recovered slightly from sharp recent losses but remained soft at $0.6917 and $0.57 respectively. The South Korean won stayed weak beyond the 1,500 level — a threshold only breached during the crises of 1997 and 2009 — while Indonesia's rupiah fell to a record low.
Iran and Israel exchanged strikes throughout Tuesday, with Israel confirming a wave of airstrikes on Iranian government infrastructure while missile defenses activated across Israel and Saudi Arabia. Analysts at Commonwealth Bank of Australia cautioned that even if the U.S. steps back from the conflict, the Strait of Hormuz may remain closed, continuing to pressure global trade and currency markets.
