Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Austria’s AA Credit Rating Affirmed as Fitch Highlights Stable Outlook 
Trump Meets Mexico and Canada Leaders After 2026 World Cup Draw Amid USMCA Tensions 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
U.S. Stocks End Week Higher as Markets Anticipate Fed Rate Cut 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Holiday Economic Questions: What Bank of America Says You Should Expect 
Oil prices fell by 1% on Monday amid easing geopolitical tensions in the Middle East and growing expectations of increased supply from OPEC+. Brent crude futures slipped 66 cents, or 0.97%, to $67.11 per barrel by 0031 GMT ahead of the August contract’s expiry, while the more active September contract dropped 83 cents to $65.97. U.S. West Texas Intermediate (WTI) crude declined by 94 cents, or 1.43%, to $64.58.
Despite the recent dip, both Brent and WTI are on track to close June with their second straight monthly gain of over 5%, although last week marked their steepest weekly losses since March 2023.
The decline follows the resolution of a 12-day conflict that began on June 13 when Israel attacked Iran’s nuclear sites, prompting U.S. airstrikes. Brent prices had surged past $80 during the height of the conflict but plunged after President Donald Trump brokered a ceasefire between Israel and Iran. Analysts, including IG Markets’ Tony Sycamore, noted the market has now largely priced out the geopolitical risk premium.
Adding to the bearish sentiment, four OPEC+ delegates revealed the group is likely to increase crude output by 411,000 barrels per day in August—continuing a pattern of monthly hikes that began in April. The next OPEC+ meeting is scheduled for July 6.
Meanwhile, in the U.S., oil rig counts—a key indicator of future production—fell by six to 432 last week, the lowest level since October 2021, according to Baker Hughes. This decline suggests potential constraints on domestic output even as global supply pressures mount.
The combination of supply-side optimism and reduced Middle East tensions is currently driving oil markets lower, shifting focus back to fundamentals.
