Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Trump Administration Plans Major Rollback of Biden-Era Fuel Economy Standards 
U.S. Soybean Shipments to China Gain Momentum as Trade Tensions Ease 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
U.S. May Withhold $30.4 Million From Minnesota Over Improper Commercial Driver Licenses 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
International developments moved to the back seat this week, as the risks stemming from Greek debt crisis and China’s equity market eased off for now. However, renewed weakness in commodity sector and concerns over corporate profitability weighed on market sentiment.
The domestic data flow remained relatively upbeat. Initial jobless claims fell to a multi-decade low. Existing home sales rose by 3.2% in June to a new cycle high. New home sales disappointed, declining by 6.8% in June, however they were still up 18% relative to a year ago.
Next week should bring further evidence of a rebounding economy, with second quarter GDP reading expected to show a 2.5% gain. The upturn in economic data is likely to be recognized in the Fed’s July interest rate announcement, which we expect to set the stage for September rate liftoff.
