The US dollar is trading higher against all the G10 currencies today, with the exception of the Norwegian krone. This is due to Norway's central bank deciding to maintain its current policy stance. In contrast, the Swiss National Bank (SNB) surprised many by implementing its second consecutive rate cut. As a result, the Swiss franc is the weakest among the major currencies, down approximately 0.70% against the dollar. The financial community is now awaiting the Bank of England's upcoming decision.
Meanwhile, equity markets are showing mixed results. Gold is experiencing a stronger basis, although after reaching a nine-day high near $2,345, it has pulled back to find support around $2,332. August WTI crude oil broke through the $80 level yesterday, which had been a resistance point since late April. The rally extended to about $81.15 before losing momentum and slipping back to around $80.50.

Asia-Pacific Markets
In Asia, Japan reported a smaller trade deficit, aided by the strongest year-over-year rise in exports since November 2022, at 13.5%. Although May's trade balance typically worsens compared to April's, the decline was not unexpected.
The dollar remained within a narrow range below JPY 158 yesterday but nearly reached JPY 158.50 today.
The hawkish stance taken by the Reserve Bank of Australia earlier this week has given the Australian dollar a boost. It was testing support near $0.6600 earlier and reached $0.6675 yesterday, a five-day high. The gains extended slightly today, holding below $0.6680.

European Markets
In Europe, two G10 central banks have already held their meetings, with the Bank of England's decision imminent.
The euro traded within a narrow range above $1.0725 yesterday, holding below $1.0750 today and finding support just below $1.0715.
Sterling hit its lowest level in almost a month last Friday, near $1.2655. However, it has been posting higher lows and highs this week, hovering around $1.2700 during the European morning.

American Markets
In the US, May retail sales were weaker than expected, and April figures were revised lower. Despite this, the Atlanta Fed's GDP tracker remains at 3.1% (since June 7), as weaker consumption was offset by slight increases in private domestic investment and government spending.
Today, the US will release data on May housing starts and permits, which could influence GDP estimates. Additionally, last week's 13k increase in weekly initial jobless claims (to 242k, the highest since last August) adds significance to today's report, especially as it coincides with the nonfarm payroll survey period.
The US dollar dropped to a five-day low, just below CAD 1.37 yesterday, but is holding above CAD 1.37 today.