💡Here's the evening news roundup for you:
🛢️ Oil/Energy
• Brent has broken below $93, WTI down 2% – IEA warns that inventories are plunging to critical levels ahead of summer 🚨
• IEA: If Hormuz isn’t reopened, oil inventories will continue to drop throughout the summer, risking depletion ⚠️
• OECD: Oil inventories are at alarming lows, high prices are beginning to destroy fuel demand 📉
🏦 Monetary Policy
• ECB speaks in unison: June rate hike is 'insurance' against inflation, market pricing in two hikes this year 🚨
• Eurozone inflation skyrocketed to 3.2% in May, services hit 3.5% – reinforcing the ECB’s hawkish stance 📈
• BoJ receiving numerous requests to pause/QT from FY 2027, members divided on the pace of bond purchase reductions
🥇 Gold/Metals
• XAU bounces back to $4540 (+1.25%), recovering due to falling yields & cooling oil prices 📈
• ECB: Gold has surpassed US Treasury bonds to become the number one global reserve asset 💥
• India sold $120 billion in gold reserves over 2 weeks to protect foreign assets against Middle East shocks 🚨
💱 FX/Currencies
• USD/JPY is back near 160, 11.7 trillion yen intervention can’t reverse the trend 📉
• Traders are pricing in a 43% chance of a Fed rate hike in December – up from 36% last week 🚨
• CHF is under upward pressure due to the Middle East, SNB has shown readiness to intervene ⚠️
🌍 Geopolitics
• Iran hasn’t responded to the US about the memorandum, stating it's still evaluating the final text 🔥
• Iran claims it hasn’t played all its cards yet, ready to fight if NATO intervenes 💥
• MSC vessel hit by 2 missiles in Iraq, Iran claims responsibility 🚨
#Pada_Research