SpaceX heads back to Earth
AUD/USD fell to two‑month lows and briefly slipped below 0.7000 as a sell‑off in US technology stocks hit global sentiment.
US tech led the decline, with the newly listed SpaceX tumbling 16% as Elon Musk’s space venture pulled back toward its USD 150 opening price. SpaceX closed at 154.60 overnight. The Nasdaq dropped 1.3%, while the S&P 500 fell 0.4%.
The kiwi underperformed, with NZD/USD down 0.4%, while AUD/USD eased 0.1%.
Elsewhere, attention turned to the UK after Prime Minister Keir Starmer said he would resign in September. Andy Burnham, the former Manchester mayor, is the frontrunner to lead the beleaguered Labour Party. The British pound edged higher, with GBP/USD up 0.1%.
EUR/USD fell 0.4%, while USD/JPY rose 0.2%.
Greenback firms in Asia as US–Iran talks progress
The US and Iran took a step forward in negotiations, wrapping up initial high‑level talks in Bürgenstock, Switzerland. Qatar and Pakistan said discussions showed encouraging progress.
Both sides agreed to establish a high‑level committee to oversee working groups covering nuclear issues, sanctions, and dispute resolution. They also outlined a roadmap targeting a final agreement within 60 days. Technical talks will continue through the week.
Oil prices eased following the update, as markets reacted to the prospect of reduced tensions.
In Asia, USD/SGD is trading about 2.7% above its 28 January low of 1.2586. Support sits near the 21‑day EMA at 1.2847, with the 50‑day EMA close by at 1.2810. USD/SGD is hovering near the top of its one‑, three‑, and six‑month ranges.
Senators turn up the heat on China’s currency stance
Two US senators are pushing Treasury Secretary Scott Bessent to take a tougher line on China’s currency. Elizabeth Warren and Rick Scott urged closer coordination with G7 partners to pressure China to change how it manages its currency.
In a letter, they argued the yuan is trading below levels implied by economic fundamentals and called for coordinated action to push China toward a more open, market‑driven currency regime.
USD/CNH is hovering near a one‑week high, though it remains close to a three‑year low, which is about 0.4% above the recent trough of 6.7539 on 17 June.
For USD/CNH, a break above the 50‑day EMA at 6.8023 is needed to build upward momentum. A sustained move above this level could open the way toward the 100‑day EMA at 6.8487.
Aussie hit as greenback gains
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 22-27 June
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
