ForexLive Asia-Pacific FX news wrap: Rangebound session

Forex Short News

It was a mostly subdued session across Asian financial markets today.

The key data point was Australian retail sales for May, which rose just 0.2% m/m (vs. expected +0.4%) and 3.3% y/y. The modest gain highlights continued pressure on household spending amid cost-of-living strains and weak consumer confidence. The soft print added to expectations for a Reserve Bank of Australia rate cut at its July 7–8 meeting. AUD/USD edged lower in response, though the move was part of a broader lift in the USD.

Elsewhere, oil, regional equities, gold, and bond markets all traded within tight ranges. Tokyo stocks fell in morning trade with ongoing concerns about Japan-US tariff talks.

In geopolitics:

  • The Pentagon has paused some air defense missile and precision weapon shipments to Ukraine amid concerns about depleted U.S. stockpiles, according to Reuters citing sources.

  • Trump said Israel has agreed to a 60-day Gaza ceasefire proposal, posting on social media that the next move is up to Hamas.

This article was written by Eamonn Sheridan at www.forexlive.com.