EUR/GBP Analysis

The EUR/GBP currency pair is attempting to stabilize above a recent low of £0.8638, with a target to revisit last week's high of £0.8681. If this level is surpassed, the 200-day simple moving average at £0.8701 and the May peak at £0.8730 could be reached. A drop below £0.8638 may lead to further support at £0.8630 to £0.8612.

Silver Price Recovery

The price of silver is currently in a range trade, moving towards its recent highs of $78.8260 to $78.8949. A breakthrough of these levels could lead to the April peak at $83.0555. Support is found between $73.8490 and $71.7920, with a bullish outlook maintained as long as prices stay above the 28 May low of $71.7920.

Macro Update

Asian equities have shown a slight increase, with the MSCI Asia-Pacific index (excluding Japan) gaining 0.4%. This rise is attributed to enthusiasm for AI-related stocks, despite ongoing geopolitical uncertainties in the Middle East. The Nikkei index, however, fell by 1.46% as investors became cautious amid rising oil prices and uncertain negotiations.

Brent crude oil prices eased to $93.50 per barrel, influenced by mixed signals regarding US-Iran discussions. The dollar index remained stable as markets await clearer developments in ceasefire negotiations, while the Japanese yen weakened, raising speculation of potential intervention by Japanese authorities.

In South Korea, the Kospi index retreated from record highs, influenced by volatility in major tech stocks. Additionally, South Korean inflation has accelerated, leading to expectations of an interest rate hike in the near future.

Corporate News

AI company Anthropic has confidentially filed for a US initial public offering, positioning itself ahead of its competitor OpenAI in the race to go public. The company's valuation has significantly increased following a major funding round completed in late May.