Daily Market Analysis By FXOpen

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NVIDIA: Kyber NVL144 Dispute Weighs on the Stock

NVIDIA shares found themselves at the centre of debate over the future of the Kyber NVL144 system. On 6 July, CNBC, citing research firm SemiAnalysis, reported that the project could be delayed by more than a year—from 2027 to 2028—due to manufacturing issues involving a specialised printed circuit board (PCB). NVIDIA firmly denied the claims, helping the stock recover more than 1%.

Sentiment was also supported by a Goldman Sachs note, which described NVIDIA's forward P/E ratio of 21.7 as attractive compared with its historical average (estimated by secondary sources at around 72). According to SemiAnalysis, a delay could provide competitors such as AMD and Google with a temporary opportunity to narrow the technology gap. However, the market's reaction suggests investors are, for now, placing greater confidence in NVIDIA's denial than in the reported production concerns.

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AUD/USD and USD/CAD React to Softer US Inflation

Commodity-linked currencies strengthened after US inflation data came in weaker than expected. The Consumer Price Index (CPI) slowed to 3.5% year-on-year in June, below the 3.8% forecast, while core inflation eased to 2.6% versus expectations of 2.8%. On a monthly basis, headline CPI unexpectedly fell by 0.4%, while core CPI was unchanged. The moderation in inflationary pressure increased expectations that the Federal Reserve may adopt a more accommodative policy stance, putting pressure on the US dollar and supporting both the Australian and Canadian dollars against the greenback.

However, despite the weaker US dollar, the next move in USD/CAD will largely depend on the Bank of Canada's policy decision. Later today, the central bank will announce its interest rate decision, publish its updated Monetary Policy Report, and hold a press conference with the Governor. If policymakers maintain a cautiously hawkish tone on inflation, the Canadian dollar could receive additional support. Conversely, a more dovish message may limit CAD gains despite the broader weakness in the US dollar.

Market participants will also focus on the release of the US Producer Price Index (PPI), which will provide further insight into inflation trends following the softer CPI report. In addition, US crude oil inventory data could influence USD/CAD, as oil prices traditionally have a significant impact on the Canadian dollar.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Brent Crude Oil: From Ceasefire to Crossfire — What's Next?

Just weeks ago, traders were pricing in peace. Now they're pricing in war again—and that reversal says everything about how fragile the current Middle East calm really is.

Brent crude has surged to $86 a barrel, its highest level in a month, after the Washington-Tehran ceasefire effectively collapsed. US strikes hit Iranian defence infrastructure, Iranian missiles struck Emirati tankers, and Washington reinstated its naval blockade of Iranian ports.

Additionally, yesterday's June CPI year-on-year print eased bullish pressure on the dollar and gave a lift to dollar-denominated assets. Headline inflation fell to 3.5% year-on-year, well below the expected 3.8%, largely thanks to a sharp drop in energy prices during June. However, the read looks backward-looking rather than structural: it reflects June's energy weakness, before the ceasefire unraveled.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.