SocGen's Overnight Economic News Summary

06:04 AM EDT, 07/17/2025 (MT Newswires) -- Societe Generale in its early Thursday economic news summary pointed out:

-- US dollar regains bullish tactical footing in Asia, DXY up against 50dma at 98.76, next hurdles 99.50/100. 10-year United States Treasury +2bps at 4.48%, resistance 4.52%. President Trump on dismissing Federal Reserve Chair Powell: I don't rule out anything, but it's highly unlikely.

-- Japan: trade deficit narrowed to 235.5 billion yen in June from 291.6 billion yen in May. Exports -0.5% year over year, imports +0.2%. Japanese investors bought 759.3 billion yen international bonds last week. International investors bought 170.4 billion yen Japanese bonds and 446.0 billion yen Japanese stocks.

-- United Kingdom average earnings excluding bonuses slow to 5.0% three-month/y over year in May, consensus was 4.9%. Private sector moderates to 4.9%. Employment +134,000 threee-month over three-month. Unemployment rate +0.1pp to 4.7%. Payrolled employees -41,000 in June, May revised up to -25,000 from -109,000.

-- Australia's employment up 2,000 in June, full-time -38,200, unemployment rate climbs to 4.3%, participation rate up a tick at 67.1%. AUD/USD -0.8% at 0.6475. Three-year AGBP yield declines 8bps to 3.43%.

-- Day ahead: U.S. retail sales, weekly jobless claims, Philly Fed business outlook. Federal Reserve speakers Kugler, Daly and Cook. European Central Bank's Villeroy. Bond auctions from Spain, France and the U.K.

-- Nikkei +0.4%, EUR 10-year IRS unchanged at 2.67%, Brent crude +0.3% at $68.7/barrel, Gold -0.5% at $3,333/oz.

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