Geopolitical risk remained front and centre during the Asia session, with speculation swirling over a potential Israeli strike on military facilities in Iran. CBS reported that US officials have been told Israel is fully prepared to launch an operation — a key reason behind recent US guidance for some Americans to leave the region. However, later reports suggested that the scheduled US-Iran nuclear talks on Sunday are still likely to proceed, highlighting the mixed and often contradictory signals in play.
Oil extended gains early but failed to hold session highs as uncertainty persisted.
In Japan, a Ministry of Finance survey showed business sentiment turning negative for the first time in five quarters. The Business Sentiment Index for large firms fell to -1.9 for Q2, while non-manufacturers dipped to -0.5, their first negative reading since Q3 2022. The soft data adds to pressure on the Bank of Japan to hold policy steady at its meeting next week (June 16–17).
Australian consumer inflation expectations jumped to 5.0% in June, up sharply from 4.1% in May and marking the highest reading since July 2023.
The U.S. dollar slipped on the day, though not uniformly. EUR, JPY, CHF, and GBP all gained, while CAD was little changed. AUD and NZD underperformed. Gold climbed toward US$3,375 as safe-haven flows continued.
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