The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

0908 GMT - The Polish zloty could underperform its central European peers as the region comes under pressure from risk aversion due to renewed U.S.-Iran conflict, ING's Frantisek Taborsky says in a note. National Bank of Poland Governor Adam Glapinski said a future rate cut was possible during a press conference last Thursday. This could weigh on the zloty for a "bit longer" as data on Wednesday should confirm inflation eased to 2.5% in June, Taborsky says. In contrast, the Czech central bank raised rates in June and Hungary's domestic backdrop has improved, supporting the outlook for these currencies, he says. The euro rises 0.2% to 4.3275 zloty, having reached a 19-month high of 4.3502 on Friday, LSEG data show. (renae.dyer@wsj.com)

0852 GMT - Yields on U.K. 30-year government bonds rise as higher oil prices push up inflation risks. The prospect of elevated inflation raises concerns about the impact on the economy, as well as the possibility of interest-rate rises by the Bank of England. The price of a barrel of Brent crude climbs 2.6% to $77.98 following U.S. attacks on Iranian targets and Iran's strikes on commercial vessels on the Strait of Hormuz. U.K. 30-year gilt yields rise 2.7 basis points to last trade at 5.637%, Tradeweb data show. (miriam.mukuru@wsj.com)

0851 GMT - The cost of default protection for euro credit rises due to worsening market sentiment as the U.S.-Iran conflict intensifies. Over the weekend, the U.S. launched airstrikes on Iran's military targets while Iran struck vessels passing through the Strait of Hormuz. The iTraxx Europe Crossover index of euro high-yield credit default swaps rises 2 basis points to 248bps, S&P Global Market Intelligence data show. (miriam.mukuru@wsj.com)

0841 GMT - The evolution of the U.S.-Iran conflict is likely to be the key factor driving all major asset classes and investor sentiment this week, analysts at First Abu Dhabi Bank say in a note. Military tensions between the U.S. and Iran escalated during the weekend. Focus will be on whether the situation stabilizes or whether it escalates further, they say. "Renewed hostilities between both sides over the weekend have been a worrying development--one that will likely weigh heavily on regional investor sentiment as well as impact negatively on a global macro scale," the analysts say. (emese.bartha@wsj.com)

0834 GMT - The Philippines' core inflation has yet to peak, Nomura economists say in a note. They point to core inflation having continued accelerating to 4.4% last month from 4.1% in May, due to continuing pass-through effects from energy prices. Meanwhile, headline inflation is expected to have already peaked, having eased to 6.4% in June from 6.8% in May, driven by lower retail fuel prices. Nomura lowers headline inflation forecasts for the Philippines to 5.1% from 5.5% for 2026 and to 3.1% from 3.2% for 2027. (amanda.lee@wsj.com)

0818 GMT - Gold prices might face some short-term pressure, according to GivTrade's Waleed Said. The yellow metal is falling as expectations for tighter interest rates are outweighing the safe-haven trade, the analyst says. "Higher oil prices are lifting Treasury yields and the dollar, making non-yielding gold less attractive," the analyst says. Rising tensions between the U.S. and Iran may still provide support for the precious metal's price, he adds. Spot gold is down 1.3% at $4,068.15 an ounce. (tracy.qu@wsj.com)

0812 GMT - Markets increase their bets of the Bank of England increasing interest rates in the coming months as the U.S.-Iran conflict intensifies. The U.S. attacked Iran's military targets over the weekend and Iran responded with strikes on ships passing through the Strait of Hormuz. The renewed attacks have caused oil prices to rise and brought back inflation fears. Investors currently price in a total of 34 basis points of BOE rate rises in 2026, seven basis points up from last week's expectations, LSEG data show. (miriam.mukuru@wsj.com)

0758 GMT - Interventions by Japanese authorities to shore up the yen are possible this week ahead of the Marine Day public holiday on July 20, ING's Chris Turner says in a note. Authorities intervened in 2024 before the Marine Day holiday and that same playbook would point to potential inventions on Thursday and Friday, he says. However, interventions alone cannot reverse the yen's weakening trend versus the dollar. "For that to happen, energy prices need to come lower and the Federal Reserve must conclude that it does not need to hike rates after all." Neither seem likely in the near term, he says. The dollar rises 0.3% to 162.11 yen.(renae.dyer@wsj.com)

0747 GMT - Malaysia's consumer sector could remain supported in 2H by resilient household spending, easing input costs and a tourism recovery, Hong Leong IB's Jonathan Ooi writes in a note. There is also potential for the government to roll out more consumer-friendly measures, he says. Lower commodity, freight and fuel costs are expected to support producers' margins, while a strong labor market should drive consumer demand, the analyst adds. Ooi also expects the coming budget to include measures to boost consumption ahead of the next general election. Hong Leong maintains an overweight rating on the Malaysian consumer sector. 99 Speed Mart Retail and Focus Point are its top picks. (yingxian.wong@wsj.com)

0733 GMT - Gold futures slide more than 1% after fresh strikes between the U.S. and Iran sent oil prices higher, reviving concerns about inflation and prospects of tighter monetary policy. In early trading, New York gold was down 1.2% at $4,066.10 a troy ounce. The latest escalation, which is renewing concerns over the future of the Strait of Hormuz and supply tightness in the third quarter, pushed U.S. Treasury yields and the dollar higher, adding further pressure on non-yielding precious metals. Investors are now awaiting upcoming U.S. inflation data and Federal Reserve Chair Kevin Warsh's congressional testimony for fresh clues on the outlook for interest rates. (giulia.petroni@wsj.com)

0732 GMT - The Indonesian rupiah remains vulnerable given that the domestic market is facing weak investor confidence and risk premia, and not just a strong dollar or higher oil prices, says RHB Bank group chief economist Barnabas Gan. MSCI's decision to defer its market-classification review for Indonesia until November provides temporary relief but the downgrade overhang remains unresolved, Gan says in a report. Investors will continue to focus on ownership transparency, free-float adequacy, market accessibility and trading reliability, which could influence longer-term foreign participation in Indonesian assets. The dollar is up 0.3% at 18,100 rupiah.(amanda.lee@wsj.com)

0726 GMT - The euro could fall further as renewed U.S.-Iran conflict push energy prices higher, ING's Chris Turner says in a note. Natural gas prices are rising and European gas inventories are low during a heatwave, he says. The euro could easily fall towards $1.1360 and potentially drop below the $1.1300-$1.1325 area this month. However, this could prove to be the low point of the euro's trading range this summer, Turner says. The euro falls 0.1% to $1.1408. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

July 13, 2026 05:08 ET (09:08 GMT)

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