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Brown Brothers Harriman’s (BBH) Elias Haddad notes that GBP/USD has risen above pre-war levels as United Kingdom (UK) local and Scottish elections test Prime Minister Keir Starmer’s leadership. Haddad warns that a strong Green Party showing could push policy leftward and worsen fiscal concerns, with UK nominal Gross Domestic Product (GDP) growth running below 10-year gilt yields, posing a drag on the Pound (GBP).Election risks and weak fiscal backdrop”GBP/USD has rallied above pre-war levels. Today’s local and Scottish elections will test British Prime Minister Keir Starmer’s leadership.””Starmer’s Labour Party is poised to get trounced when results start coming in early…
Rupee turned sharply higher on Thursday afternoon, boosted by a slump in crude oil prices, with stop-losses on short rupee wagers and dollar sales in the non-deliverable forward market also lifting the currency, traders said.Brent crude fell below $100 per barrel, down nearly 3% and reversing course after touching a peak of $102.5 on the day, as the United States and Iran edge toward a temporary agreement to halt their war, sources and officials said.The retreat in oil prices lifted Asian currencies broadly, including the rupee, which strengthened by as much as 0.5% before ending the session at 94.25, sharply…
The Indian rupee turned sharply higher on Thursday afternoon, boosted by a slump in crude oil prices, with stop-losses on short rupee wagers and dollar sales in the non-deliverable forward market also lifting the currency, traders said.Brent crude fell below $100 per barrel, down nearly 3% and reversing course after touching a peak of $102.5 on the day, as the United States and Iran edge toward a temporary agreement to halt their war, sources and officials said.The retreat in oil prices lifted Asian currencies broadly, including the rupee, which strengthened by as much as 0.5% before ending the session at…
Dollar-rupee forward premiums retreated, with the 1-year forward implied yield falling to a three-week low of 2.98%. The Indian rupee turned sharply higher on Thursday afternoon, tracking a slump in crude prices, with stop-losses on short rupee wagers and dollar sales in the non-deliverable forward market boosting the currency, traders said.Brent crude fell to $99 per barrel, down 2 per cent on the day and reversing course after touching a peak of $102.5.The fall sparked gains across Asian currencies including the rupee, which was last at 94.2525 per dollar, up 0.4 per cent on Thursday.A pullback in oil prices would…
The Indian Rupee (INR) recovers early losses and turns positive against the US Dollar (USD) during India’s afternoon trading hours on Thursday. The USD/INR pair slides to near 94.34 amid the selling pressure in the oil price, following headlines that there could be a breakthrough regarding the reopening of the Strait of Hormuz, a vital passage to almost 20% of global energy supply, soon.Oil price slides further on possible US-Iran breakthroughIndian Rupee has attracted significant bids against the US Dollar as the oil price plummets. As of writing, the WTI Oil price is down almost 3% to near $90.00. During…
Forex traders say factors such as unabated foreign capital outflows amid rising geopolitical uncertainties dented investor sentiment. The rupee depreciated 28 paise to 94.77 against the US dollar in early trade on Thursday as market sentiment took a dramatic turn after reports emerged that the US and Iran are discussing a 14-point Memorandum of Understanding (MOU) aimed at reducing tensions and reopening negotiations.Forex traders said Brent oil prices, which had fallen to $98 on the US-Iran peace deal, edged slightly higher to $101 per barrel after investors weighed the prospects for a Middle East peace deal.Moreover, factors such as unabated…
The AUD/JPY cross gathers strength near 113.30 during the early European session on Thursday. The Australian Dollar (AUD) edges higher against the Japanese Yen (JPY) on improved risk sentiment following reports that the United States (US) and Iran are close to a deal to end the war.An Iranian official said on Wednesday that it was reviewing a US peace proposal that sources said would formally end the war while leaving unresolved the critical US demands that Iran suspend its nuclear program and reopen the Strait of Hormuz. CNN reported that Iran is expected to hand over its reply on Thursday to mediators about…
India’s efforts to draw more dollar investments, likely from non-residents, would probably need central bank support to cover exchange risks while ensuring yields that exceed those currently offered by the global markets, particularly the US, economists said.”We are pencilling in a large balance of payment (BOP) deficit of around $68 billion in FY27. Unless the global backdrop changes to lower oil prices, this is the gap that will likely need to be plugged via the forex deposit scheme being considered,” Nomura’s Sonal Varma said in a report.After a 6% retreat in the currency in 2026 and the worst fiscal-year fall…
Mumbai: The rupee joined continental peers on Wednesday to log its steepest single-day gains in more than a month, climbing 67 paise through a session marked by a $8/barrel retreat in crude oil prices, after Iran and the US indicated they would redouble diplomatic efforts to break the deadlock in peace talks. Stocks climbed while bond yields slipped below 7%.From Tuesday’s life-time closing low of 95.28 to a dollar, the rupee advanced to 94.61/$ at close Wednesday, climbing to reflect the broader relief expected from lower automotive fuel prices in a country that is import-dependent for four-fifths of its energy…
The Bank of Japan (BoJ) board members shared their views on the monetary policy outlook on Thursday, per the BoJ Minutes of the March meeting. Key quotesSeveral members believe it was suitable to keep policy rate at 0.75%. Members express concern over inflation rebound driven by rising oil prices. Some members say amid heightened uncertainties in Middle East, maintaining policy rate steady was appropriate. Member says central bank should soon modify deeply negative real interest rate. One member noted no evidence past rate increases have reduced stimulus impact on economy.Members agreed central bank should continue raising rates as economy and prices improve. One member said from next policy meeting…