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The Indian rupee ended marginally weaker on Thursday as sustained hedging appetite from importers weighed on the currency even as a cool off in oil prices continued to support market sentiment.The rupee closed at 95.22 per dollar, down slightly from its close at 95.1175 in the previous session.Brent crude oil prices lingered below $80 per barrel on Thursday as investors assessed the Iran-Oman talks over whether they would restore flows via the Strait of Hormuz, a key artery for global energy supplies.The rupee took comfort in the contained oil prices but importers have stepped up hedging activity, limiting the room…
The Euro (EUR) nudges lower against the British Pound (GBP) on Thursday, following a three-day rally. The EUR/GBP remains capped below the late-July top of 0.8586, trading at 0.8575 at the time of writing, yet with downside attempts subdued so far. Eurozone data was supportive on Thursday, as German Factory Orders beat expectations with a 3.1% increase in June, largely exceeding the 0.3% market forecast, and a downwardly revised 0.3% reading in May. Regarding the Pound, FX strategists at Rabobank argue that “a re-pricing in policy expectations towards steady policy from the BoE this year combined with the prospect of nervousness ahead…
The dollar index was trading at 0.05 per cent higher at 99.72 | Photo Credit: Deepak Verma Arathi E A _12427 The rupee depreciated 9 paise to 95.17 against the US dollar in early trade on Thursday as the support from lower crude oil prices were offset by lingering geopolitical risks.At the interbank foreign exchange market, the rupee opened at 95.13, then touched 95.17 against the American currency, registering a fall of 9 paise from its previous close.On Wednesday, the rupee settled at 95.08 against the American currency.”For now the rupee finds itself caught between encouraging diplomatic headlines and lingering…
The AUD/JPY cross trades in negative territory around 111.15 during the early European trading hours on Thursday. A coordinated currency intervention by the United States (US) and Japan provides some support to the Japanese Yen (JPY) against the Australian Dollar (AUD). Traders remain on high alert for further intervention from Japanese authorities. Japan’s Finance Minister Satsuki Katayama said earlier this week that officials will not hesitate to take further action on currency.Bank of Japan (BoJ) Minutes on Wednesday showed that policymakers debated mounting price risks that likely required more rate hikes even as they raised borrowing costs to a 31-year high in…
Currency markets drifted on Thursday with the yen struggling to retain intervention gains and the dollar pinned near six-week lows, as concerns about a proposed U.S.-Iran deal and jitters about upcoming U.S. payroll data left traders cautious.The yen was little changed at 157.71 per dollar in early trade after weakening for two straight sessions. It has now given back some intervention gains after touching 155.20 per dollar on Monday, but remains well off last month’s multi-decade low of about 164.The euro was little changed at $1.1557, and sterling traded flat at $1.3469. The New Zealand dollar and the Australian dollar…
Yemen’s Iran-backed Houthis said that they had launched a missile attack on a Saudi oil tanker off the coast of the kingdom’s Red Sea port city of Yanbu and another missile attack on a Saudi oil tanker in the Gulf of Aden, Reuters reported on Wednesday.Earlier, the United Kingdom Maritime Trade Operations (UKMTO) reported an incident southeast of Aden but it is unclear whether it was the same attack.A Houthi military spokesman said that the latest attacks were the eighth and ninth Saudi oil tankers targeted since the start of the blockade last month.Market reactionAt the time of writing, the West Texas…
USD/JPY trades around 157.65 on Wednesday at the time of writing, little changed on the day, as weakness in the US Dollar (USD) is offset by investors’ cautious stance toward the Japanese Yen (JPY).The US Dollar remains under pressure after a series of weaker-than-expected US economic releases. The Automatic Data Processing (ADP) report showed that the US private sector added 44K jobs in July, below the market consensus of 70K and following a gain of 98K in June. Meanwhile, the Institute for Supply Management (ISM) reported that its Services Purchasing Managers Index (PMI) came in at 54.1 in July, slightly…
USD/CAD trades around 1.4040 on Wednesday at the time of writing, down 0.14% on the day, as the Canadian Dollar (CAD) benefits from a rebound in Oil prices. Crude prices received support after Yemen’s Houthis claimed responsibility for an attack on a Saudi vessel in the Red Sea, temporarily raising concerns over global energy supplies.However, the upside in Oil prices remains limited by hopes of a diplomatic breakthrough in the Middle East. According to Axios, the United States (US), Iran and Oman are close to reaching an interim agreement to reopen the Strait of Hormuz. The proposed framework would establish…
The Indian rupee ended at its highest level in a month on Wednesday, aided by lower crude oil prices, while the central bank’s widely expected policy pause limited some of the currency’s early gains.The rupee opened 0.5% higher at 94.92 per U.S. dollar, its highest since July 1. Soon after, it surrendered nearly half of the gains to end at 95.1175, its strongest closing level since July 7.The Reserve Bank of India’s decision to hold rates and a recovery in the dollar and oil prices dragged down the rupee from its intraday highs, said Dilip Parmar, a foreign exchange research…
Dow Jones futures rise 0.23% to trade around 54,390 during European hours on Wednesday. Meanwhile, S&P 500 futures gain 0.34% to trade near 7,790, while Nasdaq 100 futures advance 0.14%, trading near 29,900. Investors are maintaining a close watch on the next wave of corporate earnings scheduled for release on Wednesday. High-profile reports expected today include results from Walt Disney, Uber, and SanDisk, which could provide further direction for the market.US stock futures edge higher as market sentiment improved amid growing diplomatic momentum surrounding global energy transit routes. According to a report from Axios, the United States (US), Iran, and…