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The yuan is on track to overtake the yen as the second-most traded currency against the dollar in the foreign-exchange options market, according to London-based clearing house LCH.The dollar-offshore yuan pair is likely to move to second place behind just the euro-dollar when the Bank for International Settlements releases its next triennial survey of foreign exchange and over-the-counter derivatives markets in 2028, said Andrew Batchelor, head of the clearing house’s unit LCH ForexClear.”Yuan internationalisation is real,” Batchelor said in an interview in Shanghai. “It’s not necessarily about replacing the dollar. It’s about diversifying currency usage. Markets want choice: the ability…
Mumbai: The rupee declined for the fourth straight session on Thursday after RBI rolled back its curbs on foreign exchange trade. The decline also comes as crude prices inched higher above the $100 per barrel mark.The unit closed at 94.11/$ on Thursday, versus its previous close of 93.87/$. The currency traded in a narrow 16 paise range between 94/$ and 94.16/$, with RBI likely selling dollars in the first half of the day, dealers said. Brent crude futures rose $1.47, or 1.4%, to $103.38 a barrel, settling above $100 for the first time in more than two weeks. Source
US military officials are developing new plans to target Iran’s capabilities in the Strait of Hormuz in the event the current ceasefire with Iran fails, CNN reported on Thursday.According to multiple sources familiar with the matter, the options, among several sets of target types under consideration, include strikes with a particular focus on “dynamic targeting” of Iran’s capabilities around the Strait of Hormuz, southern Arabian Gulf and Gulf of Oman.Market reactionAt the time of writing, the West Texas Intermediate (WTI) is up 3.80% on the day at $95.45. Brent Crude Oil FAQs Brent Crude Oil is a type of Crude Oil found…
Gold (XAU/USD) trims earlier intraday losses on Thursday as the US Dollar loses momentum, but gains remain capped amid higher-for-longer rate expectations fueled by Oil-driven inflation. At the time of writing, XAU/USD is trading around $4,730, after hitting an intraday low of $4,684. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is trading around 98.57 after hitting an intraday high of 98.80.Shipping disruptions in Hormuz sustain inflation fearsTensions in the Strait of Hormuz are rising as the route remains under a dual blockade by the US Navy and Iran. US…
USD/CAD trades around 1.3670 on Thursday, virtually unchanged on the day, as investors adopt a cautious stance ahead of the release of S&P Global PMI data in the United States (US). The pair remains in a consolidation phase, caught between support for the Canadian Dollar (CAD) from higher Oil prices and sustained demand for the US Dollar (USD) in a risk-averse environment.The Canadian Dollar, a commodity-linked currency, is supported by rising Oil prices amid heightened geopolitical tensions in the Middle East. West Texas Intermediate (WTI) US Oil is advancing for a fourth consecutive day, trading around $92.70 per barrel, driven…
The rupee extended its losing streak for the fourth consecutive session, settling 33 paise lower at 94.11 (provisional) on Thursday and breached the 94-level for the second time in a month amid soaring crude oil prices as West Asia peace talks moved in an uncertain trajectory.Massive selling of domestic equities and incessant withdrawal of foreign funds amid rising worldwide demand for the American currency further weighed on the domestic unit, which has lost over 1 per cent in a week, forex traders said.At the interbank foreign exchange market, the rupee opened at 94.03 and hit an intra-day low of 94.17…
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Thursday. Concerns about the lack of progress in the US-Iran peace process have offset the upbeat Australian Purchasing Managers’ Index (PMI) figures released during the Asian session, leaving the AUD/USD pair trapped within a tight range around 0.7150.Australian preliminary S&P Global PMI figures for April showed that manufacturing activity returned to expansion territory, rising to 51.0 from 49.8 the previous month. Likewise, the Services PMI increased to 50.3 from 46.3 in March, although the weak demand and higher costs cloud the outlook for future business activity.Geopolitical tensions dampen…
A renewed surge in oil prices sent the rupee down past the 94 per dollar mark to its weakest level in more than three weeks on Thursday, deepening the negative sentiment on the currency. The rupee fell to 94.1525, its weakest level since March 30 in early trading, before paring losses to 94.04, down 0.26%. Traders said likely market intervention by the Reserve Bank of India helped the rupee pare losses. Brent crude futures rose to $106 per barrel on renewed shipping woes in the Gulf, underscoring fragile risk sentiment as a peace deal eludes the U.S. and Iran. [O/R]…
The rupee extended its losing streak for the fourth straight session, sliding past the 94 level for the second time in a month and trading 34 paise lower at 94.12 against the US dollar in early trade on Thursday, as crude oil prices surged amid a lack of progress in West Asia peace talks.The currency also remained under pressure due to massive selling of domestic equities and the withdrawal of foreign investors amid rising worldwide demand for the American currency, forex traders said.At the interbank foreign exchange market, the rupee opened at 94.04 and lost further ground to trade at…
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the third successive day and trading around 98.70 during the Asian hours on Thursday.The Greenback receives support from heightened safe-haven demand amid ongoing Middle East uncertainty and the blockade of the Strait of Hormuz. According to the Wall Street Journal, Iran fired on three ships in the Strait of Hormuz and escorted two of them into Iranian waters on Wednesday. Iranian media reported that the paramilitary Revolutionary Guard was moving the vessels to Iran, marking a further…