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New diplomatic efforts to end the war in Ukraine have been putting pressure on Oil prices since the end of last week, Commerzbank’s commodity analyst Carsten Fritsch notes. US-Ukraine agreement sparks market uncertainty”Over the weekend, the US and Ukraine reached an agreement in Geneva on a plan to end the war, which differs in some respects from the 28-point plan previously negotiated with Russia. The details are not yet known. It is also unclear whether Russia will agree to this plan. The Kremlin has already rejected a separate proposal from the EU, sowing doubts about a solution and causing Oil…

The rupee pared initial gains and settled 4 paise lower at 89.20 (provisional) against the greenback on Tuesday, weighed down by negative cues from domestic equity markets. Falling crude oil prices supported the Indian currency at lower level, however, withdrawal of foreign funds kept the rupee under pressure, forex analysts said. At the interbank foreign exchange market, the rupee opened at 89.02 and touched an intra-day low of 89.27 against the greenback. The unit ended the session at 89.20 (provisional) against the US dollar, registering a loss of 4 paise from its previous closing level. The rupee had settled sharply…

The Indian rupee closed nearly flat on Tuesday, surrendering early gains as month-end dollar demand from importers offset broader strength in regional currencies.The rupee ended at 89.22 against the U.S. dollar, barely changed from its close of 89.23 in the previous session.The currency found its footing this week after slumping to an all-time low of 89.49 on November 21. While the central bank likely stepped in to shore up the currency on Monday, traders pointed to only intermittent signs of its presence in the market on Tuesday.It “seems like they (RBI) are active but largely in the non-deliverable forwards market,”…

The USD/CAD pair trades with a positive bias for the fifth consecutive day and holds steady above the 1.4100 mark through the early European session on Tuesday. Moreover, spot prices remain close to an over two-week top touched last Friday and seem poised to appreciate further amid a supportive fundamental backdrop.Crude Oil prices struggle to capitalize on the previous day’s bounce from a one-month low and meet with a fresh supply amid concerns that supply will exceed demand next year. This, in turn, is seen undermining the commodity-linked Loonie, which, along with the underlying bullish sentiment surrounding the US Dollar…

USD/JPY outlook remains weak on Tuesday, driven by FX intervention warnings. Stimulus package and Tokyo’s verbal warnings keep the USD/JPY in a delicate balance. Markets eye US PPI data that could provide fresh insight for Fed’s rate cut in December. The USD/JPY outlook edged lower on Tuesday as the Japanese yen regained some strength amid intensifying signals of FX intervention from Tokyo. Yen finally saw a mild relief after weeks of depreciation when government officials issued a strong verbal warning. -Are you looking for the best AI Trading Brokers? Check our detailed guide- Satsuki Katayama, Japan’s Finance Minister, delivered a…

News of the potential reclassification by the IMF comes as the rupee’s volatility has picked up under new chief Sanjay Malhotra who take charge of the central bank late last year | Photo Credit: Reuters The International Monetary Fund is expected to soon announce a change in how it classifies India’s exchange rate regime, according to people familiar with the matter, two years after the Washington-based lender upset the local central bank by suggesting it was intervening too heavily in the currency market.The new description of the country’s de facto currency regime is likely to include references to a crawling…

The rupee stayed on the recovery path and gained 11 paise to 89.05 against the US dollar in early trade on Tuesday, supported by lower crude oil prices in the international market. The Indian currency, however, remained under pressure due to a strong greenback, subdued stock market sentiment and withdrawal of foreign capital, forex analysts said. At the interbank foreign exchange market, the rupee opened at 89.02 and then traded at 89.05 against the greenback in initial deals, up 11 paise from its previous closing level.The rupee settled sharply higher by 50 paise at 89.16 against the greenback on Monday,…

Silver (XAG/USD) holds steady around the $51.45 region during the Asian session on Tuesday, nearly unchanged for the day. Meanwhile, the broader technical setup favors bullish traders and backs the case for an extension of the recent bounce from a two-week low, around the $48.65-$48.60 zone, touched last Friday.On the 4-hour chart, the XAG/USD stands above the rising 200-period Exponential Moving Average (EMA), currently pegged around the $49.35-$49.30 region, which supports the recovery and keeps the near-term bias pointing higher. Furthermore, the Moving Average Convergence Divergence (MACD) rises above the Signal line and sits in positive territory, while the histogram…

Gold price (XAU/USD) attracts some buyers to around $4,140 during the early Asian session on Tuesday. The precious metal rises on growing expectations of a US Federal Reserve (Fed) interest rate cut in the December policy meeting. Traders await the release of the US ADP Employment Change Weekly, Retail Sales, and Producer Price reports, which are due later on Tuesday. Several Fed officials signalled support for a December rate reduction, which underpins the yellow metal. Fed Governor Christopher Waller said on Monday that available data showed the US job market remains weak enough to warrant another quarter-point rate cut at the Fed’s…

The GBP/USD pair remains subdued on Monday during the North American session, trading unchanged at around 1.3088 as traders await the release of the UK’s budget amid a shortened week due to the US Thanksgiving holiday.Sterling stays muted with DXY steady above 100, markets brace for a heavy US data slate and UK fiscal tighteningThe US Dollar (USD) remains solid as depicted by the US Dollar Index (DXY), which measures the buck’s performance against six currencies. The DXY is flat at 100.21, capped by fears of a possible Japanese intervention in the FX markets.Federal Reserve (Fed) Governor Christopher Waller supports…