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The Indian rupee ended higher for second consecutive session on Wednesday on likely dollar sales from state-run banks, which traders said could be on behalf of the central bank, helping reverse the pressure from slightly softer Asian cues.The rupee ended 0.3% higher at 89.88, its highest closing level in a week, after closing at 90.1650 in the previous session. It hit an intraday high of 89.86.The Reserve Bank of India resorted to heavy intervention to support the rupee once again, nine traders said, and that pushed the currency past the 90-per-dollar mark.Wednesday’s intervention followed a familiar playbook that the RBI…
The rupee snapped its four-day losing streak to appreciate 12 paise to settle at 90.18 against the American currency on Tuesday. The rupee rose 31 paise to close at 89.87 (provisional) against the US dollar on Wednesday on possible intervention by the Reserve Bank of India (RBI) and a fall in global crude oil prices.At the interbank foreign exchange, the rupee opened at 90.20 against the US dollar and traded in the range of 89.75-90.23 before settling at 89.87 (provisional), up 31 paise from its previous close.The rupee snapped its four-day losing streak to appreciate 12 paise to settle at…
The USD/JPY forecast tilts to the downside as BoJ-Fed divergence favors yen. Risk-off sentiment strengthens yen but limits gains amid dollar’s own haven appeal. Today’s US ADP jobs report is crucial to watch, along with the US ISM PMI and JOLTS data. The USD/JPY remains under mild pressure as the Japanese yen continues to find support from changing policy expectations and a weaker US dollar backdrop. Momentum has obviously slowed, indicating growing uncertainty over the next directional move, even though the pair is still trading at high levels around the mid-156 area. The market is increasingly focused on the widening…
EUR/JPY extends its losses for the fourth successive session, trading around 182.80 during the European hours on Wednesday. The currency cross remains subdued following the release of Germany’s Retail Sales, which climbed 1.1% year-over-year (YoY) in November, following an increase of 0.9% in October. Monthly Retail Sales fell 0.6% in November, against a 0.3% decline in October and the market expectations of a 0.2% increase.The technical analysis of the daily chart suggests that the 14-day Relative Strength Index (RSI) sits at 50.96 (neutral), confirming tempered momentum. The EUR/JPY cross remains above the rising 50-day Exponential Moving Average (EMA), while it…
The gold outlook remains constructive despite profit-taking at the $4,500 level. Geopolitical risks and a weaker dollar continue to favor the bullion. Market participants now eye the US ADP report with more focus on Friday’s NFP. After a robust two-day rally, gold prices have paused near the $4,500 mark. Buyers are exhibiting some reluctance as the market processes a busy mix of geopolitical headlines and impending US data. –Are you interested in learning more about forex indicators? Check our detailed guide- During Asian trading on Wednesday, the metal reached a one-week high but was unable to break through that psychological…
The rupee snapped its four-day losing streak to appreciate 12 paise to settle at 90.18 against the American currency on Tuesday. | Photo Credit: istock.com The rupee rose 26 paise to 89.92 against US dollar in early trade on Wednesday aided by a weaker greenback and a sharp drop in global crude oil prices. At the interbank foreign exchange, the rupee opened at 90.20 against the US dollar but kept rising to trade at 89.92, up 26 paise from its previous close. The rupee snapped its four-day losing streak to appreciate 12 paise to settle at 90.18 against the American…
The Australian Dollar (AUD) rises against the US Dollar (USD) on Wednesday, continuing its winning streak for the fourth successive session. The AUD/USD pair rises despite the easing of Australia’s inflation in November. Traders now await the full fourth-quarter inflation report, due later this month. Analysts warned that a 0.9% or higher rise in core inflation could prompt the Reserve Bank of Australia (RBA) to tighten at its February meeting.The Australian Financial Review (AFR) suggested that the RBA may not be done tightening this cycle. The poll indicates that inflation is expected to remain stubbornly elevated over the coming year,…
Gold price (XAU/USD) climbs to near $4,500 during the early Asian trading hours on Wednesday. The precious metal rises by more than 1% in the day as geopolitical tensions and expectations of US rate cuts keep demand for gold high. The US ISM Services Purchasing Managers Index (PMI) report will be published on Wednesday. The US carried out a large-scale military strike against Venezuela on Saturday and announced that Venezuelan President Nicolas Maduro and his wife had been captured and flown out of the country. Maduro on Monday pleaded not guilty to US charges in a narco-terrorism case against him. Uncertainty in…
The Pound Sterling retreats after reaching a daily high of 1.3567 as the Greenback stages a recovery despite posting weaker Purchasing Managers Index (PMI) data, and neutral Fed officials remarks. The GBP/USD trade at 1.3519, down 0.15% at the time of writing.Sterling retreats from session highs as the Greenback stabilizes, shrugging off weaker dataRecently released US data by S&P Global revealed that economic activity is weakening though at a moderate pace. The December Services PMI was 52.5 down from November 52.9, while the Composite PMI index came at 52.7 for the same period, down from 53 registered in the previous…
Australian Dollar’s recovery has been capped at the 0.6740 area on Tuesday, and the pair retreated during the European session to trade at the 0.6715 area at the time of writing, practically flat on the daily chart.The Aussie is giving away gains on Tuesday as the US Dollar strengthens following Monday’s reversal. Investors are reluctant to take directional bets on the US Dollar ahead of a string of key US unemployment figures due later this week, which might help clarify the US Federal Reserve’s near-term path.US data released on Monday showed that manufacturing activity contracted at the fastest pace in…