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The Indian rupee logged its worst day in a month on Monday as a drop below the 88 per U.S. dollar mark spurred a flight out of long wagers on the currency, while persistent dollar demand from importers also weighed.The rupee closed at 88.2450 against the U.S. dollar, down 0.4% on the day, marking its steepest one-day fall since September 23.Frequent interventions by the Reserve Bank of India had helped the rupee hold above the 88 mark last week, but traders also pointed to an easing of that defence on Monday.While state-run banks were spotted offering dollars on the day,…
At the interbank foreign exchange, the rupee opened at 87.87 against the greenback and fell to an intra-day low of 88.31 and a high of 87.86. It finally closed the day at 88.26 (provisional) against the greenback, down 43 paise from its previous close. | Photo Credit: istock.com The rupee plunged 43 paise to close at 88.26 (provisional) against the US dollar on Monday, as broad strength in crude oil prices and month-end dollar demand from importers weighed on investor sentiment.Forex traders said the rally in crude oil prices was driven by a potential US-China trade deal, which supports expectations…
EUR/JPY halts its four-day winning streak, trading around 177.80 during the European hours on Monday. The technical analysis of the daily chart indicates the prevailing bullish bias as the currency cross remains within the ascending channel pattern.The short-term price momentum is stronger as the EUR/JPY cross remains above the nine-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly below the 70 level, reinforcing the bullish bias. A break above the 70 mark would signal overbought conditions.On the upside, the EUR/JPY cross has reached an all-time high of 178.15, which was recorded on October 27.…
The rupee depreciated 12 paise to 87.95 against the US dollar in early trade on Monday, weighed down by rising crude oil prices supported by optimism over a potential US-China deal. Forex traders said the rally in crude oil prices was driven by the potential US-China trade deal, which supports expectation for a stronger global oil demand. At the interbank foreign exchange market, the rupee opened at 87.87, and slipped to 87.95 against the greenback, registering a fall of 12 paise from its previous close.On Friday, the rupee appreciated 5 paise to close at 87.83 against the US dollar. “For…
The Australian Dollar (AUD) edges lower against the US Dollar (USD) after opening from a gap up on Monday due to optimism over progress in the United States (US)–China trade negotiations. Traders await the key upcoming Q3 and the September monthly inflation data for Australia this week which could shape the Reserve Bank of Australia’s (RBA) policy outlook.The AUD/USD pair received support after United States (US) and Chinese negotiators reached a consensus on major disputes, which paves the way for Presidents Donald Trump and Xi Jinping to meet on Thursday to finalize a trade deal aimed at easing tensions. Officials…
The GBP/USD softened as the dollar strengthened later this week, driven by major US and UK data releases. Traders price in a 25 basis point cut by the Bank of England by year-end. Traders await the FOMC rate decision and Powell’s commentary next week. The GBP/USD weekly forecast remains subdued as the pair consolidates near the 1.3325 level, followed by key releases from the UK and the US. The UK economic indicators slightly boosted the pound sterling. However, the dollar’s safe-haven demand restricted further upside, keeping the pair steady. -Are you interested in learning about the Bitcoin price prediction? Click…
EUR/USD is poised to finish the week with losses of 0.21% yet it remains above the 1.16 figure for the third straight day, capped on the upside by key resistance levels after US data might not deter the Fed from cutting rates.Euro supported by upbeat PMIs; Moody’s warning on France limits upside momentumInflation data in the US would not move the needle in favor of Fed hawks, missing estimates to the downside, though it remains far from the central bank 2% goal. After that, S&P Global showed that the economy shows signs of strength as manufacturing and services flash PMIs,…
USD/CHF remains subdued on Friday, yet the pair trades below 0.8000, poised to finish the week with modest gains of over 0.25%. At the time of writing, the pair trades at 0.7956, virtually unchanged.USD/CHF Price Forecast: Technical outlookThe USD/CHF pair continued to consolidate this week. Although traders are facing stir resistance at the confluence of the 20 and 50-day Simple Moving Average (SMA) at 0.7974/84, a breach of the latter could drive the pair towards 0.8000.Momentum is bearish as depicted by the Relative Strength Index (RSI), meandering below its 50 neutral level.For a bearish continuation, traders must clear the October…
The Dow Jones Industrial Average (DJIA) lumbered into record highs on Friday, posting intraday bids north of 47,300 for the first time ever. Investor sentiment hit high gear after US Consumer Price Index (CPI) inflation came in below expectations, keeping hopes for further interest rates from the Federal Reserve (Fed) pinned to the ceiling.Headline CPI inflation came in at 3.0% YoY in September, clocking in just below the expected hold at 3.1% and sending investors scrambling to pick up risk assets on expectations that the Fed is now locked into two quarter-point interest rate cuts by the end of the…
Gold price erases earlier losses, rises over 0.10% on Friday following the release of the September inflation report in the US, which showed that prices climbed but would not deter the Federal Reserve (Fed) from cutting rates next week. XAU/USD trades at $4,127 after bouncing off daily lows of $4,043, courtesy of a mildly softer than expected Consumer Price Index (CPI) report. The data was mostly aligned with estimates but failed to provide Fed hawks with justification for not easing policy.Bullion recovers above $4,100 as traders price in dovish Fed outlookExpectations that the Fed would cut rates at the October…