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Japan chief Cabinet secretary, Minoru Kihara said during the European trading session on Friday that the government will take appropriate steps to support the Japanese Yen (JPY) against excessive and disorderly moves in the FX market.Additional remarksGovernment taking appropriate steps on excessive, disorderly moves in FX market if necessary.Expect BOJ to conduct monetary policy appropriately.Important for FX market to move steadily and stably.Market reactionThere comes a slight pressure on the JPY after Japan Kihara’s comments. The USD/JPY pair has attracted nominal bids after revisiting an over two-week low at 154.35. Japanese Yen Price Today The table below shows the percentage…

The rupee appreciated 20 paise to 89.69 against the US dollar in early trade on Friday, ahead of the Reserve Bank’s monetary policy decision. Forex traders said investors remain cautious ahead of the RBI’s monetary policy decision, noting that a neutral stance may not shake markets much. But any hint of a rate cut could put fresh pressure on the rupee, especially given the currency’s already fragile state, they added. Moreover, selling pressure from foreign investors, rising crude oil prices and the delay over the announcement of the India-US trade deal have also weighed on the rupee. At the interbank…

The Japanese Yen (JPY) extends its sideways consolidative price move through the Asian session on Friday, though the broader fundamental backdrop seems tilted in favor of bullish traders. Data released earlier today showed that Household Spending in Japan unexpectedly fell at the fastest pace in nearly two years in October. The JPY, however, reacts little and continues to draw support from rising bets for an imminent Bank of Japan (BoJ) rate hike, bolstered by Governor Kazuo Ueda’s remarks earlier this week. Furthermore, a reflationary push by new Prime Minister Sanae Takaichi keeps Japanese government bonds (JGB) yields elevated and acts…

Gold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data. The US delayed the Personal Consumption Expenditures (PCE) Price Index report for September, which will be published later on Friday. Higher yields and stronger US jobs data could provide some support to the US Dollar (USD) broadly and weigh on the USD-denominated commodity price. Data released by the US Department of Labour (DOL)…

The Australian Dollar extends gains against the US Dollar on Thursday as markets scale back expectations of additional rate cuts by the Reserve Bank of Australia (RBA). At the time of writing, AUD/USD is trading around 0.6622, its strongest level since October 7.The shift in sentiment comes ahead of the RBA’s interest rate decision on December 9, with investors increasingly convinced that the central bank will maintain its wait-and-see stance. The RBA kept the cash rate unchanged at 3.60% in November and recent domestic indicators have done little to justify further easing.In fact, Speculation is building that the Reserve Bank…

Gold (XAU/USD) holds steady on Thursday, moving quietly within the $4,160-$4,260 range as investors adopt a wait-and-see approach ahead of the Federal Reserve’s (Fed) monetary policy meeting next week.At the time of writing, XAU/USD is trading around $4,200, with the cautious market backdrop keeping the metal in a consolidative phase after it climbed to a six-week high earlier this week.Markets largely expect the Fed to lower interest rates at the December 9-10 meeting. That conviction firmed after Tuesday’s US economic data showed a surprise decline in ADP Employment Change, underscoring weakening labour conditions.The ISM Services PMI also offered a mixed…

The rupee recovered on Thursday, closing at 89.96 per US dollar, up 19 paise, after briefly plunging to a new all-time low of 90.43 amid FII outflows, high crude prices and uncertainty over the India-US trade deal. The rupee rebounded from its all-time low levels and appreciated by 19 paise to close at 89.96 against the US dollar on Thursday, on softness in the US dollar index and on reports of the Reserve Bank of India’s supposed intervention. Forex traders said the greenback fell after ADP non-farm payroll data came in sharply below forecast, and the softness in the US…

USD/JPY outlook remains weak as the dollar tumbles after weaker ADP data. The increasing odds of BoJ rate hikes provide moderate support to the yen. Rising JGB yields and FX intervention warnings weigh on the USD/JPY. The USD/JPY price is attempting to stabilize on Thursday after a sharp fall in the previous session. The pair is trading near 154.90 at the time of writing. Japanese yen found moderate support from the Bank of Japan’s rate hike. The Dollar Index (DXY) briefly broke below the 99.00 level on Wednesday after disappointing U.S. data intensified bets on a Fed rate cut. Earlier…

The Indian Rupee (INR) slumps for the seventh trading day in a row against the US Dollar (USD) on Thursday. The USD/INR pair posts a fresh all-time high around 90.70 at open as the Indian Rupee continues to face backlash due to the consistent outflow of foreign funds from the Indian equity market.Foreign Institutional Investors (FIIs) have not stopped paring their stake in the Indian stock market despite remaining net sellers in the July-November period. In the first trading days of December, FIIs have sold shares worth Rs. 8,020.53 crore cumulatively.The major reason behind weak sentiment towards the Indian stock…

The rupee hit a fresh record low in early trading Thursday, extending its break below the closely watched 90-per-dollar level, as uncertainty over a crucial US trade deal continued to erode sentiment. India’s rupee is undervalued at current levels after sliding to record lows, and this could draw foreign investors back to the nation’s equities, according to Elara Capital and Yes Securities Ltd.Elara analysts led by Garima Kapoor said the nation’s 40-currency real effective exchange rate, or REER, was 97.47 in October — just under one standard deviation below its historical average — and added that equity inflows typically pick…