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The US Dollar keeps heading south against a firmer Swiss Franc amid the risk-off market mood. The pair has breached the 0.7900 level on Friday to hit one-month lows near 0.7870, on track to a 1.15% weekly sell-off.The Greenback is suffering by a combination of investors’ concerns about the consequences pf the escalating trade tensions between IS and China, a protracted US government shutdown, and growing expectations that the Fed might have to accelerate its easing cycle over the coming months.On Thursday, comments by Fed governor Christopher Waller and Stephen Mran pointed in that direction, after the Fed’s Beige Book…
The Reserve Bank of India sold U.S. dollars through state-run banks before the spot market opened on Friday, traders said, repeating its midweek pre-market intervention and underscoring its intent to support the rupee.The RBI’s intervention helped the rupee open firmer against the U.S. dollar despite pre-market signals of weakness. Quotes in the interbank order-matching system had pointed to a possible dip past the 88 level before state-run banks stepped in to sell dollars on the central bank’s behalf.The rupee climbed to a high of 87.75 on the back of the intervention, after settling at 87.82 on Thursday. The currency has…
The rupee appreciated 21 paise to 87.75 against the US dollar in early trade on Friday, supported by a softer American currency against major currencies and likely intervention by the Reserve Bank of India. Forex traders said renewed foreign fund inflows and lower crude oil prices boosted investor sentiment further. At the interbank foreign exchange market, the rupee opened at 87.91 and then gained ground and touched an early high of 87.75 against the US dollar, registering a gain of 21 paise from its previous close.On Thursday, the rupee appreciated 12 paise to close at 87.96 against the US dollar,…
The GBP/USD pair gains positive traction for the third consecutive day on Friday and moves further away from its lowest level since early August, around the 1.3250-1.3245 region touched earlier this week. Spot prices currently trade around mid-1.3400s, or a one-and-a-half-week high touched on Thursday amid a broadly weaker US Dollar (USD), though the intraday uptick lacks bullish conviction.Tuesday’s disappointing UK employment data fueled speculations that the Bank of England (BoE) could continue cutting rates gradually. This, along with concerns over the UK’s fiscal outlook ahead of the crucial Autumn budget in November, is holding back traders from placing aggressive…
Gold price (XAU/USD) extends its upside to around $4,365 during the early Asian session on Friday. The precious metal holds positive ground after reaching a record high of $4,380 in the previous session. A fear of a prolonged US government shutdown, growing bets of additional US interest rate cuts, and US-China trade tensions support the yellow metal. Traders will keep an eye on the Fedspeak later on Friday for fresh impetus. There are also growing worries about the ongoing US government shutdown, which weighs on the US Dollar (USD) and underpins the USD-denominated commodity price. The federal shutdown has entered its…
Gold (XAU/USD) soars to yet another record high on Thursday, pushing deep into uncharted territory as safe-haven demand remains firmly in play amid mounting geopolitical and economic uncertainty. At the time of writing, XAU/USD is trading around $4,270, up nearly 10% so far this month and over 60% year to date.The US-China trade standoff remains at the forefront of investor focus after reigniting late last week, when US President Donald Trump rattled markets by unveiling plans to impose 100% tariffs on all Chinese imports starting November 1. The move came in response to Beijing’s decision to tighten export controls on…
Rising for the second straight session, the rupee surged 21 paise to close at 87.87 (provisional) against the US dollar on Thursday, buoyed by a softer American currency against major currencies and renewed risk-on sentiment among investors.Forex traders said that likely intervention by the Reserve Bank of India and a firm trend in domestic equities further enthused investors.At the interbank foreign exchange, the rupee opened below the 88-mark at 87.76 against the greenback, and touched an intraday high of 87.68 per dollar. The domestic unit finally settled at 87.87 (provisional) against the greenback, registering a rise of 21 paise over…
The Pound Sterling (GBP) rises to near 1.3440 against the US Dollar (USD) after the release of the UK GDP data. The strength in the GBP/USD pair is contributed by the UK data release and weakness in the US Dollar.At the time of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades close to a fresh weekly low near 98.40 posted earlier in the day.The Greenback faces selling pressure from a series of headwinds, especially firm Federal Reserve (Fed) dovish bets and ongoing trade frictions between the United States (US) and China.Traders remain…
The Indian rupee touched a one-month high on Thursday, as firm central bank intervention in the previous session and nascent optimism above U.S.-India trade negotiations helped the local currency find its footing on the stronger side of the 88-handle.The rupee rose to a peak of 87.70 in early trading before trimming gains to end the session at 87.82, up 0.3% on the day.The local unit has climbed about 1% from its closing level on Tuesday as heavy-handed intervention by the central bank knocked speculative wagers against the currency off the board.Signs of thaw in U.S.-India trade negotiations also helped sentiment.Bankers…
The AUD/USD pair claws back its early losses and recovers to near 0.6500 during the European trading session on Thursday. The Aussie pair attracts bids after sliding to near 0.6480.Earlier in the day, the Australian Dollar faced significant selling pressure after the release of the labor market data for September, which signaled slowdown in the job demand.The Australian Bureau of Statistics reported that the Unemployment Rate accelerated to 4.5%, the highest level seen since November 2021. Economists expected the jobless rate to have remained steady at 4.3%. Fresh workers added by employers during the period were recorded at 14.9K, lower…