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The United States (US) Bureau of Economic Analysis (BEA) is set to publish its preliminary estimate of second-quarter Gross Domestic Product (GDP) on Thursday, with analysts expecting the data to show annualised growth at a solid 2.1%, a modest cooling from the 2.1% expansion recorded in the previous quarter.Markets brace for US growth and PCE data amid geopolitical woesInvestors are anxious ahead of Thursday’s release of the US preliminary GDP figures for the April-June period, which is generally considered the most market-moving estimate of the three issued each quarter. Beyond headline growth, the domestic calendar also includes the publication of…
EUR/JPY depreciates after two days of gains, trading around 187.20 during the Asian hours on Thursday. The currency cross is maintaining a bullish near-term bias as it holds above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of the shorter EMA above the longer one reinforces the constructive tone.The 14-day Relative Strength Index (RSI) near 64.1 stays below overbought territory, suggesting that upside momentum remains firm but not yet overstretched. However, the daily chart technical analysis shows that the EUR/JPY cross is moving upwards within an ascending channel, indicating a strong bullish bias.The EUR/JPY cross may test…
The EUR/USD pair trades with mild losses around 1.1465 during the early Asian session on Thursday. The US Dollar (USD) edges higher against the Euro (EUR) on a hawkish Federal Reserve (Fed) rate hold. Traders brace for the preliminary readings of the Gross Domestic Product (GDP) for the second quarter (Q2) from Germany and the Eurozone. The Fed opted to leave interest rates unchanged in the 3.5%-3.75% range at its July policy meeting on Thursday. Though markets widely expected the US central bank to stay on hold, Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack, and Minneapolis Fed chief Neel Kashkari…
The Dow Jones Industrial Average trades just above 51,800 on Wednesday afternoon, down roughly 900 points and 1.7% from Tuesday’s close. The session high just above 52,800 printed before 09:00 GMT, and the tape has sold in one near-continuous line ever since. The 52,000 handle reclaimed on Monday’s peace bid is gone.The war stops being somebody else’s tradeIran’s Islamic Revolutionary Guard Corps launched multiple ballistic missiles at US forces in the Middle East late Tuesday, and Central Command says every one was intercepted. Reporting puts the target at an American base in Jordan. Trump told a television interviewer on Wednesday…
West Texas Intermediate (WTI) futures on NYMEX trades 6% higher on the day, slightly above $83.00 during the European trading session on Wednesday. The Oil price bounces back strongly after snapping a three-day losing streak amid fears of a prolonged energy supply squeeze due to Iran’s intentions to bring a toll system into effect at various chokepoints around the Middle East.During the day, a report from Reuters showed that Yemen’s Houthis are considering imposing fees on commercial ships sailing through the Southern Red Sea. Houthis are mulling a toll system on Bab el-Mandeb Strait, gateway to almost 7% of the…
Weak dollar ahead of the US Federal Reserve’s interest rate decisions also supported the rupee | Photo Credit: desifoto The rupee rose 16 paise to 95.66 (provisional) against the US dollar on Wednesday, extending its gaining streak for the fourth straight session, amid hectic buying in domestic equity markets and lower global crude prices.Foreign capital inflows and a weak American currency ahead of the US Federal Reserve’s interest rate decisions also supported the local unit, forex traders said.At the interbank foreign exchange, the rupee opened at 95.70 and touched the intraday low of 95.80 against the greenback. The unit hit…
The Indian rupee strengthened to a near three-week peak on Wednesday, supported by a rally in local stocks and traders trimming bearish positions ahead of the U.S. Federal Reserve’s policy decision later in the day.Traders also said that state-run banks sold dollars in short-lived bursts, blunting pressure from dollar demand related to the monthly futures expiry.The rupee closed at 95.6475 per dollar, up 0.2% from Wednesday’s closing level. The currency touched a peak of 95.49 earlier in the session, its strongest level since July 10.Meanwhile, Brent crude jumped more than 3.5% to $87.1 per barrel, as Middle East tensions escalated…
MUFG’s Lee Hardman notes that the Australian Dollar, a beneficiary of AI-related demand, has weakened after another softer-than-expected Australian Consumer Price Index (CPI) release. Core inflation undershot the Reserve Bank of Australia’s (RBA) May forecasts, easing pressure for further tightening. Hardman highlights that this lower starting point for inflation reduces the urgency for additional RBA hikes, with market-implied odds for one final move later in 2026 now close to 50:50.Australian CPI surprise weighs on AUD”The Australian dollar has also been one of the beneficiaries from increased demand related to the AI buildout.””The Australian dollar has weakened overnight although it was…
The Indian rupee rose on Wednesday as dollar sales from state-run and foreign banks blunted pressure from demand tied to the monthly expiry of exchange traded futures as traders kept an eye on volatile oil prices.The rupee rose 0.14% to 95.72 per U.S. dollar, hovering around its strongest level in two weeks.Traders pointed to a short burst of dollar sales by a mid-sized state-run lender, which pulled the rupee modestly higher even as heightened demand to buy dollars at the daily reference rate exerted pressure.The reference rate is the daily benchmark used to settle contracts and often attracts concentrated dollar…
EUR/JPY moves little after registering modest gains in the previous day, trading around 186.60 during the Asian hours on Wednesday. The currency cross is maintaining a bullish near-term tone as it holds above both the nine-period and 50-period Exponential Moving Averages (EMAs). The alignment of short- and medium-term EMAs below price suggests ongoing upside pressure.Additionally, the 14-day Relative Strength Index (RSI) around 60 keeps a constructive bias without yet signaling overbought conditions. However, the daily chart technical analysis shows that the EUR/JPY cross is remaining within a rising wedge, indicating a strong bearish reversal risk.The EUR/JPY cross may test the…