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The US Dollar (USD) extended further its weekly correction as jitters surrounding the Fed’s independence remained unabated, while tariff uncertainty and the increasing likelihood of a rate cut by the Federal Reserve in September also contributed to the sour sentiment around the Greenback.Here’s what to watch on Friday, August 29:The US Dollar Index (DXY) retreated to three-day lows, breaking below the 98.00 key support and its 55-day SMA. The release of the PCE readings will be the salient event, seconded by the final gauge of the U-Mich Consumer Sentiment and the advanced Goods Trade Balance.EUR/USD advanced to multi-day highs, although…

Silver consolidates near $39.00 after hitting a one-month high of $39.12 earlier in the session.The US Dollar remains under pressure despite upbeat GDP data, offering support to non-yielding assets such as Silver.XAG/USD confirms a bullish breakout, holding above key moving averages after a successful retest of the triangle pattern.Silver (XAG/USD) is consolidating gains near one-month highs on Thursday, following a successful retest of former triangle resistance around $38.00. Wednesday’s rebound confirmed the breakout structure and helped reinforce bullish momentum, supported by a softer US Dollar (USD). With XAG/USD holding above key moving averages, the near-term technical outlook remains constructive for…

The USD/JPY outlook shows the yen in a stronger position as the dollar eases. New York Fed Chief John Williams said a rate cut is possible. Market participants are eagerly awaiting a key US inflation report scheduled for release on Friday. The USD/JPY outlook indicates the yen is in a stronger position as the dollar eases amid an increase in bets for a Fed rate cut. The greenback dropped after dovish comments from a Fed policymaker. At the same time, lingering concerns persist about the Fed’s independence. –Are you interested in learning more about crypto robots? Check our detailed guide-…

The rupee rose by 6 paise to close at 87.63 (provisional) against the US dollar on Thursday aided by a weaker greenback and a decline in crude oil prices. However, concerns over additional US tariffs on Indian products, which kicked in on Wednesday, and a decline in domestic equity markets capped gains in the local unit, according to forex traders. The US government has imposed a total of 50 per cent tariffs on Indian exports to America, barring a few sectors.At the interbank foreign exchange, the rupee opened at 87.56 against the greenback and traded in the range of 87.53-87.68…

The rupee rose 10 paise to 87.59 against the US dollar in early trade on Thursday, supported by a weaker dollar index and easing Brent crude prices. Besides, the Reserve Bank of India (RBI) stepped in to protect the local unit from crossing its all-time low, further supporting the local unit, according to forex traders. However, FII outflows and weaker domestic equity markets prevented sharper gains in the local unit as an additional 25 per cent US tariffs on Indian products kicked in on Wednesday. At the interbank foreign exchange, the rupee opened at 87.56 against the greenback before slipping…

The Indian rupee is set to open largely unchanged to slightly higher on Thursday, with bets for a Federal Reserve rate cut and hopes of the Reserve Bank of India’s (RBI) intervention offsetting the drag from steep US tariffs.The 1-month non-deliverable forward indicated the rupee will open in the 87.62-87.68 range versus the US dollar, compared with Tuesday’s level of 87.68. India’s financial markets were shut on Wednesday for a local holiday.The RBI likely stepped in on Tuesday to curb losses after the rupee came under pressure when Washington confirmed additional tariffs on Indian goods, traders saidThe rupee had briefly…

The US Dollar Index faces slight selling pressure ahead of the US PCE inflation data for July on Friday.Traders are confident that the Fed will cut interest rates in the September policy meeting.Fed’s Williams argued that officials need to see economic data to decide on interest rates in September.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.12% lower to near 98.00 during the Asian trading session on Thursday. The US Dollar (USD) faces slight selling pressure as investors turn cautious ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data…

USD/CAD depreciates amid rising concerns over Fed independence.Fed Governor Cook’s exit could increase the likelihood of interest rate cuts.BoC Governor Macklem stated that the central bank will maintain its 2% inflation target for the foreseeable future.USD/CAD extends its losses for the third successive session, trading around 1.3770 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) faces challenges amid rising concerns over the US Federal Reserve’s (Fed) independence. Traders await the Q2 US Gross Domestic Product (GDP) Annualized due later in the day.US President Donald Trump announced early Tuesday that he was removing Fed Governor…

Australian Dollar appreciates as Private Capital Expenditure climbed 0.2% in Q2, against the expected 0.7% rise.The AUD gained support after hot Australian inflation data lowered expectations of an RBA rate cut.The CME FedWatch tool indicates pricing in more than 88% odds for a 25 basis-point Fed rate cut in September.The Australian Dollar (AUD) gains ground for the third successive session on Thursday, following the release of Private Capital Expenditure, which rose 0.2% in the second quarter, from the previous decline of 0.1% but falling short of the expected 0.7% increase. The AUD/USD holds ground as the US Dollar (USD) struggles…

Gold price edges lower in Thursday’s early European session.Worries over the Fed’s independence might limit the downside for the Gold price. The second estimate of US Q2 GDP data will take center stage later on Thursday. The Gold price (XAU/USD) trades in negative territory during the early European trading hours on Thursday. The precious metal retreats from a three-week high near $3,400 amid a rebound in the US Dollar (USD) and some profit-taking. Concerns about the Federal Reserve’s (Fed) independence lingered after US President Donald Trump fired Fed Governor Lisa Cook over allegations of mortgage borrowing misconduct. This, in turn, underpins the Gold…