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The Mexican central bank also known as Banxico, revealed the December meeting minutes on Thursday, and cautioned that they will adopt a gradual approach on future monetary policy decisions.In December, Banxico cut interest rates by 25 basis points to 7% on a 4 to 1 vote split as the Deputy Governor Jonathan Heath voted to hold rates unchanged at 7.25%, arguing that inflation convergence towards the 3% plus or minus 1% remains uncertain, and noted that core inflation trend is still rising.The board’s majority justified its decision based on a strong Peso, a weak economy and the recent progress on…
The Pound Sterling falls for the third straight day, down some 0.10% as US jobs data has revealed that the labor market is healthier than expected, weighing on expectations of Fed rate cuts ahead in the year. At the time of writing, the GBP/USD trades at 1.3444 after reaching a daily high of 1.3465.Sterling weakens as resilient US labor indicators dampen Fed cut speculationEconomic data in the US capped the US Dollar losses yet weighed on G10 FX currencies. US jobless claims data for the week ending January 3 was below estimates of 210K, came at 208K, above the previous…
West Texas Intermediate (WTI) US Oil trades around $56.70 on Thursday at the time of writing, up 0.90% on the day. WTI prices rebound, supported by the release of inventory data showing a sharp decline in US Crude Oil stockpiles.According to weekly data published by the US Energy Information Administration (EIA), Crude Oil inventories fell by 3.831 million barrels in the week ended January 2. This drop is significantly larger than the previous week’s decline and stands in sharp contrast with market expectations, which had pointed to a build in stocks. A larger-than-expected drawdown in inventories is generally seen as…
Rupee, which opened at 89.95 rebounded to 89.75 after RBI intervened for a second straight day, bankers said. The Indian rupee ended lower on Thursday after a choppy session as fresh, surprise intervention by the Reserve Bank of India was outweighed by tariff worries and equity outflows.The currency, which opened at 89.95 rebounded to 89.75 after RBI intervened for a second straight day, bankers said. It finally ended at 90.0175 after closing at 89.88 on Wednesday.“Market moves have again started to be dominated by one large player, and the currency changes direction based on the presence or absence of RBI,”…
The Indian rupee ended lower on Thursday after a choppy session as fresh, surprise intervention by the Reserve Bank of India was outweighed by tariff worries and equity outflows.The currency, which opened at 89.95 rebounded to 89.75 after RBI intervened for a second straight day, bankers said. It finally ended at 90.0175 after closing at 89.88 on Wednesday.”Market moves have again started to be dominated by one large player, and the currency changes direction based on the presence or absence of RBI,” a trader with a foreign bank said.Earlier in the day, bankers had said they doubted the sustainability of…
The Indian Rupee (INR) trades lower against the US Dollar (USD) during Indian trading hours on Thursday, after a decent upside move the previous day. The USD/INR pair jumps to near 90.30 as the Indian Rupee struggles to regain ground despite the Reserve Bank of India’s (RBI) intervention on Wednesday.Traders stated on Wednesday that the RBI sold US Dollars aggressively for the first time this year, resembling similar action seen multiple times in 2025 to counter one-way excessive moves.The Indian Rupee struggles to capitalize on RBI-led support, as Indian importers find the USD/INR correction attractive to build fresh positions, according…
The rupee fell 3 paise to 89.90 against the US dollar in early trade on Thursday weighed down by a rise in global crude oil prices and FII outflows. A strengthening dollar and weaker sentiments in the domestic equity markets put additional pressure on the rupee, forex traders said. At the interbank foreign exchange, the rupee opened at 89.96 against the US dollar and later rose to 89.90, lower by 3 paise from its previous close.The rupee rose 31 paise to close at 89.87 against the US dollar on Wednesday on possible intervention by the Reserve Bank of India (RBI)…
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after two days of gains and hovering around 98.70 during the Asian hours on Thursday. The Greenback remains steady as recent data point to a fragile US economic backdrop ahead of Friday’s crucial jobs report, tempering market sentiment.Traders will keep an eye on the US Initial Jobless Claims data later in the North American session. Attention will be shifted toward Friday’s US Nonfarm Payrolls (NFP) report, which is expected to show job gains of 55,000 in December, down from…
The USD/JPY pair posts modest gains around 156.70 during the early Asian session on Thursday. The Japanese Yen (JPY) softens against the US Dollar (USD) as demand for safe-haven assets cools after geopolitical tensions. Traders will keep an eye on the US Initial Jobless Claims data later on Thursday. On Friday, the US December employment report will be in the spotlight. The shocking capture of Venezuelan President Nicolas Maduro by the United States (US) over the weekend had a short-lived impact on most asset classes, particularly in currencies. Furthermore, the US Services Purchasing Managers’ Index (PMI) hit a 14-month high in December,…
The Euro trades little changed against the US Dollar on Wednesday, as traders show a muted reaction to a mixed batch of US economic data. At the time of writing, EUR/USD is trading around 1.1691, consolidating after losing around 0.3% on Tuesday.The Institute for Supply Management (ISM) reported that the US Services PMI rose to 54.4 in December, beating market expectations of 52.3 and improving from 52.6 in November. The report pointed to improving momentum in the US services sector, with business activity ending 2025 on its strongest footing of the year and remaining in expansion territory for a tenth…