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The Pound Sterling retreats after reaching a daily high of 1.3567 as the Greenback stages a recovery despite posting weaker Purchasing Managers Index (PMI) data, and neutral Fed officials remarks. The GBP/USD trade at 1.3519, down 0.15% at the time of writing.Sterling retreats from session highs as the Greenback stabilizes, shrugging off weaker dataRecently released US data by S&P Global revealed that economic activity is weakening though at a moderate pace. The December Services PMI was 52.5 down from November 52.9, while the Composite PMI index came at 52.7 for the same period, down from 53 registered in the previous…
Australian Dollar’s recovery has been capped at the 0.6740 area on Tuesday, and the pair retreated during the European session to trade at the 0.6715 area at the time of writing, practically flat on the daily chart.The Aussie is giving away gains on Tuesday as the US Dollar strengthens following Monday’s reversal. Investors are reluctant to take directional bets on the US Dollar ahead of a string of key US unemployment figures due later this week, which might help clarify the US Federal Reserve’s near-term path.US data released on Monday showed that manufacturing activity contracted at the fastest pace in…
The rupee snapped the four-day losing streak and appreciated 12 paise to settle at 90.18 (provisional) against the American currency on Tuesday, tracking a decline in the US dollar index. Forex traders said weak domestic equity markets and geopolitical tensions between the US and Venezuela capped sharp gains for the domestic unit. At the interbank foreign exchange, the rupee opened at 90.22 against the US dollar and traded in the range of 90.08-90.25 before settling at 90.18 (provisional), up 12 paise from its previous close. On Monday, the rupee closed 10 paise lower at 90.30 against the US dollar. “We…
The Indian rupee ended marginally higher on Tuesday, breaking its four-day losing streak as state-run banks and foreign lenders sold dollars.However, importers used the move to step up hedging and that capped the gains, according to bankers.The local currency opened at 90.2150 and rose to an intraday high of 90.09, supported by dollar offers from state-run banks and a change in the way the daily fixing was quoted.The rupee ended 0.1% higher at 90.1650, up from 90.2750 on Monday.The fixing reflects the premium or discount bankers are willing to pay to buy or sell dollars at the Reserve Bank of…
The USD/CAD forecast remains defensive as the dollar loses momentum amid improved sentiment. Dismal US PMI and accommodative Fed keep the greenback softer. Declining energy prices cap the gains in CAD, especially after the situation in Venezuela. During Tuesday’s London session, the USD/CAD price is on the defensive, continuing a slight decline from the 1.3815 area, its highest point since mid-December. Price action has remained capped below recent highs, with spot holding around the mid-1.3700s as markets consider a combination of lingering support factors for the Canadian dollar and softening sentiment toward the US dollar, despite the pair’s inability to…
EUR/CAD gains ground for the second successive session, trading around 1.6140 during the European hours on Tuesday. The currency cross appreciates as the risk-sensitive Euro (EUR) strengthens, while the commodity-linked Canadian Dollar (CAD) could face pressure amid expectations of renewed United States (US) and corporate access to Venezuela’s vast crude reserves, weighing on Canadian Oil demand from its largest buyer.Additionally, speculation around future Venezuelan output and a muted initial price response have heightened concerns that a sustained decline in Oil prices would undermine a key pillar of Canada’s external earnings and currency support. Meanwhile, the global Oil outlook into 2026…
The rupee rose 18 paise to 90.12 against the US dollar in early trade on Tuesday on the back of a weaker greenback and a dip in global crude oil prices. However, US President Donald Trump’s remarks on tariffs on India, FII outflows, and sustained weak sentiments at the domestic equity markets capped sharper gains in the rupee, according to forex traders. At the interbank foreign exchange, the rupee opened at 90.22 against the US dollar and rose further to 90.12, up 18 paise from its previous close.On Monday, the rupee stayed weak for the fourth straight session and closed…
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second successive session and trading around 98.20 during the Asian hours on Tuesday. The Greenback struggles as concerns about a broader geopolitical escalation ease. Markets are largely brushing aside tensions between the United States (US) and Venezuela.The US launched a large-scale military strike against Venezuela on Saturday. US President Donald Trump said Venezuelan President Nicolas Maduro and his wife were captured and flown out of the country. On Monday, Maduro pleaded not guilty to US charges…
Gold price (XAU/USD) rises to around $4,440 during the early Asian session on Tuesday. The precious metal extends its rally and hits a one-week high amid safe-haven demand, as the Venezuela crisis injects geopolitical uncertainty. Traders will closely monitor the key US economic data later on Friday, including Nonfarm Payrolls (NFP), for more clues on the monetary policy outlook.Tensions between the US and Venezuela have escalated to a new level following the US Army’s Delta Force’s attack on Venezuela and the capture of its President Nicolás Maduro and his wife on Saturday. On Monday, Maduro pleaded not guilty to US…
The Euro (EUR) trims part of its earlier losses against the US Dollar (USD) on Monday after weaker-than-expected US ISM Manufacturing Purchasing Managers Index (PMI) data weighs on the Greenback. At the time of writing, EUR/USD trades around 1.1706, rebounding from an intraday low near 1.1659.The ISM Manufacturing PMI remained in contraction territory in December at 47.9, below the market forecast of 48.3 and edging lower from November’s 48.2 reading. The ISM Manufacturing Prices Paid Index stood at 58.5, unchanged from last month and below expectations of 59.Within the report, the ISM Manufacturing Employment Index rose to 44.9 in December…