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Rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 (provisional) against the US dollar on Thursday, as it came under pressure due to continued dollar demand from importers. Forex traders said the rupee pared initial gains on positive crude oil prices, dollar demand from importers and foreign fund outflows. Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the US. At the interbank foreign exchange, the domestic unit opened at 87.48 and moved in a range of 87.39 to 87.67 during the…
The dollar languished near multi-week lows against the euro and sterling on Thursday as traders ramped up bets for the Federal Reserve to resume cutting interest rates next month. Rising expectations for Fed easing combined with increasing institutional cryptocurrency investment sent bitcoin powering to a fresh record peak. The dollar index, which measures the currency against the euro, sterling and four other major peers, was steady at 97.704 as of 0002 GMT. It dropped some 0.8% over the previous two sessions, having dipped to 97.626 on Wednesday for the first time since July 28.The euro edged up to $1.1713, nearing…
The Australian Unemployment Rate is foreseen at 4.2% in July, down from the 4.3% hit in June.Australia is expected to have added 25,000 new positions in the month, after two months of disappointing figures. The Reserve Bank of Australia trimmed the Official Cash Rate to 3.6% in its August meeting. AUD/USD is technically bullish and could revisit the July peak at 0.6625.Australia will release its July monthly employment report on Thursday at 1:30 GMT, following the Reserve Bank of Australia (RBA) decision to trim the Official Cash Rate (OCR) by 25 basis points (bps) to 3.6%. The Australian Bureau of…
The Canadian Dollar held steady on Wednesday as Loonie traders weigh bets.The Bank of Canada acknowledged that the economy may not need further rate cuts.Despite a general easing in Greenback flows, the CAD remains trapped in place.The Canadian Dollar (CAD) spun in a tight circle for the second day in a row on Wednesday as Loonie traders look for signs to move in either direction. The US Dollar (USD) weakened slightly, but a lack of CAD momentum kept the USD/CAD pair trapped near 1.3770.The Bank of Canada’s (BoC) latest meeting minutes acknowledged that the Canadian economy may not be in…
a EUR/USD climbs to 1.1730, trades near 1.1700, up 0.20% on the day.US Treasury Secretary Scott Bessent urges a 50 bps September cut, says rates should be 150–175 bps lower.Markets price in 98% odds of a Fed 25 bps cut, 2% for 50 bps.Geopolitical optimism over a possible Ukraine–Russia resolution adds EUR/USD upside bias.EUR/USD surges on Wednesday, hitting a two-week high at around 1.1730 as the US Dollar (USD) gets battered, sponsored by traders speculating that the Federal Reserve (Fed) might turn dovish following remarks by US Treasury Secretary Scott Bessent. At the time of writing, the pair trades at…
The US Dollar (USD) intensified its weakness on Wednesday, receding to two-week lows as investors continued to price in further rate cuts by the Fed, while steady jitters surrounding the Fed’s independence also weighed on sentiment.Here’s what to watch on Thursday, August 14:The US Dollar Index (DXY) added to Tuesday’s decline, broke below the 98.00 support and retreated to two-week lows in tandem with a marked retracement in US yields across the board. Producer Prices will take centre stage, seconded by the weekly Initial Jobless. In addition, the Fed’s Barkin is due to speak.EUR/USD rose to fresh two-week highs past…
AUD/USD pares intraday gains but remains modestly higher on the day amid broad US Dollar weakness and solid domestic wage data.Australia’s Q2 wage growth remains resilient, with the annual Wage Price Index steady at 3.4%, above the 3.3% forecast, while quarterly growth eased slightly to 0.8%.Traders await Thursday’s key data releases, including Australia’s July employment report, as well as the US Weekly Jobless Claims and Producer Price Index.The Australian Dollar (AUD) is paring back part of its intraday advance against the US Dollar (USD) on Wednesday, with the AUD/USD pair retreating from session highs near 0.6562 to trade around 0.6540…
The rupee appreciated 20 paise to close at 87.43 (provisional) against the US dollar on Wednesday, as a weak greenback and a positive momentum in domestic equity markets enthused investors.Forex traders said weak crude oil prices and cooling domestic inflation supported the rupee, but uncertainties over trade tariffs and foreign fund outflows capped the sharp upside for the domestic unit.At the interbank foreign exchange, the rupee opened at 87.63, and oscillated between an intraday low of 87.72 and a high of 87.28 against the American currency.The rupee finally settled at 87.43, higher by 20 paise over its previous close.On Tuesday,…
The Indian rupee gained the most in more than a month on Wednesday as softer U.S. inflation data bolstered hopes of a Federal Reserve rate cut in September, weighing on the dollar. The local currency unit gained 0.31% – its highest intraday gain since July 3 – and closed at 87.4400, compared to Tuesday’s close of 87.7125. U.S. inflation data released on Tuesday showed consumer prices rose modestly in the world’s largest economy in July, with impact from recent tariffs staying limited.This provided a boost to emerging market currencies including the Indian rupee, as the odds for a September rate…
The rupee traded in a tight range and slipped 6 paise to 87.69 against the US dollar in morning trade on Wednesday as depreciation pressures are still lingering amid persistent foreign fund outflows. Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India has stepped up its efforts to curb excessive rupee depreciation. At the interbank foreign exchange market rupee opened at 87.63, then touched an intra-day low of 87.69 against the US dollar in initial trade, lower by 6 paise from its previous close. On Tuesday, the rupee appreciated 12 paise to…