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The rupee recovered 15 paise from all-time low to 88.60 against the US dollar in early trade on Thursday, tracking the weakness of the American currency in the overseas market.Forex traders said the rupee is facing renewed strain this week, as multiple factors have combined to put pressure on the currency. Factors like H-1B visa fee hike, Trump tariffs and persistent foreign fund outflows further dented investors’ sentiments. At the interbank foreign exchange market, the rupee opened at 88.65 against the US dollar, then touched 88.60, registering a gain of 15 paise from its previous close. On Wednesday, the rupee…
The Yen slides to a three-week low against the US Dollar, with USD/JPY buoyed by broad Greenback strength.Japan’s Manufacturing PMI slipped deeper into contraction, while services activity held firm.Investors will look for further guidance from the BoJ minutes due on Thursday for clues on policy divisions.The Japanese Yen (JPY) weakens sharply against the US Dollar (USD) on Wednesday, with USD/JPY advancing to its highest level since September 3. At the time of writing, the pair is trading near 148.78, up almost 0.80% on the day, as renewed Greenback strength pushed the pair higher despite the absence of major US economic…
The Dow Jones backslid around 180 points on Wednesday.Market sentiment buoyancy is facing fresh challenges on multiple fronts.The AI tech rally has pushed key companies deep into overvalued territory, steepening pullback volatility.The Dow Jones Industrial Average (DJIA) followed the broader market lower on Wednesday, shedding 270 points at its lowest. Investors are taking profits and trimming their exposure to the AI-fueled tech rally ahead of the latest US employment figures and inflation data.The Dow Jones has eased lower for the second day in a row after punching in fresh all-time highs this week, punching a small hole through the 46,700…
During a speech at the Adam Smith Business School of the University of Glasgow, Bank of England (BoE) Monetary Policy Committee (MPC) member Megan Greenebroke away from “tradiitional” policy planning rhetoric, warning that global central banks need to pivot into a different perspective on managing supply shocks that have become the norm rather than the exception.Greene argued that central banks will now need to pay more attention to supply-side dynamics, not just “look through” supply chain and demand shocks, which has been the traditional central bank view of economic disruptions.Using the recent COVID-19 pandemic and the ongoing war in Ukraine,…
WTI extends gains for a second day, supported by a surprise draw in US crude stocks.EIA data showed inventories fell by 0.607M barrels, defying forecasts for a modest rise of 0.5M barrels.US President Donald Trump warns Europe at the UN General Assembly to halt Russian energy imports.West Texas Intermediate (WTI) Crude Oil extends its rebound for the second straight day on Wednesday, recovering from its weakest level in nearly two weeks, hit earlier on Monday.At the time of writing, WTI is trading around $64.55 per barrel, its highest level since September 3, up over 1.50% on the day. The bounce…
Powell says risks to jobs are rising, but inflation is “somewhat elevated,” keeping the Fed cautious despite easing bets.US New Home Sales surged 20.5% in August, countering PMI weakness and limiting Dollar downside.Australia CPI ticks up to 3%, reducing odds of RBA easing at the September 30 meeting to just 8%.The Australian Dollar (AUD) drops slightly versus the US Dollar (USD) on Wednesday amid the lack of catalysts following remarks by Federal Reserve (Fed) Chair Jerome Powell, who stated on Tuesday that the Fed would continue to balance the dual mandate of the central bank. AUD/USD trades at 0.6590, down…
The Mexican Peso (MXN) edges slightly lower against the US Dollar (USD) on Wednesday, with the USD/MXN pair trading at 18.41 at the time of writing, up 0.3% on the day. However, the pair stabilizes near recent lows as the Mexican currency remains supported by the appeal of the interest rate differential, despite markets now preparing for further monetary easing by the Bank of Mexico (Banxico).At 19:00 GMT on Thursday, the Banxico is widely expected to cut its key interest rate by 25 basis points to 7.50%.For Forex investors, the meeting represents a key moment. The balance between sluggish growth,…
Gold pauses its record-breaking run after setting a fresh all-time high at $3,791.Fed’s cautious stance and a firmer US Dollar cap upside, while geopolitical tension and rate-cut expectations cushion downside.Market focus shifts to upcoming US data and Fed commentary, with PCE inflation on Friday in the spotlight.Gold (XAU/USD) is treading water on Wednesday, pausing its record-breaking run after peaking at $3,791 on the previous day. At the time of writing, XAU/USD is trading near $3,766 after briefly dipping toward $3,750 earlier in the Asian session, as traders weigh the Federal Reserve’s (Fed) cautious stance on the path of monetary policy…
The rupee recovered 2 paise from its all-time closing low to settle at 88.71 (provisional) against the US dollar on Wednesday, as steep tariffs and H-1B visa related issues kept the domestic unit under pressure. Forex traders said rupee is hovering near its all-time low level on sustained foreign fund outflows amid investors’ risk-aversion and trade policy uncertainty. Moreover, enhanced US tariffs on Indian goods as well as trade policy uncertainty exacerbated the rupee’s depreciation. At the interbank foreign exchange, the rupee opened at 88.80 against the US dollar, and finally settled for the day at 88.71 (provisional), registering a…
The Reserve Bank on Wednesday said it has signed a renewed statement of commitment to the FX Global Code.The code is a set of global principles of good practice in the FX market developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.It was developed by a partnership between central banks and market participants from around the globe and was first published in 2017.The Reserve Bank of India (RBI) has reviewed the content of the FX Global Code and acknowledges that it represents a set of principles generally recognised…