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The Euro weakens for the second straight day against the British Pound, dragging EUR/GBP below the 0.8700 level.The final HCOB Eurozone Composite PMI for July came in at 50.9, missing expectations of 51.0 and down from 51.0 in June.UK PMI data beat forecasts, with the Composite PMI rising to 51.5 and the Services PMI climbing to 51.8.The Euro (EUR) extends losses for the second consecutive day against the British Pound (GBP) on Tuesday, dragged lower by softer-than-expected Eurozone Purchasing Managers Index (PMI) data. Adding to the downside, sentiment around the Euro remains fragile in the wake of the recently announced…

When it comes to preparing for retirement and optimizing taxes, investors are often tempted by sophisticated strategies like tax-loss harvesting.But beware, the Wash Sale rule, imposed by the IRS, can turn a tax break into a costly trap, especially when it interferes with your Individual Retirement Accounts (IRAs). Here’s what you need to know to avoid mistakes, protect your portfolio and ensure a more effective retirement planning strategy.Understanding the Wash Sale ruleThe Wash Sale rule prohibits you from deducting a tax loss on an investment if you repurchase a “substantially identical” security within 30 days before or after the sale.In other…

In an interview with CNBC on Tuesday, United States (US) President Donald Trump said that they are getting very close to reaching a trade deal with China and reiterated that the tariff rate on Indian imports will be raised soon.Key takeaways”Will be announcing tariffs on semiconductors and chips in the next week or so.””We’ll be initially putting a small tariff on pharma, will go up in one year to 150, 250 pct.””Fed Chairman Powell is highly political.””Many Fed candidates are very good.””Might soon announce replacement for Fed Governor Kugler and Fed Chair candidate.””US Treasury Secretary Scott Bessent wants to stay…

Pound Sterling (GBP) is little changed on the day but is a mild outperformer on the session as a result, with the pound relatively safe from the trade uncertainty that is overshadowing some of its peers still, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report. BoE policy decision Thursday in focus”The BoE policy decision Thursday is the prime focus for UK markets this week, but a 1/4 point cut in the target rate to 4.00% is all but fully priced in.” “Sterling is also consolidating the hefty gains from Friday’s intraday low versus the USD just below the…

The rupee depreciated 16 paise to close at 87.82 (provisional) against the US dollar on Tuesday, as risk-off sentiment deepened after US President Donald Trump renewed his threat to raise tariffs on Indian goods over New Delhi’s continued purchases of Russian oil. Forex traders said the rupee is likely to slide further as India-US trade deal uncertainty continues to dent domestic market sentiments. Moreover, weak equity markets dented investors’ sentiments further. However, the domestic unit pared initial losses on supposed intervention by the Reserve Bank of India (RBI). A soft US dollar and overnight decline in crude oil prices also…

The Indian rupee extended its decline on Tuesday on the back of escalating trade tensions with the United States, although likely central bank intervention prevented the currency from breaching record low levels. The rupee closed at 87.8000 to the U.S. dollar, down 0.2% from Monday’s close of 87.6550. The local currency fell to a low of 87.8850 on Tuesday, just shy of an all-time low of 87.95 hit in February. The Reserve Bank of India helped absorb some tariff-related pressure on the rupee through interventions conducted by state-run banks, a trader at a state-owned lender said.U.S. President Donald Trump on…

The Indian rupee’s recent slide may help soften the blow from higher US tariffs, economists said, with trade tensions between New Delhi and Washington intensifying under President Donald Trump.The rupee dropped to 87.8850 per US dollar on Tuesday, nearing its all-time low of 87.95 hit in February. Bankers said the currency would probably have breached the 88 mark if not for likely intervention by the Reserve Bank of India via state-run banks.The rupee is the worst-performing major Asian currency so far this year. While peers such as the Taiwanese dollar, South Korean won, Singapore dollar and Thai baht have appreciated…

The rupee depreciated 29 paise to 87.95 against the US dollar in early trade on Tuesday, a tad above the crucial 88/USD level, after US President Donald Trump’s latest salvos targeting India.Forex traders said the Indian rupee was under pressure and may continue to remain under pressure during this week after Trump said he may announce higher tariffs for India for continuing to buy Russian oil. In a fresh trade threat against India, President Donald Trump on Monday said he will “substantially” raise US tariffs on New Delhi, accusing it of buying massive amounts of Russian oil and selling it…

 On Monday, the rupee failed to hold on to an intraday recovery to near 87.20 | Photo Credit: HEMANSHI KAMANI The Indian rupee may drop past 88 to the U.S. dollar to an all-time low on Tuesday after U.S. President Donald Trump threatened steeper tariffs on Indian goods, worsening fragile sentiment and stoking concerns of more foreign outflows.The 1-month non-deliverable forward indicated the rupee will open in the 88.00 to 88.04 range versus the U.S. dollar, down from 87.6550 on Monday. The rupee’s previous record low was 87.95, touched in February.Trump again threatened to substantially raise tariffs on Indian goods,…

Gold firms above $3,350 as the US Dollar remains under pressure on Monday.The soft July NFP report has heightened market bets on a potential interest rate cut in September.Fears of political interference grow after US President Donald Trump fires BLS Commissioner Erika McEntarfer.Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday’s disappointing Nonfarm Payrolls (NFP) report. At the time of writing, the yellow metal is hovering near $3,375 during American trading hours, having bounced from an intraday…