Author: admin
The United States (US) will impose new tariffs of between 10% and 12.5% on imports from most major trading partners, its biggest move yet to reconstruct US President Donald Trump’s tariff wall that was pierced by the Supreme Court, Bloomberg reported on Thursday. The duties target key economic partners, including the United Kingdom (UK), China, the European Union (EU), Canada, Japan and India. They come in on Friday, as a temporary 10% levies on foreign goods introduced earlier this year expires.The fresh measures follow an investigation into the alleged failure of around 60 economies to prevent forced labor in their supply…
US President Donald Trump said he is close to deciding whether to launch a new military operation against Iran, according to Israel’s N12. Trump said he is “considering a massive attack greater than anything before,” adding that Israel would join the operation “within two minutes” if requested. However, he stressed that the United States (US) would not need assistance to carry out the attack. Meanwhile, two regional sources familiar with mediation efforts said Iran’s leadership had not accepted the latest proposal presented by intermediaries.Key quotes:I’m considering a massive attack greater than anything before. I’m close to making a decision.Israel would…
Rabobank’s Senior FX Strategist Jane Foley highlights the strong year-to-date performance of the Australian Dollar (AUD), supported by the Reserve Bank of Australia’s (RBA) hawkish stance and Australia’s commodity-linked profile. However, Foley notes headwinds from a firmer US Dollar (USD) and a weaker Australian trade balance, and expects AUD/USD to consolidate around 0.70 over a three‑month horizon.RBA pricing caps near term gains”Despite higher prices for petrol and diesel, it is undeniable that the Australian labour market has remained resilient. The release of June employment data showed an increase of 76.3K jobs, far stronger than expected. The news increased market bets…
At the interbank foreign exchange, the rupee opened at 96.53 and traded in a narrow range of 96.45-96.59 during the day before eventually settling at 96.57 (provisional), down 4 paise from its previous close. The rupee declined 4 paise to close at 96.57 (provisional) against the US dollar on Thursday, as heightened hostilities in West Asia kept global crude oil prices elevated.However, a likely intervention by the RBI provided support to the local unit, forex traders said.At the interbank foreign exchange, the rupee opened at 96.53 and traded in a narrow range of 96.45-96.59 during the day before eventually settling…
The Indian rupee closed nearly unchanged on Thursday, hovering near its weakest level in two months, with support from likely central bank intervention countering pressure from oil prices’ rally towards $100 per barrel.The rupee closed at 96.5725 per dollar, little changed from its close at 96.5650 the previous session.State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, traders said.Brent jumped 4% to over $98 a barrel, putting the psychological $100 threshold in striking distance, after Yemen’s Houthis said they had struck two Saudi oil tankers, heightening fears that global oil supply disruption could…
Commerzbank’s Volkmar Baur highlights a strong Australian labor market, with 76,000 jobs added and participation back near historic highs, prompting markets to raise the implied probability of an RBA hike to 30%. Despite complications from the Iran conflict and upcoming inflation and housing data, he still expects no move in August, but sees scope for a more hawkish communication that could support the Australian Dollar.Robust jobs complicate RBA outlook”After Australian economic data had been somewhat disappointing in recent weeks, the labor market delivered a positive surprise this morning. With 76,000 new jobs created in June, the number of new jobs…
The rupee rose 5 paise to 96.48 against the US dollar in early trade on Thursday on possible intervention by the Reserve Bank even as heightened tensions in West Asia maintained pressure on global crude oil prices.FII outflows and sustained negative sentiments in the domestic equity markets added pressure on the local unit, while a weaker greenback provided some respite, forex traders said.At the interbank foreign exchange, the rupee opened at 96.53 before inching up to 96.48, up 5 paise from its previous close.The rupee depreciated by 28 paise to close at 96.53 against the US dollar on Wednesday.”State-owned banks…
EUR/JPY extends its gains for the third successive day, trading around 186.40 during the Asian hours on Thursday. The currency cross is keeping a bullish near-term bias as it holds above both the nine-day and 50-day Exponential Moving Averages (EMAs). The short-term EMA trading over the longer one reinforces an upward structure.The 14-day Relative Strength Index (RSI) at 59.46 stays in positive territory without yet signaling overbought conditions, hinting that buyers still retain control but face nearby upside constraints.The daily chart technical analysis shows the currency cross is positioned above the upper boundary of an ascending triangle, suggesting a bullish…
The Houthis, the Iran-backed group in Yemen, on Thursday claimed an attack on two Saudi oil tankers transiting through the Red Sea, identified as ENCELA and LAYLIA, saying the vessels violated the naval blockade imposed by the group on Monday, the Guardian reported. “We targeted two Saudi oil tankers, named ENCELA and LAYLIA, for their violation of the blockade decision issued by the armed forces,” Houthi military spokesperson Yahya Saree said. The UK Maritime Trade Operations (UKMTO) stated that it had received reports that a tanker had been struck by an unknown projectile and caught fire in the Red Sea, 70 nautical…
The Pound Sterling holds firm during the North American session as UK inflation data dipped, easing pressure on the Bank of England to tackle higher prices, while attacks between the US and Iran don’t seem to be ending in the Middle East. The GBP/USD trades at 1.3377.GBP/USD holds as softer inflation offsets Middle East risksDuring the European session, UK inflation data for June dipped from 2.8% to 2.6% YoY. The core Consumer Price Index (CPI) remained steady at 2.6% YoY for the same period. Even though this relieves the BoE, traders continued to price in an 82% chance for a…