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Individual Retirement Accounts (IRAs) play a central role in the retirement planning strategy of American households. These accounts offer significant tax advantages for those seeking to save for retirement, particularly as a complement to or in the absence of an occupational retirement savings plan such as a 401(k).Among the various types of IRAs available, two options are sometimes confused: Traditional IRAs and Spousal IRAs. Yet their functions, eligibility criteria and benefits are quite distinct.Traditional IRA: The classic formulaThe Traditional IRA is an individual retirement savings account that allows contributions to be made with pre-tax income, thereby reducing taxable income for…

Tiff Macklem, Governor of the Bank of Canada, answered reporters’ questions on the central bank’s policy outlook. This followed the recent BoC’s decision to keep its policy rate at 2.75%, which was largely anticipated by the market.BoC press conference key highlightsWe see signs of underlying upside pressure on inflation.The US trade policy remains unpredictable.We’re looking at a shorter horizon than usual.The Canadian economy is showing signs of resilience.This section below was published at 13:45 GMT to cover the Bank of Canada’s policy announcements and the initial market reaction.In line with market analysts’ expectations, the Bank of Canada held its policy…

The USD/CAD forecast shows intense pressure on the Canadian dollar ahead of the tariff deadline. Canada could face tariffs of 35% if there is no trade deal soon. Traders are expecting both the Fed and the BoC to pause. The USD/CAD forecast shows intense pressure on the Canadian dollar as the August 1 tariff deadline looms large. Canada remains among the few major economies without a trade deal. Meanwhile, market participants are preparing for the BoC and Fed policy meetings. -Are you looking for the best CFD broker? Check our detailed guide-  Talks between Canada and the US have gone…

The rupee depreciated 52 paise to close at 87.43 (provisional) against the US dollar on Wednesday, on uncertainty over India-US trade deal after US President Donald Trump hinted at tariff rates of around 20-25 per cent ahead of the deadline of August 1. Forex traders said month-end dollar demand from importers and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 87.10 against the greenback and touched an intra-day low of 87.05 against the greenback. At the end of Wednesday’s trading session, the local unit settled at 87.43 (provisional), down…

The Indian rupee posted its steepest one-day drop since May and hit a five-month low on Wednesday, hurt by worries over steep U.S. tariffs on Indian exports alongside dollar demand from foreign banks and importers. The rupee hit a low of 87.5125 against the U.S. dollar before closing at 87.42, down 0.7% on the day. Traders said that while the Reserve Bank of India likely stepped in to support the local currency, the intervention was not very aggressive.A 20%-25% tariff may be imposed on India’s exports in the absence of a trade deal and as the Asian country holds off…

Traders pointed to dollar sales from Indian banks, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s losses. | Photo Credit: FRANCIS MASCARENHAS The Indian central bank likely stepped in to support the rupee on Wednesday, five traders told Reuters, as worries over higher US tariff rates on Indian exports pushed the currency to an over four-month low.The rupee was last quoted at 87.11 per US dollar, down 0.3 per cent on the day. The currency was a tad above the day’s low of 87.13 hit in early trading.Traders pointed to dollar sales from…

The rupee slipped below the 87 per dollar level against the US dollar in early trade on Wednesday as rising crude oil prices and uncertainty over the India-US trade agreement kept investor sentiments muted. Forex traders said month-end dollar demand from importers and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange market, the rupee opened on a negative note and touched an early low of 87.15 against the American currency, registering a fall of 24 paise over its previous close. On Tuesday, the rupee declined to an over four-month low level and closed 21…

The Indian rupee slumped to its lowest this fiscal year against the dollar Tuesday on an across-the-board strengthening in the greenback amid uncertainty related to the impending trade deal with the US, dealers said. Month-end dollar demand from importers also exerted pressure on the rupee.The local currency fell to 86.9150 to a dollar intraday, before recouping some losses, tracking domestic equity markets. It closed at 86.8150 to a dollar, the lowest level since mid-March, compared with the previous close of 86.6650. Indian equities snapped a three-day losing streak with the benchmark indices closing higher Tuesday.“The dollar index has surged in…

US Commerce chief Howard Lutnick stated on Tuesday that President Trump is set to make his trade deal decisions this week, despite ongoing negotiations with China and the European Union, ahead of the August 1 deadline.Key QuotesOn pharmaceuticals:The plan coming in two weeks is going to be higher.On EU trade:Expect to continue talks.Digital services will be on the table.Steel and aluminium are also still on the table.Trump accepts that natural resources won’t face tariffs.On trade:Deals are on the table for Trump to consider, but he can just set the price.We’re going to have things done by Friday.Need completely open markets.On…

The Euro falls for a second consecutive day against the British Pound as criticism mounts over the US-EU trade agreement.European leaders describe the deal as “unbalanced” and skewed in favor of Washington.EUR/GBP reversed from a near two-year high of 0.8753 on Monday, marking its sharpest daily drop since April.The Euro (EUR) continues to weaken against the British Pound (GBP) for a second consecutive day on Tuesday, dragged down by rising backlash to the US‑EU trade deal announced over the weekend. The agreement, reached Sunday by US President Donald Trump and European Commission President Ursula von der Leyen, is being criticized…