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Consumer confidence in the US deteriorated further in September, with the University of Michigan’s Consumer Sentiment Index dropping to 55.4 in its preliminary estimate from 58.2 in August. This reading came in worse than the market expectation of 58.Other details of the publication showed that the Consumer Current Conditions Index edged lower to 61.2 from 61.7, while the Consumer Expectations Index declined to 51.8 from 55.9.Finally, the 1-year Consumer Inflation Expectation remained unchanged at 4.8% and the 5-year Inflation Expectation rose to 3.9% from 3.5%.Market reaction to UoM Consumer Sentiment Index dataThe US Dollar (USD) Index retreated from session highs…
The Australian Dollar (AUD) traded slightly lower on Friday, below 0.6650 against the US Dollar (USD), losing 0.15% over the session. Caution dominates trading ahead of the weekend as traders await Monday’s release of key Industrial Production and Retail Sales data from China, Australia’s main trading partner.This Forex session is thus marked by contained volatility on the AUD/USD, in contrast to Thursday’s session, which was shaken by US inflation data.If the Chinese data disappoint on Monday, they could rekindle concerns about Chinese demand for raw materials, a historic driver of the Australian Dollar, and prompt investors to reduce their exposure…
EUR/GBP trades mildly positive near 0.8650, after failing to hold gains above 0.8660.UK GDP flat in July, Industrial and Manufacturing Output disappoint.Focus shifts to UK jobs data on Tuesday, CPI on Wednesday and the BoE policy decision on Thursday.The Euro (EUR) trades with a mild positive tone against the British Pound (GBP) on Friday, with EUR/GBP paring earlier gains after failing to sustain momentum above 0.8660. At the time of writing, the cross is trading around 0.8650 as investors digest sluggish UK Gross Domestic Product (GDP) data alongside cautious commentary from the European Central Bank (ECB).The latest Office for National…
WTI climbs to near $63.00 as the EU is planning to accelerate phasing out Russian energy imports.Russia has been selling Oil at lower prices amid sanctions imposed by various nations in the wake of the Moscow-Kyiv war.The Fed is certain to cut interest rates in its policy meeting next week.West Texas Intermediate (WTI), futures on NYMEX, trades 1.6% higher to near $63.00 during the late European trading session on Friday. The Oil price strengthens due to multiple tailwinds, such as the European Union’s (EU) plans to avoid dependence on Russian energy products, and firm expectations that the Federal Reserve (Fed)…
The Euro trims previous gains as the US Dollar bounces up on a choppy trading session.ECB’s Rehn has warned about the downside risk for inflation stemming from low energy prices and a strong EUR.Initial claims for unemployment benefits in the US increased at their fastest pace in four years.The EUR/USD pair gives away gains on the early European session and retreats to levels near 1.1700, amid choppy and volatile trading on Friday. Comments from ECB official Olly Rehn, warning about the downside risks to inflation, have failed to support the Euro (EUR), which remains weighed down under a firmer US…
The rupee appreciated by 17 paise on Friday, closing at 88.2750 against the US dollar compared to Thursday’s record low of 88.4425. | Photo Credit: STARLINEARTS The rupee appreciated about 17 paise on Friday from the previous day’s all-time closing low on expectations that the US Fed would restart rate cuts in its upcoming meeting, which could weaken the Dollar.The Indian currency closed at 88.2750 per US Dollar against the previous record closing low of 88.4425.Amit Pabari, MD, CR Forex Advisors, observed that the weak-dollar theme, coupled with hopes that U.S.-India trade talks may make progress, could provide some breathing…
Forex traders said the domestic unit is hovering around its all-time low level amid a recovery in the US dollar index and persistent foreign fund outflows. The rupee witnessed range-bound trading in moring deals on Friday and depreciated 7 paise to 88.42 against the US dollar, as tariff-led pressure on India’s exports and sustained foreign fund outflows dented investors sentiments.Forex traders said the domestic unit is hovering around its all-time low level amid a recovery in the US dollar index and persistent foreign fund outflows.Dollar demand from importers and ongoing tariff issues between India and US also pressurised the rupee,…
The Australian dollar was at a 10-month high against the greenback and set for the best week since April as soft U.S. data added to the case for several more rate cuts there, while bullish price signals pointed to further gains in the months ahead. The Aussie also scaled a seven-month high on the Japanese yen on Friday, and hit a three-month top on the euro and a 10-month peak on the Canadian dollar . Analysts said the Aussie also benefited from record-high stock prices, positive yield differentials as the Reserve Bank of Australia is set to go slowly on…
The RBI has stayed on the sidelines, with no visible intervention to support the currency | Photo Credit: PRAKASH SINGH The rupee hit an all-time low on Thursday, weighed down by demand for dollars from oil and defence companies for import payments, even as concerns over the US’s steep tariffs on Indian exports continue to rile market sentiments.The currency plunged to close at a record low of 88.4425 per US Dollar against previous close of 88.10, with the RBI reportedly not intervening in the market. It hit a record low of 88.36 last Friday.Amit Pabari, MD, CR Forex Advisors, observed…
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB’s decision to leave key rates unchanged at the September policy meeting and responds to questions from the press.Join our ECB Live Coverage hereECB press conference key takeaways”Growth shows resilience of domestic demand.””GDP data reflects Q1 front-loading.””Investment should be underpinned by government spending.””Higher tariffs, stronger Euro, competition to hold growth back.””Headwinds on growth should fade next year.””Indicators of underlying inflation consistent with our 2% target.””Forward-looking indicators suggest that wage growth will moderate further.””Moderating wage growth to keep lid on domestic price pressures.””Core inflation to drop on declining labour cost…