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XAU/USD down 0.60% to $3,334 after US PPI crushes forecasts.Hot producer prices revive inflation concerns despite White House push for lower rates.US Jobless Claims beat expectations, reinforcing view of a resilient labor market.Traders price in 25 bps September cut with slim odds of Fed holding rates steady.Gold Price takes a hit and dives over 0.60% on Thursday following a red-hot factory gate inflation report in the United States (US), which prompted investors to price out the chances for a 50-basis-point rate cut at the Federal Reserve’s (Fed) upcoming meeting. The XAU/USD trades at $3,334 at the time of writing.The US…
The Dow Jones snapped a two-day winning streak on Thursday.US PPI inflation soared to a six-month high in July, erasing months of progress.Fed rate cut bets sank post-PPI, with rate traders yanking a third cut in 2025 off the table.The Dow Jones Industrial Average (DJIA) declined on Thursday, ending a two-day bullish run and shedding around 200 points. Equities took a hit after United States (US) Producer Price Index (PPI) inflation rose much faster than expected in July, knocking back bets of three Federal Reserve (Fed) interest rate cuts before the end of the year.The Dow Jones has fumbled a…
USD/CHF up 0.26% to 0.8077 after US PPI approaches 3.5%.Pair rebounds from 20/50-day SMA confluence at 0.8042/50, hitting 0.8092 daily high.RSI signals bullish momentum; break above 0.8100 could target 0.8171, then 0.8200.Key support at 0.8042; a break lower opens the door to 0.8000.The USD/CHF rises during the North American session as recent economic data from the States prompted investors to reduce bets that the Fed would cut rates by 50 bps, as stated by the US Treasury Secretary Scott Bessent on Wednesday. At the time of writing, the pair traded at 0.8077, up 0.26%.On Thursday, Bessent backpedaled and said that…
The Canadian Dollar tumbled over 0.5% against the Greenback on Thursday.A sharp jump in US PPI inflation figures sparked a safe-haven retreat into the US Dollar.Rising inflation knocked back Fed rate cut bets, but not by much.The Canadian Dollar (CAD) took a step lower on Thursday, driven down by a broad-market upswing in the US Dollar (USD). United States (US) Producer Price Index (PPI) inflation for July was the key driving headline, trimming bets of when the Federal Reserve’s (Fed) next rate-cutting cycle would begin.Canadian economic releases still remain almost entirely absent from the data docket this week, leaving Greenback…
Mumbai: The Reserve Bank of India’s (RBI) draft norms on foreign exchange guarantee say that an Indian citizen can’t act as a surety, principal debtor, or creditor for a guarantee involving a current or capital account transaction without the central bank’s permission. A resident India can provide guarantee only in case where it is not in contravention of the FEMA Act. Authorised dealers have not been allowed to give a letter of comfort or a letter of undertaking for a guarantee.An Indian resident acting as surety under these regulations shall report the guarantee including any change in the amount and…
The Indian rupee declined on Thursday with traders treading lightly ahead of the Trump-Putin summit, although S&P’s upgrade offered a silver lining. The rupee closed at 87.5500 against the U.S. dollar, softer than Wednesday’s close of 87.4400, navigating a choppy session that saw it swing between 87.39 and 87.67. With the focus squarely on the Trump-Putin meet, the S&P’s upgrade of India offered a boost to the local currency right when it was grappling with midday pressure.S&P noted that India’s robust external position is a key credit strength. It highlighted that current account deficits are likely to remain small over…
Rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 (provisional) against the US dollar on Thursday, as it came under pressure due to continued dollar demand from importers. Forex traders said the rupee pared initial gains on positive crude oil prices, dollar demand from importers and foreign fund outflows. Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the US. At the interbank foreign exchange, the domestic unit opened at 87.48 and moved in a range of 87.39 to 87.67 during the…
The dollar languished near multi-week lows against the euro and sterling on Thursday as traders ramped up bets for the Federal Reserve to resume cutting interest rates next month. Rising expectations for Fed easing combined with increasing institutional cryptocurrency investment sent bitcoin powering to a fresh record peak. The dollar index, which measures the currency against the euro, sterling and four other major peers, was steady at 97.704 as of 0002 GMT. It dropped some 0.8% over the previous two sessions, having dipped to 97.626 on Wednesday for the first time since July 28.The euro edged up to $1.1713, nearing…
The Australian Unemployment Rate is foreseen at 4.2% in July, down from the 4.3% hit in June.Australia is expected to have added 25,000 new positions in the month, after two months of disappointing figures. The Reserve Bank of Australia trimmed the Official Cash Rate to 3.6% in its August meeting. AUD/USD is technically bullish and could revisit the July peak at 0.6625.Australia will release its July monthly employment report on Thursday at 1:30 GMT, following the Reserve Bank of Australia (RBA) decision to trim the Official Cash Rate (OCR) by 25 basis points (bps) to 3.6%. The Australian Bureau of…
The Canadian Dollar held steady on Wednesday as Loonie traders weigh bets.The Bank of Canada acknowledged that the economy may not need further rate cuts.Despite a general easing in Greenback flows, the CAD remains trapped in place.The Canadian Dollar (CAD) spun in a tight circle for the second day in a row on Wednesday as Loonie traders look for signs to move in either direction. The US Dollar (USD) weakened slightly, but a lack of CAD momentum kept the USD/CAD pair trapped near 1.3770.The Bank of Canada’s (BoC) latest meeting minutes acknowledged that the Canadian economy may not be in…