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GBP/USD kept its foot on the gas pedal on Monday, extending into a four-day win streak as Cable traders gear up for the latest round of UK employment figures. Veterans Day will see a moderation of market flows in the US on Tuesday, but hopes that the US could be close to wrapping up the longest government funding closure in its history should keep risk appetite well bid and put a hard cap on bullish US Dollar (USD) flows.UK data on deck, US data remains MIAUK Average Earnings, Claimant Count Change, 3-month Employment Change, and 3-month ILO Unemployment Claims are…

USD/CHF holds near 0.8060 on Monday at the time of writing, up 0.10% on the day, as the US Dollar (USD) stabilizes after the United States (US) Senate approved a measure to extend federal funding through January. This political progress helps ease fears of another potential government shutdown.The US Dollar Index (DXY), which tracks the Greenback’s performance against a basket of six major currencies, consolidates around 99.60. The agreement between eight Democratic senators and their Republican counterparts would prevent the closure of several federal agencies and unlock the release of key economic data, such as the Nonfarm Payrolls (NFP) report…

Momentum indicators are mostly flat; US Dollar (USD) is likely to trade in a range between 7.1200 and 7.1300. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. USD has likely entered a range-trading phase24-HOUR VIEW: “We noted ‘a slight increase in downward momentum’ last Friday, and we were of the view that it ‘is likely to lead to a lower range of 7.1170/7.1280 rather than a sustained decline’. However, USD traded within a tight range between 7.1226 and 7.1268, closing largely unchanged…

The rupee depreciated 6 paise to settle at 88.71 (provisional) against the US dollar in a muted session on Monday, weighed down by elevated crude oil prices.However, positive domestic equity markets and a soft US dollar cushioned the rupee’s downside, forex traders said.At the interbank foreign exchange market, the rupee opened at 88.64 against the American currency, and touched an intraday high of 88.64 and a low of 88.71 against the greenback during the day.The domestic unit finally settled for the day at 88.71 (provisional), lower by 6 paise from its previous close.On Friday, the rupee slipped 2 paise to…

The Indian rupee clung to a narrow range in touching distance of its all-time low on Monday, as a broadly softer dollar amid improved risk appetite globally offered little comfort to the currency in face of persistent interbank dollar demand.The rupee closed at 88.6975 against the U.S. dollar, down marginally from its previous close of 88.66. The rupee had hit its all-time low of 88.80 in late-September.While the rupee found itself boxed in between dollar offers from state-run banks and persistent hedging demand, similar to recent trading sessions, its Asian peers were mostly up between 0.1% and 0.5%.The dollar index…

USD/CAD continues to lose ground for the consecutive session, trading around 1.4010 during the European hours on Monday. The pair depreciates as the Canadian Dollar (CAD) strengthens on upbeat domestic labor market data, bolstering expectations that the Bank of Canada (BoC) may pause its easing cycle.Statistics Canada reported on Friday that the Unemployment Rate declined to 6.9% in October from the four-year high of 7.1% in September, against the market expectations of remaining at 7.1%. Meanwhile, Net Change in Employment rose by 66.6K jobs to 21,015,300, extending the jump from the previous month and contrasting sharply with bets that it…

The rupee fell 4 paise to 88.69 against the US dollar in early trade on Monday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices. Forex traders said the rupee sentiment remained fragile amid global uncertainty. The US shutdown is providing a counter-intuitive lift to the dollar, with government spending halted, fewer dollars are circulating — tightening supply and offering short-term support to the currency, they said.At the interbank foreign exchange market, the rupee opened at 88.64, and slipped to 88.69 against the greenback, registering a fall of 4 paise from…

Silver price (XAG/USD) extends gains for the second successive session, trading around $49.20 per troy ounce during the Asian hours on Monday. The upside of the Silver price could be restrained amid improving market sentiment as US Senate appeared on track to pass a deal to reopen the government.US Senate advances government funding bill to end shutdown, moving it closer toward passage by voting 60-40 in first approval on extending the enhanced Affordable Care Act subsidies. The amended proposal would still have to be passed by the House of Representatives and sent to President Donald Trump for his signature, a…

The Bank of Japan (BoJ) published the Summary of Opinions from the October monetary policy meeting, with the key findings noted below.   Key quotesOne member emphasized checking initial momentum toward next year’s wage talks as firms firm up plans after US tariffs set at 15%.Future policy decision key to whether firms maintain positive wage-setting behaviour.Uncertainty remains over outlook but Japan will see environment fall into place to adjust policy rate depending on economic, price outlook.One member commented no need to hurry to increase interest rate but must raise without losing appropriate timing.One member indicatesdconditions for advancing towards policy normalization are nearly…

In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. | Photo Credit: JASON LEE India’s foreign exchange reserves declined by $5.623 billion in the week that ended October 31 to $689.733 billion, driven by a slump in both foreign currency assets and gold reserves, the Reserve Bank of India’s latest ‘Weekly Statistical Supplement’ data showed.Over the past month, the forex kitty has been in a downtrend, except for one week. Still, the country’s foreign exchange (forex) kitty is hovering close to its all-time high of $704.89 billion,…