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West Texas Intermediate (WTI) US Oil trades around $60.80 on Wednesday at the time of writing, gaining 1.0% on the day after dipping to the $60.00 region earlier. The market attempts a rebound despite bearish supply signals, as traders await the official Energy Information Administration (EIA) inventory report later in the day.The American Petroleum Institute (API) reported on Tuesday that US Crude Oil stocks rose by 6.5 million barrels for the week ending October 31, following a 4.0 million-barrel draw in the previous week. According to Oilprice’s calculations based on API data, US inventories have posted a net gain of…

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for October on Wednesday. The so-called ADP Employment Change report is expected to show that the United States (US) economy created 24,000 new positions, following a 32,000 net decline in September.These figures will attract particular interest this month, as the US Government shutdown extends for the fifth week already, and is highly likely to deprive the market and the Federal Reserve (Fed) of the closely watched JOLTS Job Openings and the key Nonfarm Payrolls (NFP) report this week. ADP Jobs Report: Employment and the Federal…

USD/INR moves little after registering mild gains in the previous session, trading around 88.70 during the Asian hours on Wednesday. The pair is likely to see limited movement amid thin trading as markets observe a bank holiday in India.The USD/INR pair inched lower as the US Dollar (USD) held slight losses amid ongoing economic concerns, driven by the US government shutdown. The impasse has now entered its sixth week and is poised to become the longest federal funding lapse in US history after the Senate once again failed to pass a short-term funding bill. The most recent attempt to resolve…

US President Donald Trump announced a cut to fentanyl-related tariffs on imports from China, lowering the rate from 20% to 10%, and the continued freeze of some of his reciprocal levies on Chinese goods, Bloomberg reported on late Tuesday.The moves will go into effect on November 10 and follow an agreement reached at the October summit in South Korea aimed at easing tensions between the world’s two largest economies.Market reactionAt the time of writing, the AUD/USD pair is trading around 0.6490, down 0.74% on the day.  US-China Trade War FAQs Generally speaking, a trade war is an economic conflict between two…

EUR/GBP trades around 0.8800 on Tuesday at the time of writing, up 0.40% on the day, supported by Pound Sterling (GBP) weakness ahead of Thursday’s Bank of England (BoE) policy meeting. Markets widely expect the BoE to keep its benchmark rate at 4.0%, although one in three investors still anticipates a quarter-point cut following softer inflation data, according to Reuters.UK Chancellor Rachel Reeves warned that “inflation has been too slow to come down”, adding that her upcoming budget will aim to bring it under control. On the Euro (EUR) side, European Central Bank (ECB) President Christine Lagarde is due to…

The AUD/USD pair revisits the 10-day low, slightly below 0.6500, during the European trading session on Tuesday. The Aussie pair is down almost 0.6% from its previous close after the Reserve Bank of Australia’s (RBA) monetary policy announcement, in which it kept its Official Cash Rate (OCR) steady at 3.6%, as expected. Australian Dollar Price Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Japanese Yen. USDEURGBPJPYCADAUDNZDCHFUSD0.13%0.52%-0.46%0.14%0.56%0.72%0.09%EUR-0.13%0.38%-0.60%-0.00%0.42%0.58%-0.04%GBP-0.52%-0.38%-0.98%-0.38%0.04%0.20%-0.43%JPY0.46%0.60%0.98%0.61%1.03%1.18%0.55%CAD-0.14%0.00%0.38%-0.61%0.43%0.57%-0.05%AUD-0.56%-0.42%-0.04%-1.03%-0.43%0.16%-0.47%NZD-0.72%-0.58%-0.20%-1.18%-0.57%-0.16%-0.63%CHF-0.09%0.04%0.43%-0.55%0.05%0.47%0.63% The heat map shows percentage changes of major currencies against each other. The base currency is picked from…

The rupee recovered from the record low level and settled with a gain of 11 paise at 88.66 (provisional) against the US dollar on Tuesday boosted by falling crude oil prices overseas. Forex traders said a firm dollar, outflow of foreign funds and subdued domestic equity markets prevented a sharp gain in the Indian currency. At the interbank foreign exchange, the rupee opened at 88.55 and hit the intra-day high of 88.28 against the greenback. The unit also touched a low of 88.67 before ending the session at 88.66 (provisional) against the dollar, up 11 paise from its previous closing…

The rupee recovered from the record low level and settled with a gain of 11 paise at 88.66 (provisional) against the US dollar on Tuesday boosted by falling crude oil prices overseas. Forex traders said a firm dollar, outflow of foreign funds and subdued domestic equity markets prevented a sharp gain in the Indian currency. At the interbank foreign exchange, the rupee opened at 88.55 and hit the intra-day high of 88.28 against the greenback. The unit also touched a low of 88.67 before ending the session at 88.66 (provisional) against the dollar, up 11 paise from its previous closing…

Swiss National Bank’s (SNB) governing board member Petra Tschudin said on Tuesday that there is no need for monetary policy adjustments as inflation is unlikely to fall further.Additional commentsOur interest rates are where they should be.We will only use negative interest rates when necessary.We are keeping interest rates low, so that inflation remains in range of price stability (target range 0-2%).Whether the Franc is correctly valued, overvalued or not is not decisive for our monetary policy.What is important is how the exchange rate changes and its effect on inflation.We are not in situation where we would like to see lower…

The Indian rupee rebounded on Tuesday, likely aided by early intervention from the central bank, a move echoing the Reserve Bank of India’s firm action in October that helped lift the currency from near record lows.The rupee, which had hovered near its record low of 88.80 for three straight sessions, jumped to 88.42 on Tuesday, up 0.4 per cent, after the Reserve Bank of India likely intervened in the non-deliverable forwards and spot markets, traders said. The currency was last quoted at 88.5850.The central bank stepped in before the local spot market opened and the thin market liquidity amplified the…