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According to a Bloomberg survey, OPEC production fell slightly in July to 28.31 million barrels per day, Commerzbank’s commodity analyst Carsten Fritsch notes. Problem of overproduction remains despite the increased targets”However, the figure for June was revised upward by 320,000 barrels per day due to higher production in Saudi Arabia. In July, Saudi Arabia’s Oil production fell by 220,000 to 9.53 million barrels per day, bringing it back in line with the increased target. The eight OPEC countries bound by production targets still produced 535,000 barrels per day more than agreed in July.” “This was mainly due to the United…

On Thursday, the rupee settled 14 paise higher at 87.58 against the US dollar. Rupee depreciated 13 paise to close at 87.71 (provisional) against US dollar on Friday, weighed down by weak domestic equities as India-US trade deal uncertainty continues to dent domestic market sentiments.Forex traders said rupee is trading in a narrow range amid extended weakness in the domestic equities and foreign fund outflows may also weigh on the domestic currency.Moreover, President Donald Trump’s aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent — making…

The Indian rupee ended lower for a fifth straight week, its biggest consecutive weekly drop in six months, as trade tensions between India and the United States escalated following President Donald Trump’s call for new tariffs on Indian goods. The rupee closed marginally higher at 87.6550 against the U.S. dollar, from 87.7025 on Thursday. The currency opened at 87.5600 and reached an intraday high of 87.5350, supported by unwinding of long dollar positions in the NDF market.Dollar bids, primarily from oil importers, pushed the USD/INR higher after initial lows, traders said. For the week, the rupee eased 0.1%, following a…

The USD/CAD price analysis shows continued dollar weakness. Trump’s Fed pick has raised speculation about more dovish picks in the future. Market participants are awaiting employment figures from Canada. The USD/CAD price analysis shows continued dollar weakness after Trump’s pick for Fed Governor hinted at more dovishness in the central bank. At the same time, downbeat employment data added to expectations of Fed rate cuts.  –Are you interested in learning more about Bitcoin price prediction? Check our detailed guide- Trump picked Stephen Miran to temporarily hold the recently vacant position at the Fed. His pick has raised speculation about more…

The rupee traded in a tight range and fell 5 paise to 87.63 against the US dollar with depreciation pressures still lingering amid persistent trade uncertainty and a firm US dollar backdrop. Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India is protecting it at around the 87.95 level, while sustained foreign fund outflows are dragging the local unit lower. At the interbank foreign exchange market rupee opened at 87.56, then touched an intra-day low of 87.63 against the US dollar in initial trade, lower by 5 paise from its previous close.…

EUR/USD capped below 1.1700 as Greenback strengthens on Fed Chair appointment rumors.White House reportedly eyes Waller for the role, valuing his forecast-based policy approach and institutional knowledge.US Initial and Continuing Jobless Claims both exceed forecasts; Continuing Claims hit the highest since Nov 2021.German industrial production slides for third straight month, reaching its lowest level since April 2010.The EUR/USD turned flat late on Thursday, spurred by rumors that the White House is considering Federal Reserve Governor Christopher Waller as the top candidate to be the next Fed Chair, succeeding Jerome Powell. Economic data in the US has been ignored by investors,…

United States (US) President Donald Trump announced on Thursday that he would be selecting Stephen Miran, the current Chair of the US Council of Economic Advisors, to replace recently resigned Federal Reserve (Fed) Board of Governors (BoG) member Adriana Kugler.Key HighlightsStephen Miran will be replacing Adriana Kugler as a voting member of the Fed’s Board on an interim basis until January 31, 2026. Trump is continuing his trend of appointing team members to multiple roles: Moran already serves as the Chair of the US CEA, a position he was nominated to by Trump at the beginning of his second term.Stephen…

Canadian Dollar gains have given way to a fresh bounce in US Dollar strength.The Loonie snapped a near-term winning streak on Thursday.Despite an uptick in Canadian PMI figures, market attention remains focused elsewhere.The Canadian Dollar (CAD) eased off the gas pedal on Thursday, slowing a near-term bull run and snapping a four-day winning streak against the US Dollar (USD) as Greenback bidding bumped upwards. United States (US) President Donald Trump’s long-awaited “reciprocal” tariffs, initially announced in early April and delayed multiple times, appear to have finally gone into effect.Mid-tier Canadian Purchasing Managers Index (PMI) figures barely moved the needle on…

On Thursday, Banco de Mexico (Banxico) decided to reduce interest rates by 25 basis points as expected by most analysts. Story in development, more to come… Banxico FAQs The Bank of Mexico, also known as Banxico, is the country’s central bank. Its mission is to preserve the value of Mexico’s currency, the Mexican Peso (MXN), and to set the monetary policy. To this end, its main objective is to maintain low and stable inflation within target levels – at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%. The main tool…

The US Dollar (USD) traded with decent gains, reversing part of Wednesday’s retracement, as market participants continued to closely follow any developments from the trade front as well as Trump’s plans to replace Chair Powell.Here’s what to watch on Friday, August 8:The US Dollar Index (DXY) clocked acceptable gains and regained the 98.40-98.50 band, setting aside part of the prevailing weekly downtrend amid mixed US yields across the curve. Next on tap on the US docket will be the release of the Inflation Rate for the month of July on August 12.EUR/USD receded modestly soon after hitting new multi-day tops…