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The rupee snapped its two-day losing streak and closed 7 paise higher at 85.80 (provisional) against the US dollar on Thursday, supported by positive domestic equities and a rise in Asian currencies. Forex traders said overnight softening of crude oil prices favoured the rupee. However, a strong US dollar index capped sharp gains. Besides, market participants are now keenly awaiting the outcome of the Reserve Bank of India’s (RBI’s) monetary policy meeting for further cues, they said. At the interbank foreign exchange, the domestic unit witnessed a volatile trading session — it opened at 85.86 and moved between a high…

The Indian rupee closed modestly stronger on Thursday, lifted by mild dollar inflows as well as positive cues from gains in most Asian peers, while traders awaited the Reserve Bank of India’s monetary policy decision on Friday. The rupee closed at 85.79 against the U.S. dollar, up from its close of 85.90 in the previous session. While the rupee was nearly flat in the first half of the session, it received a slight boost from foreign banks’ dollar sales in the latter half, likely on behalf of their custodial clients, a trader at a Mumbai-based bank said.Asian currencies were mostly…

The USD/CAD forecast shows a cautious Bank of Canada that has boosted the Canadian dollar.  Market participants are pricing a 45% chance of a BoC rate cut in July. Data revealed weaker-than-expected US private employment. The USD/CAD forecast shows a cautious Bank of Canada that has boosted the Canadian dollar. At the same time, downbeat data from the US weighed on the dollar, allowing most of its peers to climb.  –Are you interested to learn more about MT5 brokers? Check our detailed guide- The Bank of Canada kept rates unchanged as expected on Wednesday. It was the second pause as…

Silver prices maintain their bid tone, favoured by a weak USD..Weak US services and employment figures boosted safe-haven demand on Wednesday.XAG/USD is moving within a small ascending triangle, a bullish sign.Silver prices (XAG/USD) maintain their bullish structure intact, with bulls aiming for the $34.60-$34.80 resistance area, with downside attempts contained above the $34.00 support level.A US Dollar on its back foot is contributing to keeping the precious metal buoyed. US ISM Services PMI data showed an unexpected contraction in the sector’s activity in May, and the ADP Employment report posted a poor increase in payrolls, which revived fears of an…

The rupee depreciated 9 paise to 85.96 against the US dollar in early trade on Thursday, weighed down by dollar demand from foreign investors, oil companies, and importers. Forex traders said market participants are now keenly awaiting the outcome of the Reserve Bank of India’s monetary policy meeting for further cues. The Reserve Bank’s rate-setting panel started its three-day brainstorming on monetary policy on Wednesday, and the outcome is scheduled to be announced on June 6. At the interbank foreign exchange, the rupee opened at 85.86 and slipped further by 9 paise to 85.96 against the American currency in early…

Gold price struggles to capitalize on the previous day’s modest gains amid mixed fundamental cues. A modest USD uptick caps the commodity, though a combination of factors helps limit the downside. Fed rate cut bets, US fiscal concerns, geopolitical risks, and trade uncertainties favor the XAU/USD bulls.Gold price (XAU/USD) edges lower following an Asian session uptick to the $3,384 area amid a slight US Dollar (USD) bounce, though the near-term bias seems tilted firmly in favor of bullish traders. Weaker-than-expected US economic data released on Wednesday boosted market expectations that the Federal Reserve (Fed) will lower borrowing costs further in…

WTI price declines to around $62.00 in Thursday’s early Asian session. Fears of a global oil oversupply undermine the WTI price. Oil inventories fell by 4.304 million barrels in the week ended May 30, according to the EIA. Heightened geopolitical risks and expectations that Iran will reject a US nuclear deal might cap the WTI’s downside. West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $62.00 during the Asian trading hours on Thursday. The WTI price edges lower as Saudi Arabia signals it may push for a large production increase, raising fears of a global oil oversupply.On Saturday, the Organization of the Petroleum…

Bank of Canada Governor Tiff Macklem provides insights into the central bank’s policy outlook while responding to enquiries from reporters. This follows the bank’s decision to maintain its policy rate at 2.75%, a move that was widely expected by markets.BoC press conference key highlightsWe will be looking carefully at the next two CPI reports.There is some underlying volatility in inflation.I don’t want to focus too closely on one month’s data.Uncertainty around US tariffs remains elevated.Comments about the need for a possible future rate cut are not forward guidance.The recent strengthening of CAD has had some effect on inflation.The economy is…

Private sector employment in the US rose by 37,000 in May and annual pay was up 4.5% year-over-year, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 60,000 (revised from 62,000) increase recorded in April and missed the market expectation of 115,000 by a wide margin.Assessing the report’s findings, “after a strong start to the year, hiring is losing momentum,” said Dr. Nela Richardson, chief economist, ADP. “Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers.”Market reaction to ADP employment dataThe US Dollar (USD) came under bearish pressure with…

Rupee registers second consecutive session of fall and has lost 51 paise over US dollar. The rupee depreciated for the second consecutive session and settled for the day lower by 29 paise at 85.90 (provisional) against the US dollar on Wednesday, dragged down by risk-averse sentiments and foreign fund outflows.Forex traders said the local unit remained under pressure on geopolitical tensions between Russia-Ukraine and elevated crude oil prices.Moreover, investors are also awaiting cues from the Reserve Bank’s monetary policy announcements, they said.The Reserve Bank’s rate-setting panel started its three-day brainstorming on monetary policy on Wednesday and the outcome is scheduled…