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The rupee declined 21 paise to settle at 85.60 (provisional) against the US dollar on Tuesday, weighed down by a firm American currency and outflow of foreign funds. According to forex traders, the local unit remained under pressure tracking negative domestic equity markets amid geopolitical uncertainties. Investors are also awaiting cues from the Reserve Bank’s monetary policy announcements. RBI’s Monetary Policy Committee (MPC) will begin deliberations on its bi-monthly policy on Wednesday and the outcome is scheduled to be announced on June 6. At the interbank foreign exchange, the domestic unit opened at 85.55 and moved between the high of…

The USD/JPY price analysis shows strength in the yen after Ueda’s comments. The BoJ will hike rates if the economy re-accelerates. Data revealed soft business activity in the US manufacturing sector.   The USD/JPY price analysis shows strength in the yen after BoJ’s Ueda said the central bank would hike rates if growth re-accelerates. At the same time, the yen strengthened as safe-haven demand rose on renewed trade tensions between the US and its trading partners. –Are you interested to learn more about MT5 brokers? Check our detailed guide- Bank of Japan Governor Kazuo Ueda said on Tuesday that the central…

WTI price may struggle as the Organization for Economic Co-operation and Development has revised down forecasts of the global economy.The OECD has cut down its global GDP growth forecast to 2.9% from 3.1% previous estimations.Oil prices may struggle as dollar-denominated commodities become expensive for holders of other currencies amid an improved US Dollar.West Texas Intermediate (WTI) Oil price remains steady after registering more than 3.50% gains, trading around $62.50 during the European hours on Tuesday. However, Crude Oil prices faced a few challenges, potentially weighed down by the Organization for Economic Co-operation and Development (OECD) cutting down forecasts of the…

The rupee depreciated 10 paise to 85.49 against the US dollar in early trade on Tuesday amid a slight recovery in the American currency against major rivals, higher crude oil prices and outflow of foreign funds. Volatile domestic equity markets ahead of the Reserve Bank’s monetary policy announcements also weighed on the Indian currency, forex traders said.RBI’s Monetary Policy Committee (MPC) will begin the deliberations on its next bi-monthly policy on June 4 and the outcome is scheduled to be announced on June 6. At the interbank foreign exchange, the domestic unit opened weak and stayed in a narrow range,…

EUR/USD depreciates as the US Dollar (USD) recovers its losses on technical correction.European Union warned that Trump’s new plan to double US tariffs on steel and aluminium could derail bilateral trade negotiations.US ISM Manufacturing PMI fell to 48.5 in May from 48.7 in April.EUR/USD edges lower after registering over 0.50% gains in the previous session, trading around 1.1420 during the Asian hours on Tuesday. The US Dollar (USD) recovers its ground on technical correction, despite growing concerns regarding stagflation in the United States (US). Traders will likely observe Eurozone Harmonized Index of Consumer Prices (HICP) data scheduled to be released…

Bank of Japan (BoJ) former board member Makoto Sakurai said on Tuesday that the Japanese central bank will probably halt its quarterly reductions in government bond purchases starting next fiscal year, per Bloomberg. The BoJ has been trimming its bond-buying by ¥400 billion ($2.8 billion) every quarter since last summer, but recent pressure from rising yields has likely made further cuts too risky.Market reactionAt the time of writing, the USD/JPY pair is trading 0.02% lower on the day to trade at 142.71. Bank of Japan FAQs The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the…

The Canadian Dollar rises for a third straight session, supported by higher oil prices and a weaker US Dollar.Canada’s manufacturing PMI improves slightly to 46.1 in May, while US factory activity shows deeper contraction.Investors price in a 75% chance that the Bank of Canada will hold rates at 2.75% on Wednesday, with market focus shifting to inflation risks.The Canadian Dollar (CAD) extends its winning streak against the US Dollar (USD) for a third consecutive day on Monday, supported by rising oil prices and sustained weakness in the Greenback.The latest PMI figures offered additional support to the Loonie, with Canada’s factory…

The Swiss Franc rises for the third straight session, with USD/CHF down nearly 0.70% intraday.Switzerland’s Q1 GDP beat forecasts with 0.5% QoQ growth, while April Retail Sales missed expectations, rising just 1.3% YoY.Traders are eyeing the US ISM Manufacturing PMI and Powell’s speech later on Monday,  Swiss CPI due on Tuesday.The Swiss Franc (CHF) extends its winning streak against the US Dollar (USD) for the third consecutive day on Monday, starting the week on a firm footing as a broadly weak US Dollar and cautious global sentiment continue to underpin demand for the safe-haven currency.At the time of writing, the…

The USD/CAD forecast suggests solid bearish sentiment. Canada’s GDP expanded by 2.2% in the first quarter, beating estimates of a 1.7% increase. Trump threatened to increase tariffs on aluminium and steel imports to 50%. The USD/CAD forecast suggests solid bearish sentiment as the Canadian dollar extends gains after an upbeat GDP report. At the same time, the dollar remains weak amid Trump tariff tensions. However, cooler-than-expected US inflation figures eased Fed rate cut expectations. –Are you interested to learn more about MT5 brokers? Check our detailed guide- The Canadian dollar strengthened on Friday after data revealed a better-than-expected performance in…

The Indian rupee strengthened on Monday, supported by weakness in the U.S. dollar and modest dollar inflows that helped the local currency begin the week on a positive note. The rupee closed at 85.3825 against the U.S. dollar, up 0.23% on the day. Inflows related to the rejig of a global equity index helped the rupee move higher in early trading while broad-based dollar weakness was an added tailwind, traders said.The dollar index fell below the 99 level amid concerns of a re-escalation in global trade tensions after U.S. President Donald Trump accused China of violating an agreement with the…