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Finance ministers from the Group of Seven (G7) on Friday emphasized the urgent need to limit the economic repercussions of an ongoing Middle East conflict, highlighting a commitment to pursuing enduring peace.Key quotesG7 finance ministers concluded unanimously it was urgent to limit cost for global economy of an enduring Middle East conflict statement.G7 members are particularly vigilant regarding the direct and indirect effects on the most vulnerable states: statement.G7 finance ministers and governors reaffirm their support for Ukraine. G7 finance ministers discussed the imperative to maintain pressure on Russia so that the Middle East crisis does not benefit its war effort. G7…
The GBP/USD dropped by 0.17% on Thursday as US jobs data outshone UK Gross Domestic Product (GDP) data revealed during the European session. expectations for a peace deal between the US and Iran, keep the market mood upbeat. The pair trades at 1.3534 after reaching a high shy of the 1.36 handle.Sterling eases despite solid UK GDP and fresh ceasefire hopesInitial Jobless Claims in the US dipped from 219K to 207K in the week ending April 11, below forecasts for a 215K print. Although the print is good, the latest employment report and JOLTS data hint that the economy is…
Danske Bank analysts discuss US political risk around Federal Reserve (Fed) leadership, noting Kevin Warsh’s Senate hearing is scheduled for 21 April as part of his confirmation process as Fed chair. They highlight Senator Tillis’ opposition linked to an investigation into Powell, Polymarket’s roughly 60% confirmation probability, and the contingency that Miran could become acting chair if Warsh is not confirmed before May.Warsh hearing and succession scenarios”In the US, Kevin Warsh’s hearing in the Senate has been set for 21 April.””While the hearing is an important step in the process to be confirmed as Fed chair, the sticking point remains…
Pakistan’s foreign ministry stated during the European trading session on Thursday that dates for another round of talks between the United States (US) and Iran regarding the permanent ceasefire have not been finalized yet. However, it confirmed that channels for negotiations between both nations are open.Additional remarksWe are keeping channels open between Washington and Tehran.No dates decided for next round of talks between US, Iran.Have no information on the venue of the second round of US-Iran talks.FX ImplicationsNo immediate reaction by the US Dollar (USD) after comments from Pakistan’s foreign ministry. However, the US Dollar Index (DXY) has recovered its…
Optimism about peace talks between the U.S. and Iran is complementing recent central bank measures to shore up the Indian rupee, with a fall in hedging costs and volatility expectations signalling reduced anxiety over its trajectory. U.S. and Iranian officials are weighing a return to Pakistan for further talks as early as the coming weekend while the central bank’s measures have diminished pressure on the currency by taking chunky arbitrage positions out of the equation. Reflecting the impact, 1-month dollar-rupee NDF points – which bake in the cost of hedging against rupee weakness – have eased to about 37 paisa,…
The rupee appreciated by 6 paise to 93.27 against the US dollar in early trade on Thursday, driven by retreating crude oil prices and a weakening American currency, amid hopes of a truce in West Asia.According to forex analysts, crude oil prices hovering below the USD 95-a-barrel level sent positive cues to investors in domestic equities, even though the outflow of foreign capital and demands for dollars from importers resisted a sharp recovery in the rupee.At the interbank foreign exchange market, the rupee opened at 93.29 and gained further, trading at 93.27 against the greenback in early deals, up 6…
NZD/USD remains stronger for the fourth consecutive day, trading around 0.5920 during the Asian hours on Thursday. The pair remains stronger following China’s first-quarter Gross Domestic Product figures. China’s economic change could impact the NZD as a key trading partner for New Zealand.China’s economy expanded 1.3% quarter-over-quarter (QoQ) in the first quarter (Q1) of 2026, compared to a 1.2% growth in Q4 of 2025, coming in line with the market consensus. On an annual basis, the Chinese Gross Domestic Product (GDP) rate rose 5.0% in Q1 after advancing 4.5% in the previous quarter, stronger than the market expectation of 4.8%…
Australia will publish the monthly employment report for March on Thursday at 01:30 GMT, and market participants expect a modest increase in job creation. The Australian Bureau of Statistics (ABS) is expected to announce that the country added 20K new jobs in the month, while the Unemployment Rate is forecast at 4.3%, unchanged from February. The Participation Rate, in the meantime, stood at 66.9% in the previous month.The ABS reports both full-time and part-time positions through the monthly Employment Change. Generally speaking, full-time jobs entail working 38 hours or more per week, usually include additional benefits, and typically provide a…
West Texas Intermediate (WTI) US Oil trades around $89.10 on Wednesday at the time of writing, remaining broadly stable on the day after earlier falling to a three-week low near $85. The Oil market is caught between escalating geopolitical tensions in the Middle East and renewed hopes for diplomatic progress between the United States (US) and Iran.On the geopolitical front, a report from The Washington Post indicates that the US administration is preparing to deploy thousands of additional troops to the Middle East in the coming days. The move is reportedly part of a broader strategy by Washington to intensify…
Rabobank Senior FX Strategist Jane Foley discusses EUR/GBP in light of shifting expectations for the European Central Bank (ECB) and Bank of England (BoE). She notes that EUR/GBP has traded with a downside bias recently but sees this fading as spring progresses. With UK growth concerns, political risks and limited BoE tightening, Foley expects EUR/GBP to grind higher towards 0.88 into the autumn.Rabobank sees downside bias fading”Since the start of this month, EUR/GBP has been trading in a fairly narrow range, albeit with a downside bias. However, heading further into the spring we see the downside bias as running out…