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UK Services PMI recovered to 50.2 in May, beating expectations.Manufacturing PMI in the UK dropped to 45.1 in May.GBP/USD holds minor gains above 1.3400 after UK business PMIs.The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dipped to 45.1 in May from 45.4 in April. The data missed the market forecast of 46 in the reported period.Meanwhile, the Preliminary UK Services Business Activity Index jumped to 50.2 in May versus April’s 49 while bettering the expected 50 figure.FX implicationsMixed UK PMIs fail to inspire the Pound Sterling, as GBP/USD adds 0.04% on the day at 1.3425, as of…

The USD/JPY forecast suggests increasing demand for the safe-haven yen. Trump’s tax bill might add to the US’s already huge debt burden.  Traders will keep an eye on US business activity data. The USD/JPY forecast is bearish, suggesting increasing demand for the safe-haven yen amid fiscal concerns in the US. At the same time, the dollar weakened against the yen after a poor Treasury bonds auction, which pointed to weak demand for US assets. –Are you interested in learning more about buying NFT tokens? Check our detailed guide- The yen extended gains on Thursday after reaching a two-week high against the…

The rupee traded in a narrow range in morning trade on Thursday, as the support from weak dollar index was negated by elevated crude oil prices and persistent dollar demand from importers and foreign banks.Forex traders said broad-based dollar weakness, with DXY falling to a 99 level, is expected to act as a tailwind for the rupee in the short-term. However, the narrowing yield differential between Indian and US, is making Indian assets less attractive.At the interbank foreign exchange market, the rupee opened at 85.59 then touched an intraday high of 85.58 and a low of 85.67 against the US…

Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said early Thursday “ the US did not discuss FX levels at finance ministers’ meeting.”Additional commentsReaffirmed that forex should be determined by the market.Do not believe that there is any gap in understanding with the US.Finance Minister Kato agreed with Bessent that FX rates should be set by markets.Market reactionUSD/JPY keeps its range trade intact near 143.50 levels to now trade at 143.31, down 0.31% on the day. Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies…

US Secretary Scott Bessent and Japan’s Finance Minister Shunichi Kato discussed important issues pertaining to the US-Japan economic relationship, including global security and the ongoing bilateral trade discussions between the US and Japan.Key quotesTold the G7 meeting that US tariffs are creating uncertaintiesDiscussed overcapacity with G7.Told G7 unsustainable macroeconomic imbalance of some countries is behind the trade imbalance.Told G7 each country must take steps to boost domestic demand, cut fiscal deficit.The talk with Bessent lasted 30 minutes.Met with U.S. Treasury Secretary Bessent today.Told Bessent that US tariffs are regrettable.Agreed with Bessent that FX rates should be set by markets.Reaffirmed that excessive…

UK CPI inflation climbs to 3.5% YoY in April, well above the BoE’s 2% inflation target.Core inflation accelerates to 3.8%, raising doubts over future rate cuts.US Dollar tumbles as G-7 stokes speculation of Washington favoring weaker Greenback.The Pound Sterling (GBP) rose to a new year-to-date (YTD) high of 1.3468 against the US Dollar (USD) on Wednesday as United Kingdom (UK) inflation rose, drifting away from the Bank of England’s (BoE) 2% target, which had led to interest rate reductions earlier in the month. At the time of writing, GBP/USD trades at 1.3446, up 0.40%.UK inflation spikes past forecasts, derailing BoE’s…

USD/JPY slips below 144.00 as policy divergence and fiscal concerns weigh on the Greenback.US President Donald Trump waits for the House of Representatives to approve his “Big Beautiful Bill”.Japan’s hawkish shift and potential rate increases lift demand for safe-haven Yen.The US Dollar (USD) continues to weaken against the Japanese Yen (JPY), as shifting economic conditions and central bank outlooks reshape expectations for both currencies. At the time of writing, the USD/JPY pair has broken below the key psychological level of 144.00, a former support level that now acts as resistance, highlighting the strengthening bearish sentiment surrounding the Greenback.One of the primary…

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.46% at 99.66 The rupee consolidated in a narrow range and settled for the day down by 1 paisa at 85.59 (provisional) against the US dollar on Wednesday, on dollar demand from importers and foreign banks as well as surge in crude oil prices.Forex traders said market sentiment soured under pressure from rising US Treasury yields and persistent foreign fund outflows. However, positive domestic markets and a weak US dollar index cushioned the downside.At the interbank foreign exchange, the domestic unit opened…

The Indian rupee closed nearly flat on Wednesday, trailing behind its Asian peers as the impact of a weaker U.S. dollar was blunted by strong demand for the greenback from foreign banks, likely on behalf of custodial clients. The rupee closed at 85.6375 per dollar, compared to its previous close at 85.6350. Other Asian currencies rose between 0.1% to 0.6% as the dollar index drooped to a two-week low before paring losses to last quote at 99.6.The dollar has been weighed down by concerns about U.S. fiscal policy and fading optimism about cooling of trade tensions, as investors await details…

European currencies in general are enjoying good momentum, with the Swiss franc and the Swedish krona on top of this week’s G10 scorecard, ING’s FX analyst Francesco Pesole notes.The next key level is 1.150″This is a testament to markets looking both for USD alternatives (CHF) and possibly playing some optimistic views on a Ukraine-Russia peace deal (SEK, NOK). The euro can draw benefits from both of these storylines, while the franc is at risk of a positioning-exacerbated correction should a truce in Ukraine be reached.””On the domestic side, there is still very little driving the euro for now. We have…