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United Overseas Bank’s (UOB) Quek Ser Leang reports USD/CNH is consolidating after a prior decline to 6.7865, with prices oscillating between 6.7911 and 6.8025 and closing at 6.7948. He expects intraday action to remain confined to 6.7860–6.7990. Over 1–3 weeks, recent Dollar strength is seen as having ended, with the pair likely to trade between 6.7750 and 6.8080, while medium-term recovery requires a break above the 21‑week EMA at 6.8430.Off highs and stuck in a band”24-HOUR VIEW: Two days ago, USD dropped to 6.7865 and then rebounded. When it was at 6.7920 yesterday, we highlighted that “the rebound from oversold…
ING’s Carsten Brzeski analyses a new German government reform package focused on cutting red tape, increasing labour market flexibility, and capping healthcare and pension costs to restore competitiveness. He notes that while the measures will not turn Germany’s stagnating economy into a booming one overnight, they can create a framework for future growth and support a more optimistic German GDP outlook.Reforms aim to boost competitiveness”Germany’s World Cup campaign may have come to an abrupt end, but the country’s reform drive is gathering momentum. In a bid to reverse the rather uncomfortable narrative, the government has just unveiled a sweeping reform…
The Euro (EUR) accelerated its decline against a strong Japanese Yen (JPY), which has rallied across the board on Thursday, without any clear reason to explain the move. The EUR/JPY pair has found support at the 183.75 area, after a knee-jerk reaction from Tuesday’s highs at 185.86, with momentum indicators on intraday charts showing strong bearish momentum.The Yen saw a sudden spike during Thursday’s early European session, which raised speculation that Japanese authorities stepped in to support the JPY, which had fallen to 40-year lows against the US Dollar earlier this week. Yen’s unexpected recovery has put investors on edge,…
The Indian rupee declined for the fourth consecutive session against the dollar on Thursday as market flows related to arbitrage trades and merchant payments pinched the currency despite weakness in the dollar and likely market intervention.The rupee rose to a peak of 94.9375 in early trading, helped by dollar sales from state-run banks, likely on behalf of the Reserve Bank of India, but retreated swiftly as dollar demand picked up through the session.The currency ended at 95.3925 against the dollar, down 0.1% from its previous close. It has fallen about 1% in the last four sessions.Traders said that although state-run…
The Euro (EUR) is down almost 0.5% to near 184.00 against the Japanese Yen (JPY) during the European trading session on Thursday. The EUR/JPY pair slumps as the Japanese Yen (JPY) delivers a sudden strong upside move, which appears to be the outcome of Japan’s intervention. However, there has been no official confirmation yet. Japanese Yen Price Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar. USDEURGBPJPYCADAUDNZDCHFUSD-0.23%-0.43%-0.65%-0.10%0.02%-0.14%-0.28%EUR0.23%-0.19%-0.42%0.12%0.24%0.12%-0.05%GBP0.43%0.19%-0.22%0.30%0.44%0.31%0.15%JPY0.65%0.42%0.22%0.54%0.67%0.50%0.36%CAD0.10%-0.12%-0.30%-0.54%0.12%-0.01%-0.18%AUD-0.02%-0.24%-0.44%-0.67%-0.12%-0.13%-0.32%NZD0.14%-0.12%-0.31%-0.50%0.01%0.13%-0.17%CHF0.28%0.05%-0.15%-0.36%0.18%0.32%0.17% The heat map shows percentage changes of major currencies against each other. The base currency is…
The rupee appreciated 26 paise to 94.90 against US dollar in early trade on Thursday, supported by easing crude oil prices.Forex traders said the rupee opened on a positive note as crude oil prices have fallen back to levels seen before the West Asia conflict. Even global risk sentiment has stabilised compared to the panic witnessed a few weeks ago.Foreign investors poured nearly USD 5.3 billion into Indian bond markets during June, marking the first month of positive inflows after three consecutive months of outflows, they said.At the interbank foreign exchange market, the rupee opened at 94.95, then touched 94.90…
Gold (XAU/USD) attracts fresh buyers during the Asian session on Thursday, following the previous day’s volatile price swings and a late pullback from an over one-week high. The US Dollar (USD) edges lower on the back of Wednesday’s softer-than-expected US macro data and turns out to be a key factor supporting the commodity for the second consecutive day. However, elevated US Federal Reserve (Fed) rate hike expectations, along with geopolitical risks, act as a tailwind for the buck and should keep a lid on the bullion ahead of the US employment details.Automatic Data Processing (ADP) reported on Wednesday that private…
Qatar’s Foreign Ministry spokesperson said that “positive progress” was made on issues related to the Memorandum of Understanding (MoU) following separate meeting of Qatari and Pakistani mediators with the US and Iranian delegation in Doha, CNN reported on Wednesday.The Qatari government spokesperson said that US President Donald Trump’s son-in-law Jared Kushner and US special envoy Steve Witkoff arrived in Doha, Qatar on Tuesday for indirect talks with Iran. The US envoys are speaking with mediators and not directly with the Iranians.In Washington, Trump described the meetings in Doha as very good. “As far as things are going, the denuclearization of Iran is…
The Pound Sterling (GBP) registers a 0.14% gain on Wednesday amid broad US Dollar (USD) strength and comments by the Federal Reserve (Fed) Chair Kevin Warsh, who reiterated that the central bank would not provide forward guidance, despite accepting that inflation remains too high. At the time of writing, the GBP/USD pair trades at 1.3277 after bouncing off daily lows of 1.3219.GBP/USD rises as weak US jobs data offsets Dollar strengthAt the European Central Bank’s annual policy symposium in Sintra, Portugal, Warsh acknowledged that the Fed doesn’t accept inflation above the 2% target, added that inflation is too high and…
The domestic currency ended at a three-week low, marking its biggest daily fall since June 8, when it had lost 77 paise in a single session The rupee posted its steepest single-day decline in over three weeks on Wednesday, weakening 58 paise to close at 95.25 against the US dollar, as aggressive dollar buying by importers, stop-loss triggers and a sharp rise in the dollar index overshadowed support from domestic equities and likely intervention-related dollar sales by state-owned banks.The domestic currency ended at a three-week low, marking its biggest daily fall since June 8, when it had lost 77 paise…