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Gold (XAU/USD) attracts some sellers after failing to find acceptance above the $4,100 mark the previous day, though it holds above the $4,000 psychological mark during the Asian session on Wednesday. Despite soft US Consumer Price Index (CPI) data, investors remain worried about energy-driven inflation as escalating US-Iran tensions and the closure of the Strait of Hormuz remain supportive of elevated crude oil prices. Furthermore, US Federal Reserve (Fed) Chair Kevin Warsh reiterated the price stability commitment in his first congressional testimony, leaving the door open for at least one rate hike by year’s end. This, to a large extent,…
The dollar extended its weakness on Wednesday after tumbling from a two-week high, as softer-than-expected inflation data curbed bets on a near-term Federal Reserve rate hike, despite concerns that elevated oil prices could fuel inflation risks. Against the yen, the dollar fetched 162.08, down 0.1%. The euro and the British pound each gained 0.1%, trading at $1.1433 and $1.3401, respectively. The New Zealand dollar was also well bid at $0.5819, hovering around its strongest level in a month, and the Australian dollar was steady at $0.6983. The U.S. dollar index, which measures the currency against a basket of six peers,…
Mumbai: The Indian rupee slumped to an eight-week low as risk rebounded to the top of the pile of obstacles for bullishness amid continued hostilities between Washington and Tehran.The currency traded at an intraday low of 96.23, and closed at 96.20 per dollar, its weakest closing level since May 21. It closed Monday at 95.62.High crude oil prices, safe-haven dollar demand and a resumption of local asset sales by overseas investors Indian assets pressured the currency, while intervention from the Reserve Bank of India (RBI) helped contain further losses, traders said.The rupee had traded at a record low of 96.96…
US President Donald Trump said that Iran retains some resilience but is largely depleted. He emphasized that he will preserve energy objectives in Iran until the end, Fox News reported on Tuesday.Trump further stated that the US conducted discussions with Iran on Tuesday, adding that Washington urged Tehran to reach an agreement. The US President said in an interview on Fox News that strikes will continue until he says it’s enough. They [Iran] have some fight left but they don’t have much,” said Trump.Meanwhile, Iran’s Mehr news agency reported that the Hormozgan governorate confirmed a projectile strike near Hajiabad in southern Iran. The…
The June Consumer Price Index (CPI) fell 0.4% on the month against consensus for a 0.1% decline, following May’s 0.5% increase, and the annual rate dropped to 3.5% from 4.2%, well under the 3.8% forecast. Core prices were flat MoM and eased to 2.6% YoY versus 2.8% expected. June’s slide in energy costs, the dividend of last month’s ceasefire, did most of the work.The broader market took the gift at face value, with the S&P 500 up 0.5% and the Nasdaq Composite adding 1% on a semiconductor rebound. The Dow Jones Industrial Average trades at 52,356, down 0.29% on the…
Commerzbank’s Michael Pfister argues recent US Dollar strength rests on increasingly hawkish Federal Reserve expectations that may be overdone. With June US inflation seen slightly weaker than consensus and Oil prices lower, he highlights that US Dollar performance has historically been negative on CPI days. Pfister sees asymmetric risks for the Dollar today, with limited upside and greater vulnerability to dovish signals from Chair Warsh.Dollar rally vulnerable to CPI risk”In light of the increasingly hawkish comments from the Fed, we have discussed at length the reasons behind the massive USD rally in recent weeks, while also making no secret of…
The rupee depreciated 62 paise to close at 96.30 (provisional) against the US dollar on Tuesday, amid a surge in crude oil prices and renewed geopolitical concerns.Forex traders said the rupee came under pressure due to a combination of factors — crude oil prices climbed on renewed geopolitical tensions, while demand for the US dollar increased as investors moved toward safe-haven assets.At the interbank foreign exchange market, the rupee opened at 95.95 and settled for the day at 96.30 (provisional), down 62 paise from its previous closing.On Monday, the rupee depreciated 30 paise to close at 95.68 against the US…
The Canadian Dollar (CAD) trades higher against its major currency peers, except antipodeans, during the European trading session on Tuesday. The USD/CAD pair declines 0.25% to near 1.4120 at the time of writing as the Loonie gains amid improvement in the appeal of currencies from economies, such as Canada, which are net Oil exporters.The United States (US) economy is also a net energy exporter, but the US Dollar faces selling pressure ahead of the Consumer Price Index (CPI) data for June release at 12:30 GMT.At press time, the WTI Oil price trades 2.73% higher to near $80.00, the highest level…
Rupee breached the psychologically crucial 96 to the US Dollar mark in early trades amid the US President Donald Trump ratcheting up his war campaign against Iran, sending crude oil prices soaring.The last time that the Rupee breached the 96 to the Dollar mark was in May 2026.The Indian currency opened 34 paise weaker at 95.96 per USD and touched an intraday low of 96.1725 in trades so far. It is currently trading at 96.16, per CCIL data.Brent crude oil spiked to about $85 a barrel against yesterday’s $79 level amid escalating US-Iran hostilities, with Trump seeking to impose a…
The Indian rupee fell on Tuesday past the 96 per dollar mark for the first time since late May as a sharp rise in oil prices this week pressured the currency after tensions in the Middle East deepened, with the U.S. and Iran trading fresh strikes.The rupee fell nearly 0.5% to 96.0775, its weakest level since May 22.Brent crude oil futures were last at $84.6 per barrel, up nearly 11% on the week. Indian equities were under pressure on Tuesday as well with the benchmark stock index, the Nifty 50, down 0.6% and tracking losses in regional stocks.Published on July…