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Dollar Index falls after the Fed’s preferred measure of inflation, the core PCE, rises in May.US Dollar continues to weaken, with the DXY nearing Thursday’s low of 97.00US Michigan Consumer Sentiment Index and Michigan Expectations ahead, providing additional insight into how consumers feel about current conditions.The US Dollar Index (DXY) is nearing 97.00 support as investors digest the latest batch of inflation data released out of the United States.Friday’s US core Personal Consumption Expenditure (PCE), released by the US Bureau of Economic Analysis, has served as an additional catalyst for DXY.This report, which represents the pace at which prices are…

USD/INR slides to two-week low amid broad US Dollar weakness and strong Rupee demand.Rupee supported by FII inflows, equity market gains, and falling Crude Oil prices.DXY holds near a three-year low as Trump’s Fed criticism and soft US GDP fuel rate cut bets.The Indian Rupee (INR) strengthens further on Friday, riding a wave of US Dollar (USD) weakness, as the Greenback slides further amid political noise and soft economic prints. US President Donald Trump’s fresh criticism of Federal Reserve (Fed) Chair Jerome Powell, paired with weaker-than-expected US Q1 Gross Domestic Product (GDP) data released on Thursday, is weighing heavily on…

NZD/USD trades near 0.6071, posting a fifth consecutive day of gains and eyeing year-to-date highs.Trump’s criticism of Powell, soft US Q1 GDP data, and the Iran-Israel de-escalation weigh on the US Dollar.ANZ Consumer Confidence jumps 5.9 points to 98.8 in June.The New Zealand Dollar (NZD) extends its winning streak against the US Dollar (USD) for the fifth straight session on Friday, buoyed by broad-based Greenback weakness. The NZD/USD pair is staging a solid recovery from a six-week low, edging higher to trade around 0.6071, just shy of year-to-date highs.The US Dollar remains under pressure following fresh criticism of Federal Reserve…

The rupee rose 24 paise to close at 85.48 (provisional) against the greenback on Friday on the back of strong FII inflows and firm domestic equity markets. Lower level of American currency index also favoured the Indian currency though an uptrend in crude oil prices capped its gain, forex traders said. Foreign institutional investors (FIIs) purchased equities worth ₹12,594.38 crore on a net basis on Thursday, according to exchange data. At the interbank foreign exchange, the rupee opened at 85.50 against the dollar and traded in the range of 85.43-85.65 before settling at 85.48 (provisional), up 24 from its previous…

The Australian Dollar offers its daily gains due to risk aversion as Iran declines to resume nuclear negotiations.President Trump may announce his preferred candidate to lead the Federal Reserve next year.The US Dollar depreciated due to risk-on sentiment following a fragile US-brokered Israel-Iran ceasefire.The Australian Dollar (AUD) retraces daily gains on Friday, halting its four-day winning streak. The AUD/USD pair edges lower following Iranian Foreign Minister Abbas Araghchi’s comments, noting that Tehran has no intention of resuming nuclear negotiations with the United States. “No agreement or arrangement has been made to resume negotiations. Neither any promise has been given, nor…

USD/CAD may test initial support at the eight-month low at 1.3539.The 14-day RSI remains below 50, strengthening bearish bias.The primary resistance appears at the nine-day EMA of 1.3682.The USD/CAD pair remains steady after registering over 0.50% losses in the previous session, trading around 1.3650 during the Asian hours on Friday. A persistent bearish sentiment is prevailing as the pair moves sideways within the descending channel pattern, suggested by the technical analysis of the daily chart.The 14-day Relative Strength Index (RSI) remains below the 50 level, reinforcing bearish pressure. Additionally, the USD/CAD pair has moved below the nine-day Exponential Moving Average…

The Rupee strengthened to a two-week high on Thursday, buoyed by a weak Dollar, which slipped below the 97 mark for the first time since March 2022.The Indian unit closed at 85.7050 per US Dollar, up about 39 paise against the previous close of 86.09. The Dollar is reeling under pressure as US President Donald Trump emphatically stated that interest rates should be at least 200-300 bps lower. However, US Fed Chair Jerome Powell has stood his ground, preferring a status quo on the rates for now in order to assess the impact of Trump tariffs on inflation. Trump has…

Gold remains under pressure as risk-on sentiment continues to influence market trends.Fed Chair Powell and President Trump clash over the timing of interest rate cuts. A September rate cut is priced in but a rate cut in July could help drive Gold out of its range.XAU/USD hovers near the 50-day Simple Moving Average near $3,325.Gold is retreating on Thursday despite persistent US Dollar (USD) weakness as traders continue to favour risk assets.With XAU/USD trading near $3,330 in the American session at the time of writing, the yellow metal continues to display signs of resiliency despite a minor pullback.The risk-on tone…

EUR/JPY holds firm near 169.00 with the 170.00 psychological level currently holding bulls at bay.The Euro benefits from the return of risk-on sentiment, but momentum indicators suggest that the pair may still be overbought.The safe-haven Japanese Yen struggles against its G10 counterparts, with Japan’s low-interest rate environment limiting its gains.The Euro (EUR) is experiencing a modest pullback against the Japanese Yen (JPY) on Thursday, after surging over 3% this month.EUR/JPY is trading slightly below the 169.00 mark, with Thursday’s low of 168.56 providing imminent support at the time of writing.With bulls still eager to retest the next big level of…

EUR/USD hits its highest level since September 2021 and extends its rally for a sixth straight session.ECB’s De Guindos flags data-driven approach, warns of trade and geopolitical risks to Eurozone outlook.US GDP revised lower to -0.5% in Q1, the first contraction in three years. Jobless Claims ease but remain elevated.The Euro (EUR) extends its winning streak against the US Dollar (USD) for a sixth consecutive day on Thursday, with EUR/USD soaring past the 1.1700 handle for the first time since September 2021, marking a nearly four-year high.At the time of writing, EUR/USD is trading near 1.1700 during the American trading…