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USD/JPY may struggle as the US Dollar could face challenges due to rising concerns over Fed independence.President Trump announced the removal of Fed Governor Lisa Cook from her position.Japan’s chief trade negotiator, Akazawa, will return to the United States on Thursday for talks.USD/JPY recovers its recent losses from the previous session, trading around 147.60 during the Asian hours on Wednesday. However, the upside of the pair could be restrained as the US Dollar (USD) may struggle amid rising concerns over Federal Reserve (Fed) independence.US President Donald Trump announced early Tuesday that he was removing Fed Governor Lisa Cook from her…

The rupee depreciated 12 paise to close at 87.68 (provisional) against the US dollar on Tuesday, tracking weak domestic markets after the US issued a draft notice on plans to implement an additional 25 per cent tariff on Indian products.Forex traders said the rupee lost momentum as worries over the looming 25 per cent additional US tariff on Indian goods, set to take effect from August 27, drove strong dollar demand from importers.At the interbank foreign exchange market, the rupee opened at 87.74, then touched an early high of 87.63 and an intraday low of 87.80 against the US dollar.The…

The Indian rupee continued its losing streak for a fifth consecutive session on Tuesday as Washington confirmed it will impose an extra 25% levy on Indian goods, clouding the outlook for Asia’s third-largest economy. The fall in the rupee was curbed after dollar sales from banks, likely on behalf of the Reserve Bank of India, traders said. U.S. Department of Homeland Security on Monday outlined the procedure to implement additional tariff on Indian goods starting Wednesday.The tariffs risk slowing growth in India as exporters face U.S. duties of up to 50% – among the highest imposed by Washington.Also Read- Trump’s…

The rupee depreciated 22 paise to 87.78 against the US dollar in early trade on Tuesday after the US issued a draft notice detailing plans to impose an additional 25 per cent tariff on India.Forex traders said the rupee lost momentum as worries over the looming 25 per cent US tariff on Indian goods, set to take effect from August 27, drove strong dollar demand from importers.The United States has issued a draft notice detailing plans to implement the additional 25 per cent tariff on Indian products, as previously announced by President Donald Trump. At the interbank foreign exchange market,…

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The US Dollar Index has retraced to near 98.30 from Monday’s high of 98.55 as Trump fires Fed Governor Cook.Fed Cook’s removal has raised concerns over the credibility of the US central bank.Fed’s Powell turned dovish on the interest rate outlook.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, corrects to 98.30 during the Asian trading session on Tuesday, following a decent recovery move the previous day. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Japanese…

The Australian Dollar struggles as Trump threatens to impose a 200% tariff on Chinese goods.RBA Meeting Minutes suggested further rate cuts to be needed in the coming year.President Trump removed Fed Governor Cook from her position on the Fed’s board of directors.The Australian Dollar (AUD) depreciates against the US Dollar (USD) on Tuesday, extending its losses for the second successive session. The AUD/USD pair remains subdued as US President Donald Trump warned that he may impose a 200% tariff on Chinese goods if China refuses to supply magnets to the United States (US), per Reuters. It is worth noting that…

Gold price gains ground in Tuesday’s early European session.Concerns over Fed’s independence and potential US Fed rate cut support the Gold price. The US CB Consumer Confidence and Durable Goods Orders reports will be the highlights later on Tuesday. The Gold price (XAU/USD) rises to a two-week high near $3,385 during the early European trading hours on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve’s (Fed) independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook. Additionally, signs that the US central bank will resume cutting interest rates provide some support to the…

Japanese Finance Minister Katsunobu Kato said on Tuesday that he is “alarmed over FX moves, including those driven by speculators.”Additional quotesWon’t comment on forex levels.Important for currencies to move in a stable manner reflecting fundamentals.Market reactionAt the time of writing, USD/JPY is losing 0.34% on the day to trade near 147.30, little moved by these above comments. 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 New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.21% -0.18% -0.43% -0.07% -0.05%…

USD/CAD edges lower to near 1.3855 in Tuesday’s early Asian session. LeBlanc and Lutnick are set to meet later this week as Canada plans to ease most retaliatory tariffs against the US. Rising Fed rate cut bets weigh on the US Dollar. The USD/CAD pair trades with mild losses around 1.3855 during the early Asian session on Tuesday. The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Canada’s move to ease trade tensions with its largest trading partner. The Conference Board’s Consumer Confidence, Durable Goods Orders and the Richmond Fed Manufacturing Index reports will be released later on Tuesday. Canada- US Trade…