Author: admin
DXY tumbles below 99.50, down 1.8% for the week amid broad risk-off sentiment.Trump threatens 50% tariffs on EU goods, 25% on Apple products made overseas.Markets eye upcoming FOMC Minutes, GDP, and core PCE data for policy signals.The US Dollar Index (DXY), which tracks the value of the US Dollar (USD) against a basket of six major currencies, slumps sharply on Friday, down over 1.8% for the week after posting a modest gain on Thursday to trade around 99.10 near a two-week low, ahead of the weekend. Although the US Dollar was already facing headwinds due to lingering trade tensions and growing…
WTI reclaims $61.00 to trade in a tight range between the 10-day and 20-day SMA.Oil prices remain under pressure amid an uncertain economic backdrop, but technical levels continue to contribute to the short-term price action.With investors closely monitoring the global growth outlook, key psychological levels provide additional barriers of support and resistance between the $60.00 – 64.00 price range.Crude oil prices have rebounded on Friday, allowing prices to erase Thursday’s losses.At the time of writing, WTI crude oil is trading 1.20% higher on the day, moving above the previous psychological resistance that has turned into support at 61.000.After experiencing two…
USD/CAD extends five-day losing streak, down nearly 1.30% this weekCanadian Retail Sales rise 0.8% in March, excluding autos it hit -0.7%.The US Dollar sinks to a two-week low amid fiscal concerns and stalled trade talks.The Canadian Dollar (CAD) strengthens further against the US Dollar (USD) on Friday, marking a five-day rally. The USD/CAD is down nearly 1.30% this week, with the pair slipping below the 1.3800 psychological mark to trade near a two-week low as traders reacted to mixed Retail Sales data from Canada.The Loonie pair was already under pressure earlier in the day due to a broadly weak US…
The Mexican Peso remains firm, buoyed by a weaker Greenback after Trump’s tax and spending bill was approved by the US House of Representatives.Mexican Trade data and Fed speakers ahead of US Housing data remain key for the USD/MXN in the near term.USD/MXN bears remain in control, with the May low proving the next technical hurdle.The Mexican Peso (MXN) is benefiting from the renewed US Dollar (USD) weakness on Friday, which is driven by concerns over the health of the United States (US) deficit after the US House of Representatives voted in favour of Trump’s administration tax and spending bill.As…
India’s foreign exchange reserves dropped by $4.888 billion to $685.729 billion in the week ending May 16, according to the Reserve Bank of India. | Photo Credit: Dado Ruvic/Reuters India’s forex reserves dropped $4.888 billion to $685.729 billion for the week ended May 16, the Reserve Bank of India said on Friday.The overall reserves jumped by $4.553 billion to $690.617 billion in the previous reporting week. The forex reserves touched an all-time high of $704.885 billion in September 2024.For the week ended May 16, foreign currency assets, a major component of the reserves, increased by $279 million to $581.652 billion,…
The Indian rupee rose sharply on Friday to post its best single-day gain in more than two years as worries over U.S. fiscal health and the impact of trade tariffs continued to weigh on the dollar, sparking a rally in emerging market currencies. The rupee closed at 85.2125 against the U.S. dollar, up 0.9% on the day, its best one-day gain since November 2022. For the week, the currency rose 0.3% as Friday’s rally helped it recover from the dip past 86 to the dollar in the previous session.Persistent dollar sales from foreign banks, likely on behalf of custodial clients,…
The Indian rupee posted its sharpest single-day gain since November 2022, rising about 80 paise against the US dollar, driven by weakness in the greenback amid concerns over mounting US domestic debt and Moody’s recent credit rating cut. | Photo Credit: iStockphoto The rupee recorded its biggest single-day gain since November 2022, appreciating about 80 paise against the dollar. The greenback weakened on concerns about mounting US domestic debt, even as domestic equity markets attracted some FPI inflows.The Indian unit opened about 4 paise stronger at 85.97 per USD against previous close of 86.01. The USDINR pair hit a high/low…
Here is what you need to know on Friday, May 23:The US Dollar (USD) struggles to hold its ground against its rivals on Friday after posting marginal gains on Thursday. The European Central Bank (ECB) will publish Negotiated Wage Rates data for the first quarter. Later in the day, New Home Sales for April will be the only data featured in the US economic calendar. Heading into the weekend, investors will continue to pay close attention to speeches from central bank policymakers. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed…
The USD/CAD forecast indicates a growing likelihood that Trump’s tax bill will be passed into law. Traders are pricing a 67% chance of a Fed rate cut in September. Market participants are pricing a 27% chance of a BoC rate cut in June. The USD/CAD forecast indicates a growing likelihood that Trump’s tax bill will be passed into law, increasing the US government’s debt and hurting the dollar. Meanwhile, in Canada, BoC rate cut expectations have fallen significantly, supporting the loonie. –Are you interested in learning more about buying NFT tokens? Check our detailed guide- The US dollar fell on…
The rupee depreciated 15 paise to 86.10 against the US dollar in early trade on Friday, as foreign institutional investors continued with their sell-off due to a narrowing bond yield differential. Forex traders said speculation of an RBI rate cut in the upcoming MPC meeting, fuelled by softening food and energy prices, is also weighing on short-term rupee sentiment, even though such a move may bolster growth in the longer-term.At the interbank foreign exchange, the domestic unit opened at 85.95 and fell to 86.10 against the greenback, registering a loss of 15 paise over its previous close.On Thursday, the rupee…