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The Indian rupee closed nearly flat on Friday but notched its second consecutive weekly fall as a relief rally following an India-Pakistan truce proved fleeting in the face of sustained dollar demand from local companies and foreign banks. On the day, outflows related to an equity block deal weighed on the rupee, while broad weakness in the dollar and mild exporter hedging helped keep a lid on the currency’s losses, traders said. The rupee closed at 85.5050 against the U.S. dollar, nearly unchanegd from its close of 85.55 in the previous session. It declined 0.1% on the week after falling…
The USD/CAD price analysis shows increasing pressure on the Fed to lower interest rates. US data revealed softer-than-expected wholesale inflation and weaker consumer spending. Oil collapsed on Thursday after Trump announced a likely nuclear deal with Iran. The USD/CAD price analysis shows increasing pressure on the Federal Reserve to lower interest rates. As a result, the dollar is fragile against most of its peers. However, gains for the Canadian dollar remained subdued due to the recent collapse in oil prices. –Are you interested to learn more about MT5 brokers? Check our detailed guide- Data from the previous session revealed softer-than-expected…
Gold price meets with a fresh selling pressure and erodes a part of Thursday’s recovery gains.The US-China trade deal optimism continues to act as a headwind for the safe-haven commodity.Fed rate cut bets keep the USD depressed and should help limit losses amid geopolitical risks.Gold price (XAU/USD) extends its steady intraday descent through the first half of the European session on Friday and slides back below the $3,200 mark in the last hour. The latest optimism over the US-China trade truce continues to undermine demand for traditional safe-haven assets and fails to assist the bullion to capitalize on the previous…
Rupee rose 12 paise to 85.42 against the greenback in early trade, buoyed by strong FII inflows and a weaker dollar index. However, widening of trade deficit, a weaker start in the domestic equity markets and a rise in Brent crude prices capped further gains in the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened strong at 85.28 against the US dollar before dropping to 85.42, higher by 12 paise from its previous close. On Thursday, the rupee depreciated 22 paise to close at 85.54 against the greenback. “Rupee is expected in a narrow…
The USD remains on the back foot for the second straight day, though it lacks follow-through selling.The technical setup favors bearish trades and supports prospects for a further depreciating move.A sustained break below the 200-period SMA on H4 is needed to reaffirm the negative outlook. The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades with a negative bias for the second straight day on Friday, though the intraday downtick lacks bearish conviction. The index currently trades around the 100.70 region, down just over 0.10% for the day, and manages to hold above the 200-period…
Japan’s Finance Minister Shunichi Kato said on Friday that he would seek to meet US reasury Secretary Scott Bessent to discuss foreign exchange. Kato added that excessive FX moves damage the Japanese economy.Key quotesWill discuss FX with Bessent in line with points agreed in prior talks.FX should be determined by market.Excessive FX moves damage economy.Convinced that Bessent is a reliable counterpart able to have constructive dialogue, will continue to closely coordinate with him.Reaffirmed with Bessent in talks on April 24 that excessive Forex volatility has averse impact on economy.Will continue talks with him based on this understanding.Will seek to have a meeting…
EUR/JPY slides toward 163.00, testing key support from the ascending trendline and the 200-day EMA.The Euro remains under pressure after Q1 GDP was revised lower despite upbeat industrial output.Safe-haven flows boost the Yen amid cautious risk sentiment.EUR/JPY extended its pullback for a second consecutive session on Thursday, falling 0.5% to trade around 163.00, with the Japanese Yen (JPY) gaining traction on safe-haven flows. The Euro (EUR) also came under pressure after Eurozone growth data showed signs of moderation, prompting traders to reassess the region’s near-term outlook.The latest economic data showed the Eurozone economy grew by 0.3% in Q1, slightly below…
The rupee depreciated 18 paise to close at 85.50 (provisional) against the US dollar on Thursday, weighed down by demand for American dollars from importers and foreign fund outflows.Forex traders the rupee declined on dollar demand. However, a surge in the domestic markets and overnight weakness in crude oil prices cushioned the downside.At the interbank foreign exchange, the domestic unit opened at 85.53 and moved between an intra-day high of 85.48 and a low of 85.73 against the greenback. The unit ended the session lower at 85.50 (provisional), registering a fall of 18 paise over its previous closing level.On Wednesday,…
The Indian rupee fell on Thursday, weighed down by persistent interbank dollar demand, but pared losses after President Donald Trump said that India had offered a zero-tariff trade deal to the United States. The rupee closed at 85.55 against the U.S. dollar, down 0.3% on the day but above its intraday low of 85.7225. The rupee rose above 85.50 in an immediate reaction to Trump’s comments but thereafter bids from foreign and local banks picked up, a trader at a Mumbai-based bank said.The dollar bids were likely spurred by corporate demand and modest portfolio outflows, the trader said. The dollar-rupee…
The USD/JPY outlook shows a rebound in the yen. Japan’s wholesale inflation rose by 4.0% in April. Traders are looking forward to US data on sales. The USD/JPY outlook shows a stronger yen due to a growing divergence in policy outlooks between the Fed and the Bank of Japan. Inflation in the US continues dropping while that in Japan continues rising. –Are you interested to learn more about MT5 brokers? Check our detailed guide- The yen extended its rally on Thursday after data in the previous session revealed higher producer inflation in Japan. Wholesale inflation rose by 4.0% in April,…