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WTI price dropped by about 3% on Thursday due to escalating fears of a global supply surplus.Trump commented, “I think we are getting very close to a deal with Iran. Iran has agreed to the terms.”US EIA reported a substantial crude inventory increase of 3.5 million barrels last week, raising stockpiles to 441.8 million barrels.West Texas Intermediate (WTI) Oil price fell by approximately 3% on Thursday, extending the previous session’s losses of over 1%. WTI price is hovering around $60.70 per barrel during European trading hours.The decline in crude Oil prices comes amid growing concerns over a global supply glut.…
The rupee depreciated 32 paise to 85.64 against the US dollar in early trade on Thursday, tracking a negative trend in domestic equities. Forex traders said investors are awaiting cues from US FED Chair Jerome Powell’s speech on Thursday. His comments will be closely watched on how the Central Bank plans to proceed with Monetary Policy easing, they said. Meanwhile, the weakness of the American currency and easing crude oil prices offered some support to the local unit and restricted the downfall. At the interbank foreign exchange, the domestic unit opened at 85.53 and fell to 85.64 against the greenback,…
Indian Rupee posts modest gains in Thursday’s Asian session.Optimism from the US-China trade deal underpins the US Dollar and drags the INR lower. Traders brace for the US April Retail Sales and PPI data, due later on Thursday.The Indian Rupee (INR) strengthens on Thursday. The de-escalation of a trade war between the United States (US) and China, along with the fall in Crude oil prices and the weakness of the US Dollar (USD), provides some support to the Indian currency. However, the cooler-than-expected India’s retail inflation, which dropped to its lowest level since July 2019, might exert some selling pressure on the…
A top adviser to Iran’s supreme leader, Ali Shamkhani, said late Wednesday that Iran is ready to sign a nuclear deal with certain conditions with US President Donald Trump in exchange for lifting economic sanctions, per NBC. He stated that in exchange for the immediate lifting of all economic sanctions on Iran, Iran would commit to never making nuclear weapons, eliminate its stockpiles of highly enriched uranium that could be weaponized, agree to only enrich uranium to the lower levels required for civilian use, and allow international inspectors to supervise the process.Market reactionAt the time of writing, the Gold price (XAU/USD) is…
The Mexican Peso strengthens, supported by steady demand for risk assets.The Peso’s short-term trajectory will largely depend on Banxico’s next rate decision.USD/MXN slides as Dollar declines accelerate, with the pair vulnerable to deeper losses if bearish sentiment continues.The Mexican Peso (MXN) posts a second consecutive day of gains on Wednesday against the US Dollar (USD), slipping below 19.40 ahead of key commentary from Federal Reserve (Fed) officials that could influence the monetary policy outlook.At the time of writing, USD/MXN is trading 0.33% lower at 19.36 as markets continue to digest Tuesday’s softer US CPI data, narrowing interest rate differentials, and…
The US Dollar trades weaker again on Wednesday, for a second consecutive day, after softer-than-expected US inflation data. The Korean Won strengthens against the Greenback after the announcement that both countries have discussed Forex markets. The US Dollar Index nosedives to test the 100-level and bounces just ahead of it. The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is adding to its losses and dives toward the 100-marker, near 100.60 on Wednesday. The downside move comes after softer-than-expected inflation in the US and the confirmation that the United States (US) and South Korea…
The rupee pared most of its initial gains and ended the day higher by 10 paise at 85.26 (provisional) against the American currency on Wednesday, supported by gains in domestic equities and positive macroeconomic data.Forex traders said the weakness of the American currency in the overseas market and a rising appetite for riskier assets amid easing trade tariff tensions boosted investors’ sentiments.At the interbank foreign exchange, the domestic unit opened on a positive note and moved between the intra-day high of 85.05 and the low of 85.52 against the greenback. The unit ended the session at 85.26 (provisional), registering a…
NZD/USD could target the rectangle’s upper boundary around 0.6020, followed by the six-month high of 0.6038.The 14-day RSI has climbed above the 50 level, hinting at a developing bullish bias.A break below the nine-day EMA of 0.5929 would weaken the short-term price momentum.The NZD/USD pair holds gains after registering approximately 1.50% gains in the previous session, trading around 0.5940 during the European hours on Wednesday. The technical analysis of the daily chart indicates a neutral stance, as the pair continues to consolidate within a rectangular range.However, the 14-day Relative Strength Index (RSI) has climbed above the 50 level, hinting at…
The rupee appreciated 31 paise to 85.05 against the US dollar in early trade on Wednesday, supported by gains in domestic equities and positive macroeconomic data. Forex traders said a surge in global crude oil prices may weigh on the rupee. Over the last few sessions, Brent crude prices have surged to near $66 per barrel, which could widen India’s trade deficit. Moreover, foreign fund outflows also contained the appreciation of the domestic unit to some extent. At the interbank foreign exchange, the domestic unit opened at 85.05 against the greenback, registering a gain of 31 paise over its previous…
The Australian Dollar holds ground as the US Dollar weakened following softer-than-expected US inflation data.Australia’s Wage Price Index rose by 0.9% QoQ in Q1, against the expected 0.8% increase.US President Donald Trump described the relationship with China as excellent.The Australian Dollar (AUD) extends its gains against the US Dollar (USD) on Wednesday after registering more than 1.50% gains in the previous session. The AUD/USD pair strengthened as the US Dollar weakened following softer-than-expected US inflation data.Australia’s seasonally adjusted Wage Price Index rose by 3.4% year-over-year in Q1 2025, up from a 3.2% increase in Q1 2024 and surpassing market forecasts…