Author: admin
EUR/USD extends its winning streak for the third successive day, trading around 1.1670 during Asian hours on Wednesday. The daily chart technical analysis indicates a bullish reversal as the pair is rising above the descending channel pattern.The EUR/USD pair has rebounded above the nine-day and 50-day Exponential Moving Averages (EMAs), framing a tentative bullish bias after an earlier downside phase.The 14-day Relative Strength Index (RSI) momentum indicator at 56 shows positive momentum above the midline, backing the recovery and reducing immediate downside pressure. This configuration points to buyers regaining control as long as the EUR/USD pair holds above recent breakout…
Mumbai: The Indian rupee climbed Tuesday, advancing for three days on the trot, to close at 92.98/$, reflecting the anticipated impact of unwinding of lenders’ positions in the overseas forwards markets ahead of a regulatory deadline that aimed to provide support for a unit that lost the most in 14 years last fiscal. The rupee advanced 9 paise from its previous close of 93.07/$. It traded Tuesday in a narrow range as dealers remained on edge about the US deadline to reach a deal with Iran. The currency traded between 93.07/$ and 92.86/$ on Tuesday as dollar sales from unwinding…
Iran’s Foreign Minister, Abbas Araghchi, said on Tuesday that safe passage of Hormuz will be possible for two weeks. This statement came after US President Donald Trump agreed to a two-week ceasefire with Iran. Key quotesIf attacks are halted, forces will stop actions.Safe passage of Hormuz will be possible for 2 weeks.Iran will halt attacks provided attacks against it cease.Market reactionCrude oil prices attract some sellers following this headline. At the time of writing, the West Texas Intermediate (WTI) is down 14.15% on the day at $88.85 WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international…
The USD/JPY pair is trading near the 159.95 price region with a strong but volatile tone on Tuesday, as markets react to a sharp escalation in the ongoing conflict between Israel, the United States (US and Iran.US President Donald Trump intensified his rhetoric via Truth Social, warning of devastating consequences if Iran fails to comply with US demands regarding the Strait of Hormuz. “A whole civilization will die tonight, never to be brought back again,” Trump threatened on his social media channel. “I don’t want that to happen, but it probably will.”His messaging hinted at the use of nuclear weapons…
Commerzbank analysts highlight that Brent has climbed above $111 per barrel as the Iran conflict continues and Trump links any ceasefire deal to free Oil traffic through the Strait of Hormus. The IEA warns against fuel hoarding during the Iran war, while OPEC+ agrees a modest quota hike for May and voices concern over attacks on energy infrastructure.Iran conflict and OPEC+ keep Brent elevated”Today, focus looks set to remain firmly on developments in the Middle East. While attacks have continued over the weekend, latest sources reports about a last minute ceasefire proposal and Trump’s extension of a deadline to Tuesday…
The Indian rupee closed stronger on Tuesday, supported by the unwinding of residual arbitrage positions, while traders braced for a U.S. deadline to reach a deal with Iran and the Reserve Bank of India’s monetary policy decision.The rupee closed up 0.1% at 93.0075 against the U.S. dollar, its strongest closing level since mid-March. The currency has found its footing after hitting a series of record lows over the past month, helped largely by the RBI’s measures to curb arbitrage and speculative activity in the domestic foreign exchange market. The unwinding of arbitrage positions, however, has widened the gap between onshore…
The rupee closed stronger on Tuesday, supported by the unwinding of residual arbitrage positions, while traders braced for a U.S. deadline to reach a deal with Iran and the Reserve Bank of India’s monetary policy decision.The rupee closed up 0.1% at 93.0075 against the U.S. dollar, its strongest closing level since mid-March.The currency has found its footing after hitting a series of record lows over the past month, helped largely by the RBI’s measures to curb arbitrage and speculative activity in the domestic foreign exchange market.The unwinding of arbitrage positions, however, has widened the gap between onshore and non-deliverable forwards,…
Pricing distortions stemming from the Indian central bank’s recent foreign exchange curbs have opened up arbitrage between exchange-traded rupee futures and onshore forwards. However, bankers are wary of taking positions amid heightened regulatory risks, four market participants said.The recent spate of measures, including limits on net open FX positions of banks in the deliverable rupee market, has led to a reversal of chunky arbitrage banks, unleashing heavy dollar selling in the onshore forward market and pushing dollar/rupee forward rates lower.The exchange‑traded dollar-rupee futures have not fallen to the same extent, opening up an arbitrage window.The April maturity dollar-rupee future last…
Rabobank’s Senior Market Strategist Benjamin Picton highlights escalating geopolitical risks around Iran, the Strait of Hormuz and NATO fractures, with direct implications for Oil. He notes infrastructure damage to petrochemical assets, sharply higher WTI and Brent prices, and warns that prolonged closure of the Strait and further US strikes on Iranian infrastructure could prevent a rapid recovery in global Oil supply and demand.War escalation keeps crude markets tense”Infrastructure damage is mounting. Israel recently struck Iranian petrochemical infrastructure at the South Pars gas field. Iran retaliated by launching ballistic missile strikes against Saudi Arabia’s Al-Jubail industrial city – the world’s largest…
Gold (XAU/USD) remains on the back foot during the Asian session on Tuesday, though it lacks follow-through selling and trades in the previous day’s broader range. Hopes for a last-minute agreement between the US and Iran are fading ahead of President Donald Trump’s Tuesday evening deadline to reopen the Strait of Hormuz. This benefits the US Dollar’s (USD) global reserve currency status and exerts some pressure on the commodity. Apart from this, expectations for higher interest rates globally turn out to be another factor undermining the non-yielding yellow metal.Investors now seem convinced that the war-driven surge in energy prices would…