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According to a report from The Guardian, Saudi Arabia aims to extend its military operations against Iran-aligned Houthis for attacking the Najran province, which is located in its southern region, and Yemeni government troops. It should be noted that Saudi Arabia is a supporter of the internationally recognized Yemeni government.In a separate attack early on Friday, a Saudi official accused the Houthis of indiscriminately shelling civilian areas in Saudi Arabia, injuring 11 civilians, including a four-year-old child. Maj General Turki al-Maliki, spokesperson for the Saudi-led military coalition supporting Yemen’s government, said the coalition would continue taking all necessary measures to…
The dollar drifted higher against the yen and euro on Friday, building on the previous day’s gains as doubts about an Iran peace deal buffed the U.S. currency’s appeal as a haven.The greenback also drew support from higher Treasury yields after a Financial Times report citing sources close to Federal Reserve Chair Kevin Warsh pointed to the potential for a September interest rate hike, depending on incoming data.The monthly U.S. payrolls report, due later on Friday, could provide more clues on the Fed’s rate path.The dollar rose slightly to 158.505 yen in the Asian morning, after gaining 0.4% on Thursday,…
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/CNH is trading with a soft underlying tone, with scope for the Dollar to test support levels near 6.7420 in the short term, while a sustained break lower is seen as unlikely. Over the 1–3 week horizon, they still expect gradual downside toward 6.7300, provided resistance at 6.7640 holds. On a 1–3 month view, they see tentative upward momentum that would require a break above the 21‑week EMA at 6.8430 to confirm a sustained recovery.Short-term tests, gradual downside bias”24-HOUR VIEW: While we indicated yesterday that USD…
Silver (XAG/USD) trades lower at around $60.95 on Thursday at the time of press, down 1.73% on the day. The precious metal is facing profit-taking as the US Dollar (USD) regains momentum, with the US Dollar Index (DXY) advancing about 0.30% to trade near the psychological 100.00 level.The stronger US Dollar reduces Silver’s appeal for holders of other currencies. At the same time, safe-haven flows continue to support the Greenback as investors monitor ongoing geopolitical tensions in the Middle East, despite reports that Iran and Oman are moving closer to a temporary agreement on shipping through the Strait of Hormuz.Investors…
ING’s FX Strategist Francesco Pesole notes Sweden’s core CPIF excluding energy rose to 0.6% in July, giving the Swedish Krona (SEK) a modest boost, while headline inflation slowed as expected. He argues that even after adjusting for temporary tax effects, inflation is not strong enough to justify market pricing of Riksbank tightening, maintaining a no-hike view and a year-end EUR/SEK target of 10.80.Hotter core yet policy on hold”Sweden’s CPIF excluding energy surprisingly accelerated from 0.4% to 0.6% in July. The headline figure slowed as expected from 1.3% to 0.7%. The slightly hot print in core has prompted a small positive…
The Indian rupee ended marginally weaker on Thursday as sustained hedging appetite from importers weighed on the currency even as a cool off in oil prices continued to support market sentiment.The rupee closed at 95.22 per dollar, down slightly from its close at 95.1175 in the previous session.Brent crude oil prices lingered below $80 per barrel on Thursday as investors assessed the Iran-Oman talks over whether they would restore flows via the Strait of Hormuz, a key artery for global energy supplies.The rupee took comfort in the contained oil prices but importers have stepped up hedging activity, limiting the room…
The Euro (EUR) nudges lower against the British Pound (GBP) on Thursday, following a three-day rally. The EUR/GBP remains capped below the late-July top of 0.8586, trading at 0.8575 at the time of writing, yet with downside attempts subdued so far. Eurozone data was supportive on Thursday, as German Factory Orders beat expectations with a 3.1% increase in June, largely exceeding the 0.3% market forecast, and a downwardly revised 0.3% reading in May. Regarding the Pound, FX strategists at Rabobank argue that “a re-pricing in policy expectations towards steady policy from the BoE this year combined with the prospect of nervousness ahead…
The dollar index was trading at 0.05 per cent higher at 99.72 | Photo Credit: Deepak Verma Arathi E A _12427 The rupee depreciated 9 paise to 95.17 against the US dollar in early trade on Thursday as the support from lower crude oil prices were offset by lingering geopolitical risks.At the interbank foreign exchange market, the rupee opened at 95.13, then touched 95.17 against the American currency, registering a fall of 9 paise from its previous close.On Wednesday, the rupee settled at 95.08 against the American currency.”For now the rupee finds itself caught between encouraging diplomatic headlines and lingering…
The AUD/JPY cross trades in negative territory around 111.15 during the early European trading hours on Thursday. A coordinated currency intervention by the United States (US) and Japan provides some support to the Japanese Yen (JPY) against the Australian Dollar (AUD). Traders remain on high alert for further intervention from Japanese authorities. Japan’s Finance Minister Satsuki Katayama said earlier this week that officials will not hesitate to take further action on currency.Bank of Japan (BoJ) Minutes on Wednesday showed that policymakers debated mounting price risks that likely required more rate hikes even as they raised borrowing costs to a 31-year high in…
Currency markets drifted on Thursday with the yen struggling to retain intervention gains and the dollar pinned near six-week lows, as concerns about a proposed U.S.-Iran deal and jitters about upcoming U.S. payroll data left traders cautious.The yen was little changed at 157.71 per dollar in early trade after weakening for two straight sessions. It has now given back some intervention gains after touching 155.20 per dollar on Monday, but remains well off last month’s multi-decade low of about 164.The euro was little changed at $1.1557, and sterling traded flat at $1.3469. The New Zealand dollar and the Australian dollar…