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The rebound in United States equities on Thursday is real, and it is one name deep. The NASDAQ 100 (NDX) trades near 27,950 after a gain of almost 3%, having printed its lowest level in two months in the 27,200 area inside the opening minutes. The Dow Jones Industrial Average (DJIA), which holds five of the same mega-cap constituents, is up around 200 points near 51,800. The two indices are not describing the same market.A rebound with one authorMicrosoft (MSFT) is up 15% on cloud growth and the semiconductor complex is rallying with it, the benchmark chip fund higher by…
Chennai-based forex service provider Prithvi Exchange (India) has announced the inauguration of two new branches in the Mumbai Metropolitan Region (MMR) at Thane and Ghatkopar. The expansion takes the company’s nationwide network to 38 branches. “Mumbai continues to be one of India’s most significant foreign exchange markets, driven by strong outbound travel, overseas education, business travel and cross-border remittance requirements. Expanding our presence here allows us to be closer to our customers while strengthening our footprint in one of the country’s most dynamic metropolitan regions. This expansion is part of our long-term strategy to strengthen our presence in high-growth markets, while delivering secure, compliant and seamless forex solutions,” Pavan Kavad, Managing Director, Prithvi Exchange…
EUR/GBP trades almost flat on Thursday, hovering close to its highest level in nearly a month as the British Pound (GBP) modestly outperforms the Euro (EUR) following the Bank of England’s (BoE) monetary policy decision. At the time of writing, the pair trades around 0.8570, pausing a three-day winning streak.In its monetary policy statement, the central bank noted, “The impact of the energy shock on the UK economy remains uncertain. Monetary policy cannot influence energy prices but is being set to ensure that the economic adjustment to them occurs in a way that achieves the 2% inflation target sustainably.”The BoE…
Rupee closed nearly flat on Thursday as pressure from sustained volatility in oil prices and corporate dollar demand was blunted by likely central bank intervention that helped the currency hold clear of the psychologically key 96 level.The rupee closed at 95.68 per U.S. dollar, little changed from 95.6475 in the previous session.Brent crude oil futures swung between gains and losses in a $93-$89 range on Thursday as renewed attacks between the United States and Iran spurred fresh concerns about oil flows through key shipping routes.State-run banks, meanwhile, were spotted selling dollars near the day’s low for the rupee around 95.75.…
The Indian rupee closed nearly flat on Thursday as pressure from sustained volatility in oil prices and corporate dollar demand was blunted by likely central bank intervention that helped the currency hold clear of the psychologically key 96 level.The rupee closed at 95.68 per U.S. dollar, little changed from 95.6475 in the previous session.Brent crude oil futures swung between gains and losses in a $93-$89 range on Thursday as renewed attacks between the United States and Iran spurred fresh concerns about oil flows through key shipping routes.State-run banks, meanwhile, were spotted selling dollars near the day’s low for the rupee…
India’s central bank sold about $7 billion to defend the rupee last Friday, in what was one of its largest direct interventions in months, according to people familiar with the matter.The Reserve Bank of India intervened across both onshore and offshore markets as the currency approached the record low, said the people, who asked not to be identified discussing private information. The RBI did not immediately respond to calls and an email seeking confirmation of the dollar sales. BloombergLive EventsThe surge in crude prices earlier this month had hit Asia’s oil importers hard, prompting authorities in the Philippines to also…
The United States (US) Bureau of Economic Analysis (BEA) is set to publish its preliminary estimate of second-quarter Gross Domestic Product (GDP) on Thursday, with analysts expecting the data to show annualised growth at a solid 2.1%, a modest cooling from the 2.1% expansion recorded in the previous quarter.Markets brace for US growth and PCE data amid geopolitical woesInvestors are anxious ahead of Thursday’s release of the US preliminary GDP figures for the April-June period, which is generally considered the most market-moving estimate of the three issued each quarter. Beyond headline growth, the domestic calendar also includes the publication of…
EUR/JPY depreciates after two days of gains, trading around 187.20 during the Asian hours on Thursday. The currency cross is maintaining a bullish near-term bias as it holds above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of the shorter EMA above the longer one reinforces the constructive tone.The 14-day Relative Strength Index (RSI) near 64.1 stays below overbought territory, suggesting that upside momentum remains firm but not yet overstretched. However, the daily chart technical analysis shows that the EUR/JPY cross is moving upwards within an ascending channel, indicating a strong bullish bias.The EUR/JPY cross may test…
The EUR/USD pair trades with mild losses around 1.1465 during the early Asian session on Thursday. The US Dollar (USD) edges higher against the Euro (EUR) on a hawkish Federal Reserve (Fed) rate hold. Traders brace for the preliminary readings of the Gross Domestic Product (GDP) for the second quarter (Q2) from Germany and the Eurozone. The Fed opted to leave interest rates unchanged in the 3.5%-3.75% range at its July policy meeting on Thursday. Though markets widely expected the US central bank to stay on hold, Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack, and Minneapolis Fed chief Neel Kashkari…
The Dow Jones Industrial Average trades just above 51,800 on Wednesday afternoon, down roughly 900 points and 1.7% from Tuesday’s close. The session high just above 52,800 printed before 09:00 GMT, and the tape has sold in one near-continuous line ever since. The 52,000 handle reclaimed on Monday’s peace bid is gone.The war stops being somebody else’s tradeIran’s Islamic Revolutionary Guard Corps launched multiple ballistic missiles at US forces in the Middle East late Tuesday, and Central Command says every one was intercepted. Reporting puts the target at an American base in Jordan. Trump told a television interviewer on Wednesday…