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AUD/USD trades higher near 0.6980 on Friday, recovering from an initial decline as the US Dollar (USD) loses ground following a mixed batch of United States (US) economic data. Stronger Housing Starts and Consumer Sentiment were offset by weaker Building Permits and subdued Industrial Production prints.US Housing Starts increased to an annualized 1.43 million in June, beating expectations of 1.31 million and rising from 1.20 million previously. However, Building Permits declined to 1.37 million MoM, below the 1.40 million forecast and the previous 1.41 million. Building Permits are down 3.0% on an annual basis.US Industrial Production rose only 0.1% MoM,…
NZD/USD declines on Friday, trading around 0.5830 at the time of writing, down 0.19% on the day, as investors seek safe-haven assets following a fresh wave of US strikes against Iran. The US Dollar (USD) benefits from the renewed risk-off mood, while risk-sensitive currencies such as the New Zealand Dollar (NZD) remain under pressure.The United States (US) has carried out a sixth consecutive day of strikes against Iranian infrastructure, including targets in the Bandar Abbas region. In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) warned that it would intensify retaliation against Washington and countries hosting US military bases. The IRGC…
The Indian rupee logged its sharpest weekly drop since May, with Friday’s uneventful trading session closing out the week, as elevated oil prices and strong merchant dollar demand renewed worries about the currency’s trajectory.The rupee closed at 96.28 per dollar, down about 1 per cent week-on-week, stung by a 13 per cent rise in Brent crude oil prices as fighting between the US and Iran intensified, choking energy supplies through the Strait of Hormuz yet again.Iran said it launched fresh strikes on US facilities in the Middle East on Friday, including the first direct attack in Syria, after a sixth…
The Indian rupee logged its sharpest weekly drop since May, with Friday’s uneventful trading session closing out the week, as elevated oil prices and strong merchant dollar demand renewed worries about the currency’s trajectory.The rupee closed at 96.28 per dollar, down about 1% week-on-week, stung by a 13% rise in Brent crude oil prices as fighting between the U.S. and Iran intensified, choking energy supplies through the Strait of Hormuz yet again.Iran said it launched fresh strikes on U.S. facilities in the Middle East on Friday, including the first direct attack in Syria, after a sixth straight night of U.S.…
Commerzbank economists led by Dr. Marco Wagner and Dr. Jörg Krämer expect the European Central Bank (ECB) to leave rates unchanged in July but still deliver a further 25 bps hike in September. Their ChatECB AI indicator remains in hawkish territory, while Euro area inflation is seen staying just below 3% as core inflation and inflation expectations trend higher, keeping the ECB biased to tighten.July pause, September hike risk”The ECB is unlikely to raise its key interest rates for the second time in a row next week. However, another rate hike is likely at the meeting in September. Our revised…
The rupee gained 14 paise to 96.28 against the US dollar in early trade on Friday buoyed by positive sentiments at the domestic equity markets.However, heavy FII outflows and higher global crude oil prices amid heightened tensions in West Asia prevented further gains in the local unit, forex traders said.At the interbank foreign exchange, the rupee opened at 96.35 against the greenback before rising further to 96.28, up 14 paise from its previous close.The rupee depreciated for the fourth straight day on Thursday, shedding 17 paise to settle at 96.42 against the US dollar.The US expanded its airstrike campaign against…
Asian stock markets face a sharp sell-off on the last trading day of the week, tracking seeking negative cues from United States (US) equity markets. US technology stocks fell sharply on Thursday as stocks of sophisticated chips extended their losses.During the day, Nikkei has fallen like a house of cards, trading over 4% down near 64,100, Shanghai plunges 1.55% to near 3,820, Hang Seng plummets 1.64% at around 24,600. Meanwhile, South Korean markets are closed today due to Constitution Day.Chipmakers face heat on Thursday after Alphabet Inc. delayed the release of its flagship Gemini 3.5 Pro AI model, leading to…
The dollar held steady on Friday but was poised for a weekly decline as a softer-than-expected U.S. inflation report this week led traders to cut bets on imminent rate hikes from the Federal Reserve, although escalating attacks in the Middle East soured sentiment. Iran and the United States exchanged intensifying fire in a week-long escalation that has largely unravelled last month’s truce, spurring safe haven bids for the dollar and leading oil prices near one-month highs. [O/R] Investor attention will be on a speech from U.S. President Donald Trump at 0100 GMT. In currency markets, the euro was at $1.1445,…
Mumbai: The Indian rupee ended modestly weaker on Thursday, even as oil prices continued to hover in the $85 per dollar range and the dollar index fell to below 100.50 levels. The rupee closed at 96.35, nine paise weaker from its previous close of 96.26 as consistent dollar demand continued to pressure the currency. The currency traded at an intraday low of 96.38 per dollar, a level at which further weakness was contained by RBI intervention, traders said. Source
Iran has asked Yemen’s Houthi militia to stand ready to close the Red Sea oil route if the United States (US) strikes Iranian power infrastructure, posing a potent new threat to global energy supplies, Reuters reported on Thursday.According to a source close to the Houthis, the group had finished preparing to attack shipping by deploying missiles and drones near the Bab El-Mandeb Strait, the gateway to the Red Sea in Yemen’s highlands with views of Hodeidah and the Gulf of Aden. The source said that representatives of Iran’s Islamic Revolutionary Guard Corps (IRGC), who are already in Yemen, will control…