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The Dow Jones Industrial Average (DJIA) punched out a fresh intraday record near 51,050 with the bid traceable to a Truth Social post in which President Donald Trump declared he would be in the Situation Room making a “final determination” on the US-Iran agreement and laid out terms that sounded suspiciously like a finished deal. The catch, and it is becoming a daily ritual, is that the terms Trump described are not the terms Iran has agreed to. Markets have decided to trust the salesman over the contract.Two deals, one headlineRead Trump’s post and you get a clean, victorious framework:…
Silver (XAG/USD) trades flat on Friday, failing to capitalize on improving market sentiment surrounding a potential US-Iran peace deal, even as the US Dollar (USD) slides to a two-week low. At the time of writing, XAG/USD trades around $75.60 and is on track to end the week virtually unchanged.US President Donald Trump said on Friday that the naval blockade on Iranian ports would be lifted. Traders are now awaiting final approval on a reported 60-day memorandum of understanding (MOU) that would extend the current ceasefire and reopen the Strait of Hormuz.In reaction, the Greenback gave up earlier gains. The US…
According to Fars news agency, the US and Iran are in the final stages of an agreement, though a final decision hasn’t been made. Fars reported on Friday that “Informed sources have rejected Trump’s new claims about a possible deal with Iran, describing his remarks as a mixture of truth and lies and an attempt to portray a fake victory.”Regarding the agreement, Iran stressed that “after the US blockade is lifted, it will reopen the Strait of Hormuz according to its own pre-determined arrangements.” Tehran denied Trump’s claim that it’s obliged to open the Strait without charging fees, saying there’s…
The EUR/USD pair edges up by 0.12% on Friday as the US Dollar (USD) drops amid hostilities in the Middle East, while a US-Iran deal is reportedly pending approval by the White House and senior Iranian officials. At the time of writing, EUR/USD trades at 1.1664.EUR/USD gains as Hormuz reopening hopes pressure US Dollar and crudeSentiment remains positive amid a post in social media by US President Donald Trump, who said that Iran must agree that it will never have a nuclear weapon or bomb, adding that the Strait of Hormuz must be open immediately and that water mines would…
Gold (XAU/USD) extends its rebound on Friday as traders assess the prospects of a potential US-Iran deal. At the time of writing, XAU/USD trades around $4,583 after recovering from a two-month low of $4,366 touched on Thursday.Risk sentiment improved after US President Donald Trump said on Friday that “the naval blockade will now be lifted” and added that he would be meeting in the Situation Room “to make a final determination” on Iran. This comes after Axios reported on Thursday that the US and Iran reached a 60-day memorandum of understanding (MOU).The deal would extend the current ceasefire and reopen…
USD/CAD reverses its intraday gains on Friday as a softer US Dollar (USD) helps the Canadian Dollar (CAD) recover from weakness driven by softer-than-expected Gross Domestic Product (GDP) figures. At the time of writing, the pair trades around 1.3780 after rising to 1.3829 earlier in the American session.On the geopolitical front, hopes for a potential US-Iran deal are reducing safe-haven demand for the US Dollar. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, trims earlier gains on Friday and slips below the 99.00 mark.Traders are awaiting final approval from US President Donald…
India’s foreign exchange reserves declined by USD 7.51 billion to USD 681.38 billion during the week ended May 22, according to RBI data. | Photo Credit: FRANCIS MASCARENHAS India’s forex reserves dropped USD 7.511 billion to USD 681.384 billion during the week ended May 22, the RBI said on Friday.In the previous reporting week, the kitty had dropped USD 8.094 billion to USD 688.894 billion.The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year before the onset of the Middle East conflict that led to several weeks of a drop…
Gold price (XAU/USD) is up 0.7% to near $4,530 during the European trading session on Friday. The precious metal extends its Thursday’s recovery move, as Oil prices decline due to renewed hopes of a permanent peace deal between the United States (US) and Iran.As of writing, the WTI Oil price trades 1.6% lower, hitting a fresh five-week low near $86.30.On Thursday, a report from Axios showed that the US and Iran had reached an agreement over a 60-day Memorandum of Understanding (MoU), which includes “unrestricted” energy flow through the Strait of Hormuz, a critical passage to almost 20% of global…
The rupee jumped sharply on Friday to log its best single-day gain in nearly two months as likely intervention by the central bank converged with a drop in oil prices, which also briefly lifted the local currency above the 95/USD mark. The rupee ended the session at 95 per dollar, up 0.7% from the previous session, its best day since April 2. It gained by a similar amount week-on-week, but was flat for the month. While the rupee appeared set to endure a weaker day, likely dollar selling intervention reversed the trajectory, with a drop in crude prices adding to…
The Reserve Bank of India said the use of the Indian rupee for trade invoicing and settlement has risen steadily in recent years, driven by measures to internationalise the currency. | Photo Credit: iStockphoto Rupee is being increasingly used for import and export invoicing over the years, showed the data compiled by the Reserve Bank of India, which said the INR internationalisation process has been mutually beneficial to all trading partners.Over the past few years, several measures have been undertaken by the RBI to enhance the role of INR as an international currency through its increased usage for both current…