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Gold (XAU/USD) attracts fresh buyers during the Asian session on Thursday, following the previous day’s volatile price swings and a late pullback from an over one-week high. The US Dollar (USD) edges lower on the back of Wednesday’s softer-than-expected US macro data and turns out to be a key factor supporting the commodity for the second consecutive day. However, elevated US Federal Reserve (Fed) rate hike expectations, along with geopolitical risks, act as a tailwind for the buck and should keep a lid on the bullion ahead of the US employment details.Automatic Data Processing (ADP) reported on Wednesday that private…
Qatar’s Foreign Ministry spokesperson said that “positive progress” was made on issues related to the Memorandum of Understanding (MoU) following separate meeting of Qatari and Pakistani mediators with the US and Iranian delegation in Doha, CNN reported on Wednesday.The Qatari government spokesperson said that US President Donald Trump’s son-in-law Jared Kushner and US special envoy Steve Witkoff arrived in Doha, Qatar on Tuesday for indirect talks with Iran. The US envoys are speaking with mediators and not directly with the Iranians.In Washington, Trump described the meetings in Doha as very good. “As far as things are going, the denuclearization of Iran is…
The Pound Sterling (GBP) registers a 0.14% gain on Wednesday amid broad US Dollar (USD) strength and comments by the Federal Reserve (Fed) Chair Kevin Warsh, who reiterated that the central bank would not provide forward guidance, despite accepting that inflation remains too high. At the time of writing, the GBP/USD pair trades at 1.3277 after bouncing off daily lows of 1.3219.GBP/USD rises as weak US jobs data offsets Dollar strengthAt the European Central Bank’s annual policy symposium in Sintra, Portugal, Warsh acknowledged that the Fed doesn’t accept inflation above the 2% target, added that inflation is too high and…
The domestic currency ended at a three-week low, marking its biggest daily fall since June 8, when it had lost 77 paise in a single session The rupee posted its steepest single-day decline in over three weeks on Wednesday, weakening 58 paise to close at 95.25 against the US dollar, as aggressive dollar buying by importers, stop-loss triggers and a sharp rise in the dollar index overshadowed support from domestic equities and likely intervention-related dollar sales by state-owned banks.The domestic currency ended at a three-week low, marking its biggest daily fall since June 8, when it had lost 77 paise…
Societe Generale analysts Dev Ashish and Brendan McKenna discuss how ongoing United States-Mexico-Canada Agreement (USMCA) review uncertainty is likely to prolong policy risk for Mexico and weigh on growth and capex. They note that Banxico’s inclination to ease and new bond-buying authority intersect with their existing short EUR/MXN trade recommendation and 2-year rate receiver position, which they currently keep unchanged.Steady with USMCA uncertainty”The July 1 review will go ahead but will likely only serve as a starting point, with no immediate decision; the most probable outcome is a move toward annual reviews, prolonging policy uncertainty.””Mexico’s exports remain strong, supported by…
The rupee depreciated 67 paise to close at 95.23 (provisional) against the US dollar on Wednesday, as a strengthening dollar index weighed on emerging market currencies.Forex traders said the USD/INR pair witnessed significant pressure due to the strengthening of the American currency in the overseas market, persistent capital outflows, and broader Asian currency weakness.Moreover, market sentiment turned highly cautious, following the breach of the psychological level of 95.00.At the interbank foreign exchange market, the rupee opened at 94.67 against the American currency and traded in a range of 94.60-95.29 during the session.The rupee finally closed at 95.23 (provisional), registering a…
UOB’s Quek Ser Leang reports AUD/USD rebounded sharply from 0.6867 to 0.6930, with the move seen as stretched and intraday trade expected between 0.6890 and 0.6930, below 0.6935. Leang has shifted to a neutral 1–3 week view, projecting a 0.6870–0.6980 range, though its 1–3 month outlook remains negative toward 0.6707 if 0.6835 breaks.Australian Dollar consolidates after sharp rebound”24-HOUR VIEW: When AUD was at 0.6885 in the early Asian session yesterday, we highlighted the following: “While the slight increase in downward momentum tilts the bias toward the downside today, any decline is likely to be contained within a 0.6865/0.6900 range. AUD…
The rupee fell 19 paise to 94.75 against the American currency in early trade on Wednesday, weighed down by the strength of the American currency in the overseas market.Forex traders said whenever fresh foreign inflows enter the country, the central bank is likely to use the opportunity to rebuild its reserve position rather than allowing the rupee to strengthen too much.Moreover, uncertainty prevailed over the progress of US-Iran peace talks keeping a geopolitical risk premium in the market.At the interbank foreign exchange market, the rupee opened at 94.67, then touched 94.75 against the US dollar, registering a loss of 19…
Gold (XAU/USD) attracts fresh sellers following the previous day’s good two-way price swings and slides back below the $4,000 psychological mark during the Asian session on Wednesday. This marks the third straight day of a negative move and keeps the precious metal well within striking distance of its lowest level since November 2025, touched on Tuesday. Moreover, a bullish US Dollar (USD), bolstered by uncertainty over US-Iran talks and Federal Reserve (Fed) rate hike bets, backs the case for further near-term depreciation for the bullion.US negotiators Jared Kushner and Steve Witkoff arrived in Qatar on Tuesday for talks about the…
The Indian rupee is likely to come under pressure at Wednesday’s open, weighed by higher U.S. Treasury yields, which have in turn weakened Asian currencies and dampened risk appetite.The rupee is expected to open in the 94.70-94.75 range, per traders, after settling at 94.66 on Tuesday. The currency has struggled over the past two sessions, pressured by weakness in its Asian peers, an uptick in daily importer hedging, and waning speculative interest.Over the past two-and-a-half weeks, the rupee has broadly traded in a 94.10–94.90 range, with downside seen capped by likely Reserve Bank of India intervention. The central bank has…