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Gold price (XAU/USD) tumbles to around $3,995 during the early Asian session on Thursday. The precious metal extends the decline to below the $4,000 psychological level for the first time since November 2025 on the prospect of higher interest rates and a stronger US Dollar (USD). All eyes will be on the US May Personal Consumption Expenditures (PCE) data, which will be published on Thursday. Traders have ramped up bets on US interest rate hikes this year after the US Federal Reserve (Fed) delivered hawkish messages at its June policy meeting and as fears of inflationary pressures stemming from the Iran war persist. It’s worth…
The Swiss Franc (CHF) slides to its weakest level in more than ten months on Wednesday as hawkish Federal Reserve (Fed) outlook boosts the US Dollar (USD). At the time of writing, USD/CHF trades around 0.8126, extending its gains for a sixth consecutive day.The US Dollar continues to edge higher, climbing to its highest level since May 2025. Renewed demand for the Greenback comes after the Federal Reserve delivered a hawkish hold at last week’s policy meeting, where a majority of policymakers signaled that a rate hike later this year may be needed to contain inflationary pressure driven by higher…
ING’s Commodities Strategist Ewa Manthey notes that Gold has sold off sharply after record highs, pressured by higher Treasury yields, a stronger Dollar and weaker ETF demand. ING now expects Gold to rise more slowly and with greater volatility, cutting its 2026 Q3 and Q4 average price forecasts while stressing that structural supports such as central bank buying and geopolitical risks remain intact.Forecast downgrade but structure intact”While we remain constructive on gold over the medium term, the near-term environment has become more challenging. As a result, we are lowering our gold price forecasts.””Higher yields, a stronger dollar and weaker ETF…
The rupee appreciated by 11 paise to settle at 94.65 (provisional) against the US dollar on Wednesday on the back of a steep fall in global crude oil prices.Brent crude, the global oil benchmark, was trading lower by 2.05 per cent at USD 75.50 per barrel in futures trade.Positive sentiments in the domestic equity markets and FII inflows further supported the local unit, according to forex traders.At the interbank foreign exchange, the rupee opened at 94.88 and traded in the range of 94.59-94.93 during the day. It settled at 94.65 (provisional), up 11 paise from its previous close.The rupee declined…
The Indian rupee pared early losses to trade little changed on Wednesday, supported by likely central bank intervention, while dollar-rupee forward premiums slumped after the country’s central bank chief said talk of rate hikes is “premature.”The rupee was at 94.70 per dollar, barely changed from its close at 94.7350 in the previous session.The currency had slipped to 94.9150 in early trading before dollar sales from state-run banks, most likely on the RBI’s behalf, helped pare losses, traders said.Nearly concurrently, forward premiums slid, with the 1-year forward implied yield dipping as much as 12 basis points to 2.80%.Traders said while reaction…
Here is what you need to know on Wednesday, June 24:The US Dollar (USD) continues to gather strength against its major rivals midweek, supported by the risk-averse market atmosphere and growing expectations for a Federal Reserve (Fed) rate hike as early as September. The economic calendar will feature IFO business sentiment data from Germany. In the second half of the day, May New Home Sales data from the US will be released.After closing in positive territory on Monday, the USD Index gathered bullish momentum and gained nearly 0.4% on Tuesday. The data from the US showed that the S&P Global…
Rupee declined 10 paise to 94.86 against the US dollar in early trade on Wednesday as the greenback continued to gain in strength.However, sharp decline in global crude oil prices and FII inflows supported the local unit to prevent a sharper decline, forex traders said.At the interbank foreign exchange, the rupee opened at 94.88 before rising marginally to 94.86, down 10 paise from its previous close.The rupee declined 13 paise to close at 94.76 against the US dollar on Tuesday.”The rupee opened weaker against the dollar, extending its third straight session of pressure as the greenback stayed broadly firm. Early…
Gold (XAU/USD) drifts lower for the second straight day – also marking the fifth day of a negative move in the previous six – and drops to a nearly two-week low during the Asian session on Wednesday. Despite easing inflationary concerns in the face of the recent fall in Crude Oil prices, traders have been pricing in a greater chance of a rate hike by the US Federal Reserve (Fed). This, in turn, pushes the US Dollar (USD) to a fresh high since May 2025 and turns out to be a key factor that continues to drive flows away from…
The U.S. dollar extended gains to reach a fresh 13-month high against a basket of major currencies on Wednesday as investors sought shelter from a tech stock sell-off and positioned for Fed rate hikes. A broad sell-off in technology and semiconductor shares has dragged global stocks lower as investors take profits on a long rally, sparking safe-haven demand for dollar and bonds. Meanwhile, expectations of a U.S. rate hike continued to build with Federal Reserve officials sounding increasingly hawkish amid the strength of the U.S. economy. Markets are pricing in a 37% chance of a 25-basis-point hike at the July…
The Australian Bureau of Statistics (ABS) will publish the high-impact Consumer Price Index (CPI) for May on Wednesday at 01:30 GMT.Heading into the inflation test, the Australian Dollar (AUD) is at its lowest level in two months against the US Dollar (USD), having surrendered the 0.7000 psychological mark.What to expect from Australia’s inflation rate data?Australia’s annual CPI is expected to rise by 4.4% in May after increasing by 4.2% in April, inching close to the near three-year high of 4.6% seen in March. The monthly CPI is seen declining by 0.3% in the same period, following a 0.4% growth reported…