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The Pound Sterling (GBP) dives over 0.40% on Tuesday as risk appetite shifts sour, as the recently sworn-in MP Andy Burnham prepares to succeed Prime Minister Keir Starmer, who lasted two years at the job. At the time of writing, GBP/USD trades at 1.3195, after reaching a daily high of 1.3257.GBP/USD drops as UK political risk meets US exceptionalismThe US Dollar (USD) continued to edge higher throughout the day, hitting a new yearly high in the US Dollar Index (DXY). The DXY, which measures the performance of the buck’s value against a basket of six currencies, is up 0.34% at…

The Australian Dollar (AUD) underperforms its currency peers, trading 0.8% lower at around 0.6945 against the US Dollar (USD) during the European session on Tuesday. The antipodean faces intense selling pressure as market sentiment turns risk-averse due to expectations that the Federal Reserve (Fed) will deliver at least two interest rate hikes this year. Australian Dollar Price Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Japanese Yen. USDEURGBPJPYCADAUDNZDCHFUSD0.31%0.29%-0.02%0.20%0.87%0.54%0.14%EUR-0.31%-0.04%-0.33%-0.13%0.52%0.22%-0.18%GBP-0.29%0.04%-0.28%-0.07%0.58%0.26%-0.13%JPY0.02%0.33%0.28%0.21%0.88%0.55%0.14%CAD-0.20%0.13%0.07%-0.21%0.68%0.35%-0.06%AUD-0.87%-0.52%-0.58%-0.88%-0.68%-0.30%-0.69%NZD-0.54%-0.22%-0.26%-0.55%-0.35%0.30%-0.42%CHF-0.14%0.18%0.13%-0.14%0.06%0.69%0.42% The heat map shows percentage changes of major currencies against each other. The base currency is…

The rupee declined 11 paise to close at 94.74 (provisional) against the US dollar on Tuesday weighed down by a firm greenback and weak domestic markets.However, a decline in global crude oil prices cushioned against a sharper decline in the local unit, forex traders said.At the interbank foreign exchange, the rupee opened at 94.73 against the US dollar and traded in a range of 94.63-94.92 before settling at 94.74 (provisional), down 11 paise from its previous close.The rupee depreciated 30 paise to close at 94.63 against the US dollar on Monday.”The rupee declined on firm US dollar and weak domestic…

The Indian rupee ended modestly weaker on Tuesday as a churn in U.S. rate expectations boosted the dollar to a one-year peak against a basket of peers, driving global equities lower and pressuring Asian currencies.The rupee closed at 94.7350 per dollar, down 0.1% from its close at 94.6775 in the previous ‌session.Indian stocks fell ⁠1.1%, tracking ⁠a more than 3% slide in MSCI’s gauge of Asian shares, as rising bets on Federal Reserve rate hikes this year dented equities from Tokyo to New York.The ​dollar index rose to 101.18, its highest level since May 25, weighing on regional currencies, which…

DBS Group Research economist Philip Wee argues that Sir Keir Starmer’s resignation and the upcoming Labour Party leadership contest should not trigger a repeat of the 2022 UK mini-budget crisis for the British Pound. The report stresses key differences in fiscal approach versus Liz Truss’s unfunded tax cuts and suggests GBP/USD can remain within an established trading range.Labour leadership risks for Pound seen limited”Sir Keir Starmer announced his resignation as British Prime Minister and leader of the Labour Party on June 22.””If front-runner Andy Burnham becomes prime minister, he would steer the Labour Party from Starmer’s political centre towards left-leaning…

The rupee fell 6 paise to 94.69 against the US dollar in early trade on Tuesday as the greenback strengthened further to hover around its 13-month high.FII outflows and a weaker start to morning trade at the domestic equity markets put further pressure on the rupee, while a decline in crude oil prices cushioned against a steeper decline, forex traders said.At the interbank foreign exchange, the rupee opened at 94.73 against the US dollar before rising to 94.69, down 6 paise from its previous close.The rupee depreciated 30 paise to close at 94.63 against the US dollar on Monday.”The rupee…

The Swiss Franc (CHF) holds onto Monday’s losses around 0.8088 against the US Dollar (USD) during the Asian trading session on Tuesday. The Swiss Franc pair faces selling pressure due to continued outperformance by the US Dollar amid firm expectations that the Federal Reserve (Fed) will hike interest rates this year.At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, ticks higher at around 101.05, the highest level seen in over a year.According to the CME FedWatch tool, the odds of the Fed hiking interest rates this year are almost 87%.Hawkish Fed bets…

Gold price (XAU/USD) trades on a flat note near $4,190 during the early Asian session on Tuesday. The precious metal steadies as traders continue to assess the developments surrounding the US-Iran peace deal.US Vice President JD Vance said on Monday that negotiations between the US and Iran have made “great progress” despite “threatening” and “whining,” per CNBC. Vance added that the talks in Bürgenstock, Switzerland, were continuing and Tehran had agreed to permit International Atomic Energy Agency (IAEA) inspectors back into Iran.The talks were strained over the weekend when Iran announced it had closed the Strait of Hormuz over Israeli…

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/SGD remains supported around 1.29 as the Singapore Dollar (SGD) Nominal Effective Exchange Rate (S$NEER) trades near the top of its band, implying the pair should hover close to this level. In the short term, they expect consolidation between 1.2900 and 1.2935, while over the coming weeks the pair could push toward 1.2960 if support at 1.2870 holds.Upside bias while consolidation persists”24-HOUR VIEW: While we indicated last Friday that USD “could continue to rise,” we highlighted that “negative divergence is forming, and a break above the major…

The RBI also maintained its gold holdings at 880.52 tonnes, though their valuation declined | Photo Credit: SHASHANK PARADE The Reserve Bank of India sold a net $8.94 billion in the foreign exchange ​market in April, data released on Monday showed, as ‌it stepped in to support the rupee that ​had plunged to record lows amid ⁠the U.S.-Iran war.The RBI said in its monthly bulletin that it purchased $16.23 billion and sold $25.17 billion in April. ‌In March, the central bank had sold a net $9.8 billion.The volume of the central ‌bank’s gold holdings, meanwhile, was unchanged during May ‌at…