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The Pound Sterling (GBP) retreats towards 1.3400 against the US Dollar (USD) on Wednesday following the latest UK inflation report, forcing investors to reassess hawkish bets on the Bank of England (BoE), while solid US Retail Sales boost the Greenback ahead of the Federal Reserve (Fed) decision. The GBP/USD pair trades with losses of over 0.22%.GBP/USD retreats as strong US sales revive Dollar momentumSentiment remains neutral, as US equity markets fluctuate between gains and losses, with traders awaiting the Federal Reserve’s monetary policy meeting. The US central bank is expected to hold rates unchanged and update its economic projections and…
The rupee extended its gains marginally on Wednesday, closing at 94.53 per US dollar after retreating from the six-week high of 94.29 seen during the day, amid expectations of increased dollar flows into Indian banks from next week onwards.The rupee had closed at 94.56 on Tuesday.The Indian currency appreciated about 1.3% at the closing level after the Reserve Bank of India (RBI) took a slew of measures to boost dollar inflows. The rupee is, however, still sharply weaker compared to its 90.98 per dollar close on February 27, a day before the US-Israel war against Iran broke out.The rupee had…
The United States (US) Federal Reserve (Fed) announces its interest rate decision on Wednesday, another pivotal meeting for markets to gauge the stance of policymakers and new Chair Kevin Warsh as energy prices retreat after the United States and Iran reached a framework deal to reopen the Strait of Hormuz.Markets widely expect the Federal Open Market Committee (FOMC) to keep interest rates unchanged in the range of 3.5%-3.75% for the fourth consecutive meeting in June. As this decision is fully priced in, the revised Summary of Economic Projections (SEP) and Fed Chair Warsh’s comments in his first post-meeting press conference will…
Rupee ended broadly unchanged against the U.S. dollar on Wednesday, coming down from a six-week high and giving up almost all of the day’s gains that were triggered by a crash in oil prices.The rupee opened higher at 94.4550 and extended gains to 94.2925 per U.S. dollar, its highest level since May 7.However, the currency saw a quick turnaround amid rising dollar demand from corporates and importers, and ended at 94.5250, against its previous close of 94.5600.A major headwind for the world’s third-largest oil importer is beginning to fade, after the benchmark Brent crude posted back-to-back 5% declines in last…
NZD/USD depreciates after registering modest gains in the previous day, trading around 0.5820 during the early European hours on Wednesday. The pair loses ground as the New Zealand Dollar (NZD) struggles on market caution ahead of the Federal Reserve (Fed) policy decision due later in the day.The US central bank is widely expected to maintain a cautious “wait-and-see” approach, keeping its benchmark interest rate unchanged within the 3.50% to 3.75% range. Traders expect Fed Chair Kevin Warsh to adopt a more hawkish tone during his first policy meeting.The NZD/USD pair may regain ground as risk aversion eases amid growing expectations…
The rupee appreciated 31 paise to 94.29 against the US dollar in early trade on Wednesday as Brent crude oil prices and the US dollar index retreated further from their elevated levels.Forex traders said the rupee opened on a positive note as Brent crude has fallen to near $79 per barrel — a three-month low — as markets price in the reopening of the Strait of Hormuz following the US-Iran framework.At the interbank foreign exchange market the rupee opened at 94.46, then touched 94.29, registering a gain of 31 paise from its previous close.On Tuesday, the rupee ended 2 paise…
Gold (XAU/USD) struggles to capitalize on its weekly gains, though it holds above the $4,300 mark through the Asian session on Wednesday. The latest optimism over an interim US-Iran peace deal keeps the US Dollar (USD) on the defensive, which is seen supporting the bullion. The commodity, however, remains below the weekly swing high set on Monday and a technically significant 200-day Simple Moving Average (SMA) as traders opt to wait for the outcome of a two-day FOMC policy meeting. The crucial FOMC decision will drive demand for the US Dollar (USD) and provide fresh impetus to the non-yielding yellow…
Kolkata: The rupee on Tuesday advanced against the dollar for the third straight day as an initial peace pact on West Asia, scheduled to be inked later this week in Europe, caused oil prices to retreat further amid expectations that reopening of the Hormuz channel would help restore disrupted energy supplies within weeks, if not months.The rupee climbed 15 paisa to close at 94.56 a dollar, having traded in a narrow range through the day when yields on the benchmark bond showed signs of consolidation, retreating to 6.86%. Crude oil prices fell to about $80 a barrel, their lowest in…
Gold price (XAU/USD) holds positive ground around $4,335 during the early Asian session on Wednesday. The precious metal rebounds from its lowest levels of the year, which reached last week after the United States (US) and Iran had agreed on a framework deal to end the war. All eyes will be on the US Federal Reserve (Fed) interest rate decision later on Wednesday. Washington and Tehran are preparing to formally sign an interim peace deal that’s left both sides claiming victory, per Bloomberg. A US official said the full accord may be published in the next two days ahead of a…
USD/CHF extends losses for a second consecutive day on Tuesday as easing tensions between the United States (US) and Iran weigh on demand for the safe-haven US Dollar (USD). At the time of writing, the pair trades around 0.7921, down 0.30% on the day.Despite improving market sentiment, traders remain cautious ahead of the formal signing of the agreement on Friday. Iran’s Foreign Minister Abbas Araghchi warned that any Israeli attack on Lebanon or continued occupation of its territory would violate the interim agreement with the US.The lingering uncertainty could limit downside in the US Dollar, in turn capping gains in…