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Business activity in the US private sector expanded at a slightly better pace in January than in December, with the S&P Global’s preliminary Composite Purchasing Managers’ Index (PMI) edging higher to 52.8 from 52.7.In this period, the Manufacturing PMI rose to 51.9 from 51.8, while the Services PMI remained unchanged at 52.5. Both of these figures came in slightly below analysts’ estimates.Commenting on the survey’s findings, “The flash PMI brought news of sustained economic growth at the start of the year, but there are further signs that the rate of expansion has cooled over the turn of the new year…
The Canadian Dollar (CAD) extends gains against the US Dollar (USD) on Friday, supported by a broadly softer Greenback and stronger-than-expected Canadian Retail Sales data. At the time of writing, USD/CAD trades around 1.3767, marking a fifth consecutive daily decline.Data released by Statistics Canada showed that Retail Sales rose 1.3% MoM in November, beating market expectations of 1.2% and rebounding sharply from October’s 0.3% decline.Retail Sales excluding autos were even stronger, climbing 1.7% on the month, above forecasts of 1.2%, after falling 0.6% in October.The rebound in retail activity supports the Bank of Canada’s (BoC) wait-and-see approach after inflation data…
Foreign currency assets, the largest component of the reserves, climbed by USD 9.652 billion to USD 560.518 billion, while gold reserves jumped by USD 4.623 billion to USD 117.454 billion. India’s foreign exchange reserves jumped by USD 14.167 billion to USD 701.36 billion during the week ended January 16, the Reserve Bank said on Friday.The overall reserves had increased by USD 392 million to USD 687.193 billion in the preceding week.All-time highsThe reserves climbed to an all-time high of USD 704.89 billion in September 2024, but have been under pressure lately, especially as the currency buffers get deployed to check…
EUR/USD posts moderate losses, trading right above 1.1730 at the time of writing on Friday, but holding most of the previous day’s gains and on track for its strongest weekly performance since June. Eurozone’s flash Purchasing Managers’ Index (PMI) has failed to provide any significant support to the Euro (EUR), but the pair remains near multi-week highs, favoured by a weak US Dollar (USD), as the focus turns to the US S&P Global PMIs.US President Trump’s obsession with Greenland and the tense relations between the US and Europe attracted attention this week and sent the Greenback sharply lower across the…
The Indian rupee fell to a record low on Friday and posted its steepest weekly decline in six months, weighed by sustained foreign outflows and hedging by importers.The rupee came within a hair’s breadth of the 92.00 level on Friday, slipping to an all-time low of 91.9650.The currency then settled at 91.94, down 0.34% on the day, taking its losses to 1.18% for the week and 2.3% for the month.Its underperformance this week was all the more telling considering that most Asian peers managed to post a modest advance against a weakening dollar index amid U.S. President Donald Trump issuing…
The rupee slumped 41 paise to hit a record low of 91.99 against the US dollar in intraday trade on Friday, as persistent foreign fund outflows and a volatile geopolitical situation kept investors cautious.Forex traders said the intervention from the Reserve Bank of India is helping smooth volatility to some extent, but is not reversing the overall negative trend for the domestic unit.Moreover, for the currency, the pending trade agreement with the US remains a key stabilising factor. Until the geopolitical risk eases and the trade deal materialises, the rupee is likely to remain vulnerable to external shocks, they said.At…
The USD/CAD forecast remains strongly bearish under 1.3800 as the geopolitical risks ease. Upbeat US GDP data failed to sustain buying pressure for the US dollar. Stable oil prices and receding oversupply concerns continue to support the loonie. USD/CAD has stabilized around 1.3790 after snapping a four-day losing streak, as the US dollar finds a footing following Thursday’s drop. The greenback’s rebound is less about fresh US data and more about a slight easing in geopolitical risk after President Trump walked back tariff threats tied to the Greenland dispute and signaled a framework understanding with NATO, even if the details…
The NZD/USD pair extends its steady intraday descent from the 0.5930 area, or a four-month high touched earlier this Friday, and slides to a fresh daily low during the first half of the European session. Spot prices currently trade just below the 0.5900 mark, down around 0.15% for the day, though any meaningful depreciation seems elusive amid a supportive fundamental backdrop.Statistics New Zealand reported that the annual consumer inflation accelerated in the fourth quarter to 3.1%, above the central bank’s target range. The hot inflation data reaffirmed expectations that the Reserve Bank of New Zealand (RBNZ) could raise interest rates…
The rupee gained 17 paise to trade at 91.41 against the US dollar in early deals on Friday, as investor sentiments improved after US President Donald Trump stepped back from tariff threats against Europe linked to Greenland, easing immediate trade-war fears. Forex traders said Trump’s softer rhetoric reduced near-term geopolitical anxiety. Moreover, as investors’ risk appetite improved, the dollar corrected, allowing emerging market currencies — including the rupee — to recover slightly, they said. At the interbank foreign exchange, the rupee opened at 91.45 then gained ground to trade at 91.41 against the greenback, up 17 paise from its previous…
Bank of Japan (BoJ) Governor Kazuo Ueda is due to hold a press conference at 6:30 GMT, following the central bank’s decision to hold the benchmark interest rate at 0.75% on Friday. Traders await additional clues from Ueda’s press conference regarding the expected timing of the BoJ’s next rate hike. Economic Indicator BoJ Press Conference The Bank of Japan (BoJ) holds a press conference at the end of each one of its eight scheduled policy meetings. At the press conference the Governor of the BoJ communicates with media representatives and investors regarding monetary policy. The Governor talks about the factors that affect…