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The United States (US) officials said that the second round of strikes in Iran is taking place now, targeting air defense and radar systems, Axios reported early Wednesday.This action came as Washington launched retaliatory strikes against Iran on Tuesday in what it called a proportional response to the shooting down of a US helicopter gunship near the Strait of Hormuz a day earlier.Iran’s state television reported that explosions and air defense sirens were heard in several cities along Iran’s Persian Gulf coast, including the city of Sirik and the island of Qeshm. Two Iranian officials stated that the airstrikes had targeted military…
The Dow Jones Industrial Average (DJIA) spent Tuesday proving that a one-day bounce is not the same as a bottom. Futures pushed higher through the overnight and premarket sessions, carried by a rebound in semiconductors and a softer Crude Oil tape, climbed into the early afternoon, then ran straight into a wall. From a session high near 51,250 the index unwound roughly 820 points to a low around 50,450 before steadying close to 50,500, leaving the day’s rally as little more than a round trip. For an index that owns almost none of the chip names doing the heavy lifting…
MUFG’s Lee Hardman notes that the US Dollar has stalled after the Dollar Index met resistance near 100.00 as Middle East tensions between Iran and Israel eased and Oil prices retreated toward USD90. However, he highlights that a hawkish repricing of Fed rate expectations, ahead of key US CPI data and the June FOMC meeting, continues to underpin the Dollar.Fed outlook and geopolitics steer USD”The US dollar lost upward momentum yesterday after the dollar index ran into resistance at the 100.00-level.””Nevertheless, the US dollar is still continuing to derive more support from the recent hawkish repricing of Fed rate hike…
The Indian rupee closed stronger on Tuesday on a fall in oil prices, with expectations that regulatory measures will help India narrow its balance of payments deficit chipping away at the currency’s bias towards persistent weakness.The rupee closed at 95.35 per dollar, up 0.4% from its close in the previous session.Asian currencies were mostly stronger as well, helped along by a drop of about 2% in Brent crude prices after Iran and Israel said on Monday that they had halted attacks on each other after an appeal from U.S. President Donald Trump.Tehran has continued to block most shipping through the…
Rabobank’s Global Strategist Michael Every notes that Oil prices were little changed after another sharp Middle East escalation involving Israel and Iran, as markets reverted to an ‘as you were’ stance. Every highlights that the conflict’s ultimate path, especially involving Hezbollah and Iran’s decisions, will be crucial for future energy pricing and broader market sentiment.Energy markets watch Middle East risks”After yet another Middle East rollercoaster for markets it’s now ‘as you were’, with oil –so everything else– little changed.””That dynamic has huge implications for when and how this war ends, so for energy, so for markets.””In the background, Yemen’s Houthis…
The Reserve Bank of India will offer state-run firms a concessional foreign exchange swap facility, allowing them to hedge overseas borrowings at roughly half of the prevailing market costs, according to some analysts.The swap will be undertaken at a fixed rate of 1.5% a year for an average maturity of three years and above, the central bank said in a statement Monday. The details came after the RBI announced the facility on Friday as part of its efforts to boost capital inflows into the country.The move aims to make overseas funding more attractive at a time when the RBI is…
The rupee rose 20 paise to 95.41 against the US dollar in early trade on Tuesday as Brent crude oil prices and the US dollar index retreated from their elevated levels after a pause in US-Iran hostilities.Forex traders said the rupee opened on a positive note after Israel and Iran agreed to deescalate and ease strikes.At the interbank foreign exchange market the rupee opened at 95.47, then touched 95.41, registering a gain of 20 paise from its previous close.On Monday, the rupee depreciated 43 paise to settle at 95.61 against the American currency.The rupee is likely to trade a 95.40-95.80…
NZD/USD gains ground for the second successive day, trading around 0.5810 during the Asian hours on Tuesday. Technical analysis of the daily chart suggests the spot price is moving sideways within a rectangle pattern, reflecting a period of market consolidation and indecision.The NZD/USD pair is maintaining a bearish near-term bias as spot holds beneath both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of price below these short- and medium-term EMAs suggests rallies are likely to be sold, while a soft 14-day Relative Strength Index (RSI) reading around 43 hints at waning upside momentum rather than outright oversold…
Israeli Prime Minister Benjamin Netanyahu said the war against Iran and its Lebanon-based proxy Hezbollah “has not yet ended,” though he insisted both are weaker than ever, CNBC reported on Monday.His remarks came after Iran’s military said it has ceased strikes against Israel. However, Iran’s central military command warned that if Israel continued to attack, including in southern Lebanon, “much harsher and more crushing actions than before will be on the way.US President Donald Trump said in a Truth Social post earlier Monday that, despite the latest outbreak of violence, both Israel and Iran “are looking to do an immediate…
DBS Group Research economist Radhika Rao says the Reserve Bank of India (RBI) kept its policy rate at 5.25% with a neutral stance but a clearly hawkish tone, focused on inflation and currency stability. She highlights strong FY26 growth at 7.7% real Gross Domestic Product (GDP), but warns that higher Oil prices, El-Nino risks and global conflict could pressure FY27 growth and inflation.RBI pause, growth strong but vulnerable”The RBI monetary policy committee (MPC) left the benchmark rate unchanged at 5.25%, along our expectations, while the stance was maintained at neutral. Policy guidance was cautious, as the Governor highlighted tightening global…