Forex Market News

Rupee Is Likely To Trade Higher

In spite of the robust release of manufacturing and non – manufacturing data from the nation, US Dollar Index traded lower by 0.01 percent in yesterday’s trading session. Recent comments by the Federal Reserve Bank of Cleveland President Loretta Mester, has strengthened the case for a Dec’16 rate hike which prompted the traders to place bets in other currencies ap art from DX.
Loretta Mester mentioned that gradual rate hike doesn’t mean moving rates up in every monetary policy meeting. Even Chicago Fed President Charles Evans said that one rate increase by year – end is likely if data continues to improve . US Dollar Index made an intraday low of 95.94 and closed at 96.1 1 levels on Wednesday.
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