Forex Market News

Rupee Is Likely To Depreciate

US Dollar Index traded higher by 0.68 percent yester day as robust release of unemployment claims data from the nation has infused hopes of a possible rate hike in the coming FOMC meeting. Filings for unemployment benefits fell almost to the lowest level since 1973.
Manufacturing PMI and non – manufacturing data has also come out on a good note which has boosted the demand for the DX. Markets are also discounting the statement made by US Fed vice chair Mr. Fischer who said that “persistent” forces including low productivity growth, damage from financial crisis may leave economy saddled with low growth.
He also mentioned that low interest rate is a concern which will possibly leave central banks stuck near the zero bound, forcing them to relpy on less conventional tools. US Dollar Index made an intraday high of 96.79 and closed at 96.77 levels on Thursday.
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