Forex Market News

Rupee is Likely To Trade Positive

US Dollar Index traded higher by more than 1 percent in the last week after robust release of unemployment claims data from the nation 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 also discounted the statement made by US Fed vice chair Mr. Fischer and the Federal Reserve Bank of Cleveland President Loretta Mester.
According to them, the case for a rate hike in Nov’16 was on the card s provided the economic datasets of the US comes as per expectations. Loretta also mentioned that gradual rate hike doesn’t mean moving rates up in every monetary policy meeting. However, low interest rate is a concern which will possibly leave central banks stuck near the zero bound, forcing them to rely on less conventional tools.
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