Forex Market News

Rupee Is Likely To Trade Negative

The US Dollar Index traded higher by more than 1 percent in the last week’s trading session. Reason for the same could be attributed to the robust release of economic datasets from the nation like retail sales, unemployment claims and Producer Price Index from the nation.

Moreover, the hawkish tone in the US Fed Chairwoman’s speech and FOMC Meeting Minutes boosted the demand for the DX. Both indicated at the possibility of a rate hike in the near future. The policy members were divided in their views over the labor market ultimately agreeing to US Fed Chairwoman’s argument for holding the interest rates at its present levels for now.
Several voting Fed policymakers thought rates should rise ‘relatively soon’. As per Fed funds futures, traders see about 11 percent chance of rate hike in Nov’16 and about 66 pct chance in December. All the above factors boosted the demand for the DX which made a weekly high of 98.12 and closed at 98.00 levels on Friday.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s