Forex Market News

Rupee Is Likely To Trade Positive

The US Dollar Index traded higher by mere 0.04 percent in yesterday’s trading session after the Fed’s latest Beige Book showed a positive outlook for the US economy. According to the beige book, the US economy has maintained a steady growth pace along with modest employment a nd wage growth.
This along with the robust release of building permits and inflation data from the nation infused optimism in the market. Cost of living rose by 0.3 percent from 0.2 percent in Sep’16 on account of surge in energy and shelter prices.
It is a clear sign that inflation is getting closer to the Federal Reserve’s 2 percent goal. Moreover, from the latest US Presidential debate investors are seeing the Democrat leader i.e. Hilary Clinton as the potential candidate for the Presidential choice. Al l the factors above boosted the demand for the DX which made an intraday high of 97.98 and closed at 97.94 levels on Wednesday.
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