Forex Market News

Rupee Is Likely To Appreciate

The US Dollar Index traded lower by 0.22 percent yesterday. Reason behind the weakness could be attributed to the disappointing release of economic datasets from the nation along with the rising fears of US Presidential Elections. Non – Manufacturing PMI plunged to 54.8 levels from 57.1 in Oct’16. Unemployment Claims rose to 265K from 258K for week ending 28th Oct’16. Factory Orders and Prelim Unit Labor Costs declined by 0.3 percent in Oct’16
The prospect of a December’16 rate hike indication from the Federal Reserve in Nov’16 policy meet went unnoticed owing to the upcoming US Presidential Elections which has kept investors wary. This was mainly due to the latest revelations that FBI is planning to reopen investigations into Hillary Clinton email debacle.
World markets are expecting a Clinton victory at the polls next week hence this news has sent shock waves across the markets. All the above factors dented the demand for the DX which made an intraday low of 97.07 and closed at 97. 20 levels on Thurs day.
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