Forex Market News

Dollar Continues To Struggle Near Nine-Month Low As Pound And Euro Hit Highs

The dollar lingered near a nine-month low against a basket of currencies on Friday, bogged down by growing expectations of more hawkish monetary policies in Europe and Canada and doubts about another U.S. interest rate increase this year.
The dollar index, which measures the greenback against a basket of six major currencies, last stood at 95.598. That was near a low of around 95.53 touched this week, its lowest level since early October 2016.
The euro eased 0.1 percent to 1.1430, backing away slightly from a peak of 1.1445 set this week, the common currency’s strongest level in almost 14 months. Sterling edged up 0.1 percent to 1.3016, having gained 2.3 percent so far this week. Against the yen, the dollar eased 0.1 percent on the day to 112.01 yen.
The rupee closed at 64.63 a dollar—a level last seen on 30 May, down 0.12% from its Wednesday’s close of 64.55. The rupee opened at 64.46 a dollar and touched a high and a low of 64.44 and 64.64, respectively. We expect the pair to trade in the range of 64.65-64.90.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 57.47-57.87. JPY remained under pressure as Bank of Japan policymakers believed their best approach would be to maintain their current ultra-loose policy.
BoJ Minutes: Risks to Japan economy are skewed to the downside. Retail sales in Japan were down a seasonally adjusted 1.6 percent on month in May, the Ministry of Economy, Trade and Industry said.
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GBPINR Trading Range For The Day Is 83.25-84.71

GBPINR trading range for the day is 83.25-84.71. GBP continued its gains after Bank of England Governor Mark Carney appeared to alter his forward guidance on interest rates.
BOE’s Carney said that the central bank is likely to need to raise interest rates as the British economy comes closer to operating at full capacity.Carney said some removal of monetary stimulus is likely to become necessary as spare capacity in the economy erodes.
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EURINR – Ways2Capital

EURINR trading range for the day is 73.67-74.3.Euro gained as the dollar wallowed at one-year lows as investors priced in tighter monetary policy in Europe.
European Central Bank President Mario Draghi sparked the euro’s rally, when he hinted that the ECB could trim its stimulus this year.Euro remained supported despite evidence that positioning for a dramatic scaling-back of stimulus might have been overdone.
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USDINR – Ways2Capital

USDINR trading range for the day is 64.6-65.Rupee traded in range as dollar lost grounds against other major peers after weaker than expected US economic data.
Investors are expecting a rate cut by the Reserve Bank of India at its policy in August after record low prints for CPI and WPI inflations. The RBI estimated that CPI Inflation could be higher by 100-150 basis points and persist for 6-8 quarters.
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Indian Rupee Opens Lower At 64.72 Per Dollar

The Indian rupee slipped 9 paise in the early trade on Friday at 64.72 per dollar versus 64.63 Thursday.Ashutosh Raina of HDFC Bank said, “The hawkish Central Bank commentaries have resulted in risk-off sentiment across the global markets, with equities losing and treasuries getting sold off.
The USD-INR pair has retraced from recent highs tracking other EM currencies. We expect the pair to trade in a range of 64.50-64.90/dollar for today. The bonds have also sold off ahead of scheduled auction today, with the 10-year benchmark yield settling at 6.50 percent, tracking the risk-off sentiment and higher US treasuries,” he added.
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Indian Rupee Spot Depreciated

In the yesterday’s trading session, the Indian Rupee spot depreciated marginally by 0.05 percent on account of limited demand for the US Dollar by importers and banks. Domestic markets i.e. Sensex and Nifty traded lower as worries with respect to GST bill weigh on investor’s sentiment.
There was a selling pressure seen in PSU banking shares over concerns about provisioning for defaulted loans. Today, USDINR spot is likely to appreciate tracking gains in Asian market equities.
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