Forex Market News

US Dollar Increased By 0.40 Percent

US Dollar increased by 0.40 percent in yesterday’s trading session against basket of six major currencies on the back of hawkish statement from New York Fed president William Dudley and a rise in Treasury yields. He expressed confidence that rising wages would help revive domestic inflation.
Further, US Federal Reserve raised its interest rates by 25bps and maintained its outlook for one more rate hike in 2017. The Fed also laid out plan to trim its $4.2 trillion balance sheet this year. In Intraday Dollar Index touched a high of 97.575 and closed at 97.548 against Dollar.
Dollar is expected to trade with positive bias on the back of hawkish statement from New York Fed president William Dudley and divergence in global monetary policy. US Federal Reserve raised funds rate by 25bps to a range of 1%-1.25% and said it was prepared to continue with its monetary policy tightening. Traders will remain cautious ahead of comments from FOMC member Fischer. If he sounds hawkish it will support dollar to rise. However, sharp gain may be prevented on the back of expectation of rising political turmoil in US.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 57.56-58.76. JPY remained under pressure after the Bank of Japan held monetary policy steady as expected, including the pace of asset purchases at ¥80 trillion annually.
BOJ decided to maintain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank. Annual inflation is likely to continue on an uptrend and increase toward 2 percent, mainly on the back of an improvement in the output gap.
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GBPINR Trading Range For The Day Is 83.77-84.59

GBPINR trading range for the day is 83.77-84.59. GBP remained supported as PM May did a U-turn over a proposal to make elderly people pay for care in their own home unless they have less than £100,000 in assets.
However polls showed that the Conservative Party’s lead has narrowed ahead of UK elections due to be held on June 8 amid a backlash over proposals for a shakeup in social care. Market watchers had been confident that May would secure a strong win in the election, strengthening her hand in Brexit negotiations.
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EURINR – Ways2Capital

EURINR trading range for the day is 72.5-73.31.Euro rallied as investors believed that Merkel’s comments would pressure ECB policymakers to consider tapering the central bank’s expansive monetary stimulus package.
Merkel said that the euro is “too weak”, as a result of European Central Bank accommodative monetary policy. Germany’s economy expanded at a faster pace, as estimated in the first quarter, on domestic and foreign demand, data published by Destatis showed.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 83.65-84.22. GBP retreated after a pair of polls over the weekend showing PM May’s opinion poll lead falling back into single figures ahead of next month’s election.
British manufacturing order books improved in May and output growth picked up pace, the Industrial Trends Survey from the Confederation of British Industry showed. Senior Conservative ministers defended proposals to reduce state support offered to elderly voters.
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Indian Rupee Opens Lower At 64.63 Per Dollar

The Indian rupee opened lower by 8 paise at 64.63 per dollar on Tuesday versus previous close 64.55.
Bhaskar Panda of HDFC Bank said, “USD-INR pair bounced back from recent lows and is expected to move towards 65/dollar in due course of time. Today the pair is expected to trade within a range of 64.40-64.60.
He further added, “The 10-year benchmark yield is expected to trade within a range 6.76-6.78 percent. The yield is expected to soften further. The euro hovers near a six-month high against the dollar after German Chancellor Angela Merkel said the currency was “too weak”. The pound however sags against the yen after the blast in Manchester killed at least 19 people.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 56.43-56.82. JPY dropped as dollar reversed early losses shrugging off another missile test by North Korea.
BoJ’s Kuroda: JGB purchases conducted to reach interest rate target, of utmost importance to maintain easing until 2% hit. BoJ’s Kuroda: Still a long way to go to meet 2% price target, risks have continued to be skewed to the downside.
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