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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Indian Rupee Opens Lower At 64.48 Per Dollar

The Indian rupee opened marginally lower at 64.48 per dollar on Tuesday against previous close 64.43. Bhaskar Panda of HDFC Bank said, “The dollar index has been recovering after it touched a low in the recent past. I expect the USD-INR pair to trade in a range of 64.40-64.60/dollar today.”
He further added, “The 10-year benchmark bond yield is expected to trade within the 6.45-6.47 percent range today.”US dollar edged higher and yen tumbles as central bank outlooks come back into focus. New York Fed President Dudley reinforced expectations of further increases in interest rates.
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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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Indian Rupee Opens Flat At 64.34 Per Dollar

The Indian rupee opened flat at 64.34 per dollar on Wednesday against previous close 64.33. Pramit Brahmbhatt of Veracity said, “Rupee will appreciate and may test 64.20/dollar. Trading range for the spot USD-INR pair for the day will be 64.20-64.50/dollar.”
The dollar was softer against a basket of rival currencies as the Federal Reserve’s two-day policy meeting is underway and investors expect will conclude with an increase in interest rates.
According to Motilal Oswal currency report, the rupee continues to consolidate in a narrow range ahead of the two-day FOMC policy meeting that concludes today and we could continue to see the consolidation continuing for the pair in today’s session as well.”
“Expectation is that the Federal Reserve could raise rates by 25 bps but importantly market participants will be keeping an eye on the Fed chair statement to gauge a view on rate hike prospects for the coming year,” it added.
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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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USDINR Spot Depreciated By 0.12 Percent

USDINR spot depreciated by 0.12 percent in the yesterday’s trading session owing to month end dollar buying by importers and banks pushed the Indian Rupee lower. Domestic markets i.e. Sensex and Nifty ended in green after the GST Council finalized rates for bulk of the goods and services last week.
Investors are playing safe by either booking profits or refraining from making any risky investments amid global concerns concerning US, North Korea and Russia which has fuelled concerns in the global markets pushing the demand for the Indian Rupee lower. Today, USDINR spot is likely to weaken today tracking weakness in the Asian market currencies.
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EURINR – Ways2Capital

EURINR trading range for the day is 72.02-72.93. Euro traded in range as investors assessed the impact of the latest bout of U.S. political turmoil and a resurgent euro.
Recent economic improvement in the euro zone have raised market expectations the European Central Bank will tone down its dovish language in next meet. Net long positioning on the euro rose to its highest in more than three years in the week ended May 16, according to CFTC data showed.
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