Forex Market News

Euro Depreciated By 0.44 Percent – Ways2Capital

Euro depreciated by 0.44 percent in yesterday’s trading session on the back of strong dollar and divergence in monetary policy. Further, disappointing economic data from Euro Area continued to weigh on Euro. However, sharp downside was prevented as French President Macron government promised to renew politic in France. In intraday Euro touched a low of 1.1143 and closed at 1.1149 against Dollar.
Euro depreciated by 0.44 percent in yesterday’s trading session on the back of strong dollar and divergence in monetary policy. Further, disappointing economic data from Euro Area continued to weigh on Euro. However, sharp downside was prevented as French President Macron government promised to renew politic in France. In intraday Euro touched a low of 1.1143 and closed at 1.1149 against Dollar.
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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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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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USDJPY Spot Appreciated By 0.82 Percent

USDJPY spot appreciated by 0.82 percent while JPYINR spot rose by 0.70 percent as the recent happenings in the global arena has left the markets in a dilapidated state. The Trump administration has backed out from the Paris Climate Agreement which left the American currency weaker. An attack in central London over the weekend shall leave the markets in a jittery state.
Furthermore, Saudi Arabia, Bahrain and Egypt cut diplomatic ties with Qatar contributing to crisis that started over Qatar’s relationship with Iran and its support of the Muslim Brotherhood. Today, JPYINR shall trade higher today.
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Rupee Opens At 64.48 Per Dollar

The Indian rupee has opened at 64.48 against the US dollar on Monday. Pramit Brahmbhatt of Veracity feels positive cues from the equity market will help rupee gain further and test 64.20 level. He expects the USD-INR pair to trade in a range of 64.20-64.80 against the US dollar.
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USDJPY Spot Depreciated By 0.30 Percent

Yesterday, USDJPY spot depreciated by 0.30 percent while JPYINR spot fell by 0.61 percent following comments by the BOJ governor who said that it may be difficult however not impossible to achieve the 2 percent inflation target. JPYINR spot is expected to trade lower today.
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