Market News
USD/INR weakens following upbeat Indian Services PMI data
The USD/INR currency pair faced downward pressure as upbeat Indian Services PMI (Purchasing Managers’ Index) data spurred optimism about the country’s economic recovery. The Indian Rupee strengthened against the US Dollar following the release of robust Services PMI figures, which surpassed market expectations and indicated a notable expansion in the Indian services sector. Investors welcomed…
Read MoreEUR/USD recovers on weaker US Services PMIs
The EUR/USD currency pair staged a recovery as the US Services PMIs (Purchasing Managers’ Index) exhibited unexpected weakness, signaling potential challenges for the American economy. The Euro strengthened against the US Dollar as investors reacted to the data, which indicated a slower-than-anticipated expansion in the US services sector. This development contrasted with earlier market expectations,…
Read MoreForex Today: EU inflation figures, US employment data and PMI report to drive the action
In today’s forex market, traders are closely monitoring a trifecta of influential factors poised to shape market sentiment: EU inflation figures, US employment data, and the Purchasing Managers’ Index (PMI) report. Firstly, eyes are on the European Union’s inflation data, a crucial gauge of economic health. Any surprises in these figures could potentially sway the…
Read MoreEUR/USD clings to mild losses below 1.0770, investors await Eurozone inflation, US PMI data
In the realm of currency markets, the EUR/USD pair is currently holding onto slight losses, trading below the key level of 1.0770, as investors eagerly anticipate the release of crucial economic data from both the Eurozone and the United States. Market participants are closely monitoring the Eurozone inflation data, which is expected to provide insights…
Read MoreForex Today: Gold surges to new record high on Easter Monday
In a remarkable surgeon Easter Monday, the price of gold soared to unprecedented heights, setting a new record high in the forex market. As financial markets reopened after the holiday weekend, investors were greeted with a flurry of activity, particularly in the precious metals sector. Gold, often considered a haven asset, experienced a dramatic rally,…
Read MoreAsia FX flat as dollar rises before the Fed; yen plumbs 4-mth lows
Most Asian currencies moved little on Wednesday amid caution before more signals on interest rate cuts from the Federal Reserve due later in the day, with the dollar sitting at two-week highs. The Japanese yen extended its declines after the Bank of Japan struck a largely dovish chord, despite hiking interest rates for the first…
Read MoreSwiss National Bank sold forex worth nearly $150 billion in 2023
ZURICH (Reuters) – The Swiss National Bank sold foreign currency worth 132.9 billion Swiss francs ($149.51 billion) in 2023, the central bank said on Tuesday, showing its increased emphasis on supporting the Swiss franc as a shield against imported inflation. The figure was a massive increase from 22.3 billion francs in foreign currencies sold by…
Read MoreBoJ’s Pivot Imminent: Yen Ready for Takeoff or Tumble? Setup on USD/JPY
The Bank of Japan is set to wrap up its March monetary policy meeting on Tuesday (Japan time, still Monday in NY). After recent media leaks, the institution led by Governor Kazuo Ueda is widely expected to end negative borrowing costs, raising its benchmark rate to 0.0% from -0.1%. This would be the first hike…
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