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The Rupee opened weaker and is expected to remain under pressure on Thursday, pegged back by a dollar that is finding support from expectations of thawing U.S.-China trade frictions and a calming of nerves around the Federal Reserve's independence. The dollar index is inching back to the psychologically important 100 mark, driven by improving sentiment towards U.S. assets amid positive signals on both trade policy and Fed autonomy. The Wall Street Journal reported on Wednesday that the White House is considering rolling back tariffs on Chinese goods to help dial down tensions with Beijing. This followed recent comments from U.S. President Donald Trump and Treasury Secretary Scott Bessent, both of whom hinted at a potential de-escalation in trade frictions and suggested any future deal with China could involve tariff cuts. The dollar has recovered from a three-and-a-half-year low of $1.1572 per euro, but encountered a little selling in the Asia morning to steady around $1.1338. It is clear, by now, that no other currency is as sensitive to trade headlines as the dollar. The Australian and New Zealand dollars were similarly off recent peaks - although not all that much. The Aussie , after briefly breaching $0.64 this week, was at $0.6361 and Commonwealth Bank strategist Joe Capurso said it could test resistance around its 50-day moving average at $0.6286 as worries about global growth persist. The New Zealand dollar held on at $0.5949. Sterling and the Swiss franc each steadied after a sharp retreat, leaving sterling at $1.3263 and the Swissy at 0.8290 per dollar. China's yuan was steady around 7.29 per dollar in early trade. Gold prices jumped more than 1% on Thursday on bargain buying, a day after the bullion hit a one-week low amid optimism over the U.S.-China trade deal. Spot gold rose 1.5% to $3,335.39 an ounce, as of 0312 GMT. U.S. gold futures gained 1.5% to $3,344. Oil prices ticked up early on Thursday after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks. Brent crude futures rose 6 cents, or 0.09%, to $66.18 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude gained 7 cents, or 0.11%, to $62.34 a barrel.......
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GlobalFX

The US dollar weakened sharply against other major currencies after data showed that the US economy suffered a record contraction in Apr-Jun, while jobless claims rose in the week ended Saturday also rose.The US unit also extended its decline globally on Thursday after Trump raised the possibility of delaying presidential election in the US, scheduled for November.European Stocks ended lower on Thursday due to mounting concern over sluggish economic recovery and a possible second wave of the COVID-19 pandemic.Germany reported its worst decline in GDP since 1970, with the Eurozone’s largest economy shrinking 10.1% quarter-on-quarter in Apr-Jun.Corporate earnings were high on investors' agenda on Thursday.In the US, Most share indices ended lower on Wednesday following bleak economic data.Lack of progress in talks between Congressional Democrats, Republicans and the White House on a new coronavirus aid package also weighed on sentiment.Gold futures settled lower on Thursday after nine consecutive days of gains, with the bullion retreating from a record rally as traders booked some profit.......
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