USD/INR – The Indian rupee opened higher against the U.S. currency amid losses on the dollar index and decline in equities. The rupee opened at 68.76 to the dollar compared with its previous close of 68.81. The dollar index declined yesterday and extended losses in Asia trading on Thursday amid a decline in U.S. yields. The 10-year Treasury yield yesterday declined by the most in six weeks to close at 2.06% on U.S-China trade uncertainty, weak housing data, and losses on U.S. equities. Data released by the U.S. Commerce Department yesterday showed that new-home construction decreased 0.9% to a seasonally adjusted annual rate of 1.25 million units last month and building permits fell 6.1%.
EUR/USD – The euro was flat at $1.1240 after crawling up 0.1% on Wednesday. The single currency's gains were modest as it was restrained by expectations of easing from the European Central Bank as early as next week. EUR/USD's slide has stalled short of the July 9 and June 18 daily lows, but growing downside risks are hindering strength for now. Heightened fears of intensifying U.S.-Sino trade tensions are another factor pressuring EUR/USD as German exports rely heavily on the Chinese economy. These downbeat risks have weighed on German bund yields and widened German-U.S. yield spreads.
GBP/USD – Sterling was steady at $1.2440. It had stumbled to $1.2382, its lowest since April 2017 on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit, before selling abated. With economic data also showing the UK economy struggling, putting more pressure on the Bank of England to ease monetary policy, investors are taking to currency derivatives and futures markets to bet on more weakness. The hard Brexit risk was boosted this week when both Johnson and Hunt said they would not accept the so-called Northern Irish backstop in Theresa May's proposed Brexit agreement. The backstop is intended to prevent the return of a hard border between EU member Ireland and British province Northern Ireland. If implemented, the UK would follow many EU rules until arrangements are made to avert a hard border.
USD/JPY – The dollar was unchanged at 107.75 yen following an overnight loss of 0.3%. Japan's exports fell for a seventh straight month in June, pressured by Sino-U.S. trade frictions, slowing China growth and rising trade protectionism, as manufacturers' business confidence hit a three-year low. Exports have been a drag on the world's third-largest economy, weighing on factory output and threatening to undermine capital expenditure. The batch of gloomy data underscored expectations among some analysts that the central bank will roll out more stimulus at its policy review later in the month.
Currency Range for today
Important data releases today
|2:00 PM||GBP||Retail Sales (MoM) (Jun)||-0.3%||-0.5%|
|6:00 PM||USD||Philadelphia Fed Manufacturing Index (Jul)||5.0||0.3|
16 Aug 2019 05:34 PM
The Indian rupee fell for a sixth week against the dollar, its biggest losing streak since May last year, as trade tensions and global growth
16 Aug 2019 09:14 AM
USD/INR – The Indian rupee opened lower against the dollar as growth worries prompted by an inversion of the U.S. yield curve hurt demand for emerging market assets. The rupee, resuming trade after yesterday’s holiday, opened at 71.36 compared to its
14 Aug 2019 05:41 PM
The Indian rupee rose for the first time in three sessions against the dollar, as investors’ appetite for risk assets improved after U.S.
14 Aug 2019 09:16 AM
USD/INR – The Indian rupee opened higher against the dollar after President Donald Trump deferred the implementation of tariffs on some Chinese products, prompting a broad rally in Asian currencies and equities. The rupee opened at 71.00 compared to
13 Aug 2019 05:38 PM
The Indian rupee fell for a second day to close at a six-month low against the dollar, tracking a slump in shares amid trade concerns and political uncertainty in some regions
13 Aug 2019 01:56 PM
The Indian rupee fell further against the dollar in afternoon trade on demand for the greenback from foreign banks and on global risk-off sentiment amid worries over Sino-U.S. trade talks and political unrest in some regions.