Weekly Currency News

Market Outlook

On Friday, the Indian Rupee appreciated by 51 paise to open at 71.9475 and throughout the week traded in the range of 73.0375 and 71.7625 against the US dollar due to increased selling of dollar by banks and exporters.  Moreover, against major Asian peers dollar slid on easing trade war concerns and strong domestic bourses bolstered the Rupee sentiment. On the flip side, dollar struggled near 2-1/2 month lows, while the yen also sagged on reduced safe haven demand amid a switch in market participant view that the China-U.S. trade conflict which would not create big chaos.

Fundamental News

  • The pound hovered near a two-month peak , when robust UK retail sales data added to confidence towards the currency already bullish on growing optimism that Britain and the European Union are making progress towards a Brexit deal.
  • The Aussie has jumped nearly 2 percent this week on account of proxy of China-related trades as well as gauge of risk sentiment.

Global Updates

  • United States MBA Mortgage Applications down to -1.8% in September 7 from previous -0.1%.
  • European Monetary Union Industrial Production s.a. (MoM) registered at -0.8%, below expectations -0.5% in July.
  • European Monetary Union Trade Balance n.s.a. below forecasts €18B in July: Actual €17.6B.
  • Turkey Budget Balance down to -5.8B in August from previous 1.1B
  • Italy Industrial Orders s.a (MoM) fell from previous 3.6% to -2.3% in June.
  • United States EIA Crude Oil Stocks change registered at -2.057M above expectations -2.741M.

(Click to submit your details) Just one step to get best trading tips and Recommendation

Summary
Review Date
Reviewed Item
Facebook Likes
Author Rating
51star1star1star1star1star