Tracked by the US Dollar Index (DXY), the greenback, stages a moderate comeback after bottoming out in multi-week lows near 94.60 at the end of the week. Following an initial drop to the 94.65/60 band, the index regains some composure and looks to return to the positive territory on Friday.
The Euro has pulled back just a bit during the course of the trading session on Wednesday but has turned around to recapture the 1.13 level. At this point in time, we are stuck in a range bound situation, and I think that is going to be where we find ourselves between now and the end of the year.
Pound is currently trying to settle back above 1.3200 while US dollar is gaining some ground against a broad basket of currencies. The U.S. Dollar Index is moving towards the resistance level at 96.50. In case the US Dollar Index manages to settle above this level, it will head towards the next resistance at 96.70 which will be bearish for pound.
Canadian dollar has recently made an attempt to settle above the resistance at 1.2730 but failed to develop sufficient upside momentum and pulled back towards 1.2710 while U.S. dollar remained mostly flat against a broad basket of currencies.
USD/INR Price News: Rupee keeps pullback from multi-day top around 74.77 during early Thursday. The Indian rupee (INR) pair jumped to the highest levels since late April the previous day before easing from 75.05 as risk-on mood weighed on the US dollar.
The Indian rupee depreciated 22 paise to 74.36 against the US dollar in opening trade on Thursday, amid a muted trend in domestic equities. At the interbank foreign exchange, the rupee opened on a weak note at 74.28.
The US dollar is staging a broad-based rally ahead of the Fed’s latest FOMC meeting this week. In the opinion of brilliant economists at MUFG Bank, the US Dollar Index could reach new highs in case the DOTs surprise to the upside.
The greenback, in terms of the US Dollar Index, creeps higher and looks to put further distance from post-Payrolls lows in the sub-92.00 zone (Friday). The index (DXY) advances for the second session in a row albeit at a glacial pace ahead of the opening bell in Euroland.
USD/INR Price: Rupee takes offers around 73.22, down 0.27% intraday during a three-day south-run ahead of Tuesday’s European session. In doing so, the Indian rupee (INR) pair remains pressured towards the lowest levels since mid-June, flashed on Monday, by the press time.
GBP/USD Price Analysis: Pound is on a steady decline towards 1.3750, reversing Friday’s rally to weekly tops of 1.3781. The holiday-thinned market conditions combined with a tepid bounce in the US dollar is collaborating with the downside in the cable. Renewed concerns over the post-Brexit visa.