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EUR/USD seen well supported above $1.16
Euro jumped on Friday against the dollar as recent Eurozone data signals towards an ECB rate hike in the near term. Euro-area inflation hit 3.2% in May, its highest in over two and a half years amid rising inflationary pressures due to elevated oil prices. However, Eurozone retail sales data for April declined at a faster pace of 0.4% in April, compared to the 0.3% contraction expected. Meanwhile, dollar index is trading slightly lower on Friday, favoring gains in Euro. The US Dollar Index (DXY), which tracks the Greenbacks value against six major currencies, trades 0.19% lower to near 99.19 ahead of the United States (US) Nonfarm Payrolls (NFP) data for May. EUR/USD pair is extending gains above $1.16 at $1.1643, up 0.20% on the day although caution will be exercised amid developments surrounding a potential US-Iran peace agreement to end recent hostilities. Tensions remain highly elevated following warnings from Iranian Foreign Minister Abbas Araghchi, who declared that the ...
DXY hovers around 98.50 mark; Trump-Xi meeting outcome awaited
The dollar index continues to hover around 98.50 mark on Thursday after US data reinforced inflationary pressures and higher interest rate scenario for longer. Accelerating inflationary pressures in the United States economy amid higher energy prices have for now ruled out possibility of any rate cut. Data released by the US Bureau of Labor Statistics on Wednesday showed that the US Producer Price Index (PPI) jumped by 6.0% on year in April, following the 4.3% seen in March. US wholesale inflation accelerated at its fastest annual pace in four years. Meanwhile, investors stay watchfully cautious ahead of the US President Donald Trump-Chinese President Xi Jinping summit in Beijing. Investors will also focus on the US retail sales data for April due later today.
United Breweries' ₹275-crore tax demand cut to zero by Maharashtra tribunal
The beer maker said it received a favourable order from the Maharashtra Sales Tax Tribunal, Mumbai, which reduced a tax demand related to FY19 to nil. Shares of United Breweries Ltd ended at ₹1,411.10, down by ₹2.70, or 0.19%, on the BSE today, May 12.
Emirates Global Boosts Aluminum Sales to US Amid Tight Market
Emirates Global Aluminium, the United Arab Emirates’ top producer of the metal, is boosting shipments to the US despite stiff tariffs, as growing shortages drive American prices to levels that offset the levies.
Momentum Stocks: Coforge, Cigniti Tech, Purple United rally
A few stocks saw sharp intraday moves and hit upper circuits. Media Matrix Worldwide, DCM Shriram Fine Chemicals, Embassy Developments were locked in the upper band, reflecting strong demand and limited supply—often a sign of bullish near-term sentiment.