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Dollar index reclaims 101 mark amid cautious moves ahead of US non farms
The dollar index shifted back above 101 mark on Tuesday after a slight pull back below the levels in the previous session. Elevated expectation for a Federal interest rate hike is seen lending consistent support to the greenback. Markets are staying cautious around 101 mark surrounding the United States (US) Nonfarm Payrolls (NFP) data for June, which will be released on Thursday. Markets will also look forward to resumption of US-Iran peace talks in Doha that could help ease inflation concerns. The two nations are reportedly scheduled to hold fresh peace talks on Tuesday in Doha, Qatar, following a weekend of renewed hostilities although media reports claim that Iran refutes the talks claim. At the time of writing, the US Dollar Index (DXY), which gauges the Greenbacks value against six major currencies, trades 0.13% higher to near 101.01.
Nagarro Shares Jump 92% In Xetra Pre-Market After Persistent's Takeover Bid; Deal Risks Remain In Focus
According to NDTV Profit Research, one of the biggest concerns is Nagarro's slower growth profile. The company has delivered a three-year revenue CAGR of around 5%, compared with Persistent's 15-18% dollar revenue growth.
Dollar index holds firmly above 100 mark; US PCE data in focus
Dollar index is holding firmly above 100 mark for the third consecutive session on Monday assessing geo-political situation in Middle East. As per media reports, US President Donald Trump over the weekend threatened strikes on Iran if Hezbollah keeps attacking Israel, raising concerns about progress for peace talks between Washington and Tehran. Markets now look ahead to the weeks release of the US PCE price index, the Federal Reserves preferred measure of inflation after Fed left rates unchanged last week. At the time of writing, DXY which measures the greenback against a basket of currencies was quoting slightly higher at 100.73, its highest level in more than a year. Among basket currencies, EURUSD and GBPUSD were both trading marginally lower at $1.1493 and $1.3202 respectively.
INR seen under pressure as DXY stays upbeat ahead of US data
The Indian rupee came under pressure in opening trades on Monday as dollar index remains firmly above 100 mark assessing geo-political situation in Middle East. As per media reports, US President Donald Trump over the weekend threatened strikes on Iran if Hezbollah keeps attacking Israel, raising concerns about progress for peace talks between Washington and Tehran. Markets now look ahead to the weeks release of the US PCE price index, the Federal Reserves preferred measure of inflation after Fed left rates unchanged last week. Meanwhile, INR opened at Rs 94.42 per dollar and slipped to a low of 94.48 so far during the day. On Friday, the counter ended at 94.33. Easing crude oil price from multi-year highs are however lending some support to the counter. Local equities in positive zone are also supporting rupee to some extent.
Gold, silver prices today: Rates rise on MCX on value buying amid progress in US-Iran peace talks
Gold, silver prices today: Rates rose on the MCX due to value buying after media reports suggested progress in US-Iran peace talks. However, an uptick in the US dollar and 10-year bond yields capped gains.
Dollar index retreats amid reduced safe haven demand as Trump signals peace agreement with Iran
Dollar index is trading mildly lower on Friday, weighed down by reduced safe-haven demand as President Donald Trump said a peace agreement with Iran could be signed as soon as this weekend. According to Trump, the agreement would safely reopen shipping lanes through the critical Strait of Hormuz and include firm commitments from Iran to forgo the development of nuclear weapons, media reports stated. Sharp drop in oil prices amid improving optimism of a peace deal could ease concerns about stubborn inflation and the need for interest rate hikes in near futures is adding pressure on the greenback. The yield on the US 10-year Treasury note hovered around 4.47% on Friday. At the time of writing, DXY that measures the greenback against a basket of currencies is quoting at 99.55 after having hit 100 at the start of the week. For the week, DXY is down around half a percent.
Top Gainers & losers on May 22: JSW Cement, Honasa Consumer, Tata Comm, Sammaan Capital, Trent among top gainers
On May 22, markets showed mixed results with the Nifty 50 gaining 0.40% and Sensex rising 0.36%. While Nifty Private Bank and Nifty Metal saw gains, Nifty Media and Nifty Pharma lagged. The Indian rupee strengthened to 95.9 per dollar amid RBI interventions.
DXY lingers under 98 mark amid increasing prospects of truce between US and Iran
The dollar index continues to linger under 98 mark for the second consecutive day as safe haven demand wanes amid improving prospects of a near term peace deal between US and Iran. Optimism surrounding a potential US-Iran agreement triggered a sharp drop in oil prices, easing inflation concerns, and reducing expectations for a prolonged hawkish Fed. Media reports indicate that the US submitted a one-page memorandum of understanding to Iran that would gradually reopen the Strait of Hormuz and ease the American blockade on Iranian ports. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady after posting nearly 0.5% losses in the previous day and trading around 97.98 during the Asian hours on Thursday.
TikTok plans second billion-dollar data centre in Finland in move to store European user data locally
The move follows parent company ByteDance successfully averting a US ban in January regarding data security, while European regulators simultaneously intensify scrutiny on social media platforms concerning child safety and addictive algorithmic designs.