Rice export prices in India fell this week as the rupee weakened, with the drop in rates from the top exporter also weighing on demand for the Vietnamese variety. Rates for India's 5 percent broken parboiled rice fell by $3 per tonne to $389-$393 per tonne this week. Farmers in India had planted summer-sown paddy rice on 30.78 million hectares as of Aug 10, down 2.9 percent from a year ago due to scant rainfall.
The U.S. dollar weakens slightly versus its rivals on Thursday, as news of renewed U.S.-China trade talks buoys risk appetite.
Investing.com - The dollar eased against a basket of the other major currencies on Thursday, but was supported near 14-month highs amid ongoing concerns over Turkey's currency crisis and fears of an economic slowdown in China.
U.K. stocks rose in early trading on Thursday, staging a modest rebound from the previous session’s sharp decline and putting them on track to snap their longest losing streak since February.
Investing.com - Cryptocurrency prices slipped on Thursday, while Ethereum co-founder Joseph Lubin’s comments raised some eyebrows as he said the surge in crypto prices last year was bubble.
Precious metals rebound from new lows as USD weakened over news of Sino-U.S trade-related talks and as worries over Turkey’s economic turmoil ease.
Investing.com - Gold prices dropped on Thursday while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis.
European stocks rose slightly in early trading on Thursday, partially reversing steep declines in the previous session, which came on the back of falling commodity prices and ongoing uncertainty surrounding the currency crisis in Turkey.
Today’s price action will be dictated by investor aversion to risk. If demand for higher risk assets continues to increase then look for the USD/JPY to be underpinned. The news about the trade discussion between the U.S. and China is just a headline. However, investors seem to like it. There’s no guarantee that the trade discussions will end successfully, however, the news seems to have stopped the speculative selling for now.
The main driving force today in the market will be investor aversion to risk. Risk-on, and the Aussie and Kiwi benefit. Risk-off, and they both resume this week’s downtrend.
Turkey’s currency crisis is sending ripples through global financial markets, but analysts say it isn’t necessarily a death sentence for all emerging-market currencies.