The latest investor updates on stocks that are trending on Friday.
Sterling headed for its biggest one-week rally against the dollar in six months on Friday, as U.S. interest rates looked increasingly likely to plateau sooner than UK rates. Britain has avoided recession, but the squeeze of the cost of living crisis on consumers and households is clear, given recent data on business activity, employment and lending.
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The rupee was at 82.3525 against the U.S. dollar by 11 a.m. IST, compared to 82.4050 on Thursday. The USD/INR pair falling below 82.50 is a sign of weakness in the uptrend and short-term traders will now be watching 82.30 levels, said Dilip Parmar, research analyst at HDFC Securities. Odds of a rate hike this month have come off on less hawkish remarks from two Fed policymakers and an article in The Wall Street Journal that said the U.S. central bank will pause.
The U.S. dollar slipped lower in early European trade Friday, adding to the previous session’s sharp losses after the U.S. Congress approved the debt ceiling bill, while traders awaited the widely watched monthly payrolls release. The U.S. Senate late Thursday passed legislation lifting the government's $31.4 trillion debt ceiling, a day after the House of Representatives had done the same. The bill now heads to the White House for President Joe Biden to sign it into law, averting what would have been a first-ever default as the Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.
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The Canadian dollar strengthened to a two-week high against its U.S. counterpart on Thursday along with gains for other commodity-linked currencies as investors cheered progress toward passing a U.S. debt ceiling bill. "That suggest it's a risk-on recovery, likely fueled by optimism on the debt deal passing the House of Representatives so quickly and now ready for the Senate approval," said Amo Sahota, director at Klarity FX in San Francisco. The U.S. House of Representatives passed a bill to suspend the U.S. debt ceiling on Wednesday evening.
The dollar has remained mostly steady pre-NFP as the majority consensus shifted back to a hold on 14 June.
The US dollar has pulled back just a bit during the trading session on Thursday but have found enough buyers underneath to push the market to the upside.
The British pound initially pulled back a bit during the trading session on Thursday but has found enough support near the 50-Day EMA to show signs of life. Ultimately, this is a market that still has a lot of noise ahead.
The British pound has initially pulled back just a bit during the trading session on Thursday, only to turn around and pressure the Japanese yen to the upside yet again.
The euro continues to face a lot of downside pressure on Thursday as we try to figure out if the buyers are going to jump back in.
The Australian dollar has rallied during the trading session on Thursday, as it looks like we are trying to bounce back from a significant selloff. That being said, the market still has a long way to go before things change.
The Indian rupee saw its best single-day gain in two months on Thursday, and also rose to a two-week high during the session, following strong domestic growth data, which prompted traders to square off long dollar positions. Consistent flows into equities coupled with strong economic data is supporting the rupee, said Dilip Parmar, a research analyst at HDFC Securities. India's economic growth accelerated to 6.1% in the March quarter, higher than what economists had expected, confirming that the country remains one of the fastest growing emerging economies.
The dollar rose on Thursday after a vote of approval from the U.S. House to suspend the debt ceiling, though the greenback drifted from a two-month high as investors trimmed bets the Federal Reserve will raise interest rates this month. The euro fell ahead of euro zone inflation data due at 0900 GMT, which is expected to show price pressure in the block has eased. A divided U.S. House of Representatives on Wednesday passed a bill to suspend the $31.4 trillion debt ceiling, and the focus now turns to how it will fare in the Democratic-led Senate just days before the federal government is expected to run out of money to pay its bills.
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The Indian rupee saw its best single-day gain in two months on Thursday, and also rose to a two-week high during the session, following strong domestic growth data, which prompted traders to square off long dollar positions. Consistent flows into equities coupled with strong economic data is supporting the rupee, said Dilip Parmar, a research analyst at HDFC Securities. India's economic growth accelerated to 6.1% in the March quarter, higher than what economists had expected, confirming that the country remains one of the fastest growing emerging economies.
Investing.com -- Most Asian currencies advanced on Thursday, while the dollar inched lower tracking comments from Federal Reserve officials touting a potential pause in the rate hike cycle in June.
The US dollar initially fell during the trading session on Wednesday, as it looks like we are getting a little heavy. However, we have seen buyers come back again.
The British pound has initially tried to rally during the day on Wednesday but turned around to show signs of life at the 1.2350 level.
The British pound has fallen rather hard against the Japanese yen during the Wednesday session.
The euro fell rather hard during the course of the trading session on Wednesday, as we are testing the 200-Day EMA.
The Aussie dollar initially tried to rally during the trading session on Wednesday but gave back gains as we continue to see a lot of negativity out there.
Sterling hit a 5-1/2 month high against the euro on Wednesday after data showing lower inflation in major European markets, but fell against the dollar as investors eyed Bank of England rate expectations for the pound's direction. The euro dropped to as low as 86.27 pence, its weakest since Dec. 15, and was last trading down 0.2% at 86.32 pence after inflation data from France and several major German states came in under expectations. More broadly, investors were looking at expectations for the Bank of England's main interest rate for indications about where the pound trades from here.