Forex News
- The Indian Rupee declines further against the US Dollar amid surging oil prices.
- A significant fall in the INR has increased the odds of RBI intervention.
- Investors await the US CPI data for fresh cues regarding the interest rate outlook.
The Indian Rupee (INR) extends its decline against the US Dollar (USD) on Wednesday after a sharp correction the previous day. The USD/INR pair jumps marginally above 95.11 as surging energy prices have battered the Indian currency significantly.
As of writing, the MCX Crude Oil contract expiring on September 21 trades higher by over 2.5%, slightly above Rs. 8,950, the highest level seen since May 22.
Currencies from economies, such as India, which rely heavily on oil imports to meet their energy needs, tend to underperform in a high-oil-price environment.
Escalating US-Iran attacks boost oil prices
Rising tit-for-tat attacks between the US and Iran in the past few weeks have prompted fears of prolonged energy supply disruption again.
Earlier in the day, Iran's Islamic Revolutionary Guard Corps (IRGC) launched ballistic missile strikes targeting the Al Azraq air base in Jordan, which shelters US military personnel and aircraft, in response to US Central Command (CENTCOM) consistently bombing Iranian tankers in the Gulf of Oman, Al Jazeera reported.
Meanwhile, the data from Kpler shows that the number of commodity vessels sailing through the Strait of Hormuz totalled seven on September 7, compared with eight on the previous day, Reuters reported. This is a significant decline from an average of 130-140 ships transiting through Hormuz before the Middle East war started.
Falling INR prompts fears of RBI intervention
A significant decline in the Indian currency this week has prompted fears of the Reserve Bank of India’s (RBI) stealth intervention through spot and Non-Deliverable Forward (NDF) markets.
The table below shows the percentage change of Indian Rupee (INR) against listed major currencies today. Indian Rupee was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | INR | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.08% | -0.41% | -0.08% | -0.17% | 0.31% | -0.13% | |
| EUR | 0.08% | 0.00% | -0.34% | -0.01% | -0.11% | 0.47% | -0.04% | |
| GBP | 0.08% | -0.01% | -0.33% | 0.02% | -0.09% | 0.43% | -0.04% | |
| JPY | 0.41% | 0.34% | 0.33% | 0.34% | 0.24% | 0.78% | 0.30% | |
| CAD | 0.08% | 0.01% | -0.02% | -0.34% | -0.10% | 0.45% | -0.04% | |
| AUD | 0.17% | 0.11% | 0.09% | -0.24% | 0.10% | 0.56% | 0.07% | |
| INR | -0.31% | -0.47% | -0.43% | -0.78% | -0.45% | -0.56% | -0.50% | |
| CHF | 0.13% | 0.04% | 0.04% | -0.30% | 0.04% | -0.07% | 0.50% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Indian Rupee from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent INR (base)/USD (quote).
According to a Reuters report, while the Indian central bank was present in the market on Tuesday, traders said the intervention was not enough to prevent the Indian Rupee from weakening. Early Wednesday, the Indian central bank was also expected to have sold US Dollars to arrest the Indian Rupee slide.
US Inflation will be key trigger this week
This week, the major trigger for the USD/INR pair will be the US Consumer Price Index (CPI) data for August, which will be released on Friday. The inflation data is expected to have a significant influence on the US interest rate outlook.
According to TD Securities, upcoming inflation data should be “subdued enough to keep the Fed on hold,” though they stress that “the PCE translation will be key.” The bank estimates that, if their forecast is realized, “core PCE would likely be a modest 0.18% m/m, with market-based an even more subdued 0.13%.” They argue that such an outcome “would be a welcome number for the more centrist members of the FOMC like Waller and Williams, and in our view, would be enough to keep the Fed on hold in September.”
Technical Analysis: USD/INR recovers to near 20-day EMA
In the daily chart, USD/INR trades at 95.11. The pair has recovered strongly to near the 20-day exponential moving average (EMA) at 95.13, suggesting strong demand at lower levels.
The Relative Strength Index (14) recovers quickly into the 40.00-60.00 zone after staying below 40.00 for a few trading days, backing the view of strong buying interest at lower levels.
On the topside, initial resistance is located at the 20-day EMA around 95.13; a daily close above this level would be needed to ease immediate selling pressure and open the way for a more sustained rebound toward 95.50. Looking down, the June low at 94.15 will remain the key support area.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Indian economy FAQs
The Indian economy has averaged a growth rate of 6.13% between 2006 and 2023, which makes it one of the fastest growing in the world. India’s high growth has attracted a lot of foreign investment. This includes Foreign Direct Investment (FDI) into physical projects and Foreign Indirect Investment (FII) by foreign funds into Indian financial markets. The greater the level of investment, the higher the demand for the Rupee (INR). Fluctuations in Dollar-demand from Indian importers also impact INR.
India has to import a great deal of its Oil and gasoline so the price of Oil can have a direct impact on the Rupee. Oil is mostly traded in US Dollars (USD) on international markets so if the price of Oil rises, aggregate demand for USD increases and Indian importers have to sell more Rupees to meet that demand, which is depreciative for the Rupee.
Inflation has a complex effect on the Rupee. Ultimately it indicates an increase in money supply which reduces the Rupee’s overall value. Yet if it rises above the Reserve Bank of India’s (RBI) 4% target, the RBI will raise interest rates to bring it down by reducing credit. Higher interest rates, especially real rates (the difference between interest rates and inflation) strengthen the Rupee. They make India a more profitable place for international investors to park their money. A fall in inflation can be supportive of the Rupee. At the same time lower interest rates can have a depreciatory effect on the Rupee.
India has run a trade deficit for most of its recent history, indicating its imports outweigh its exports. Since the majority of international trade takes place in US Dollars, there are times – due to seasonal demand or order glut – where the high volume of imports leads to significant US Dollar- demand. During these periods the Rupee can weaken as it is heavily sold to meet the demand for Dollars. When markets experience increased volatility, the demand for US Dollars can also shoot up with a similarly negative effect on the Rupee.
- EUR/USD falls back to near 1.1625 as the US Dollar recovers.
- Investors keenly await the ECB’s policy meeting and the US CPI data for August.
- The ECB is expected to hike interest rates on Thursday.
The Euro (EUR) gives back its early gains and flattens at around 1.1625 against the US Dollar (USD) during the European trading session on Wednesday. The major currency pair falls back as the US Dollar recovers its early losses.
At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades flat around 98.82.
Financial markets expect the outlook of the US Dollar banks upon the United States (US) Consumer Price Index (CPI) data for August, which will be released on Friday.
US inflation seen contained even as headline picks up on energy
According to TD Securities, the upcoming August CPI report should show that underlying price pressures remain contained, with the bank expecting that "underlying inflation stayed under control, with core likely rising 0.19% m/m (2.3% y/y)." Strategists there highlight that "the services segment should be the main driver, while core goods prices likely acted as a drag by posting a modest m/m drop." In contrast, they anticipate that "headline CPI will likely be a stronger 0.37% m/m (3.4% y/y) due to rising energy prices and a slight pickup in food inflation."
The inflation data is expected to have a significant impact on the Federal Reserve’s (Fed) monetary policy outlook.
Currently, the CME FedWatch tool shows a 60% chance that the Fed will raise interest rates in the September policy meeting.
Meanwhile, the Euro is expected to trade broadly sideways ahead of the European Central Bank (ECB) monetary policy announcement on Thursday. According to market expectations, the ECB will hike policy rates by 25 basis points (bps), which underscores commentary on interest rate expectations as a key trigger for the Euro’s next move.
Strategists at Scotiabank said in a note that “focus this week centres on Thursday’s ECB, where policymakers are widely expected to deliver a 25bps hike while maintaining a relatively hawkish tone as they seek to lean against the risk of energy-led inflation and mitigate any potential for broadening inflationary pressures.”
EUR/USD Technical Analysis
In the daily chart, EUR/USD trades at 1.1626. The pair holds a modest bullish bias as spot remains above the 20-day Exponential Moving Average (EMA) at 1.1605.
The Relative Strength Index (RSI) at roughly 57 stays in neutral-positive territory, hinting that upside momentum is present but not overstretched after the recent push higher.
On the downside, immediate support is located at the 20-day EMA around 1.1605, where a daily close below would weaken the constructive tone and expose a deeper correction toward prior lows; below that, the psychological level of 1.1500 is the key support level. On the upside, the 1.1686-1.1710 range is the critical supply zone for the pair.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Economic Indicator
ECB Main Refinancing Operations Rate
One of the three key interest rates set by the European Central Bank (ECB), the main refinancing operations rate is the interest rate the ECB charges to banks for one-week long loans. It is announced by the European Central Bank at its eight scheduled annual meetings. If the ECB expects inflation to rise, it will increase its interest rates to bring it back down to its 2% target. This tends to be bullish for the Euro (EUR), since it attracts more foreign capital inflows. Likewise, if the ECB sees inflation falling it may cut the main refinancing operations rate to encourage banks to borrow and lend more, in the hope of driving economic growth. This tends to weaken the Euro as it reduces its attractiveness as a place for investors to park capital.
Read more.Next release: Thu Sep 10, 2026 12:15
Frequency: Irregular
Consensus: 2.65%
Previous: 2.4%
Source: European Central Bank
MUFG’s Lee Hardman notes that the Japanese Yen (JPY) has strengthened, driving USD/JPY back towards 153.00, as comments from US Treasury Secretary Scott Bessent reinforce expectations of policy changes in Japan. The bank highlights growing market conviction that the Bank of Japan will accelerate rate hikes this month, helping the Yen rebound without further joint FX intervention.
Yen gains on BoJ shift expectations
"The yen has continued to strengthen overnight resulting in USD/JPY falling back towards the 153.00-level."
"The stronger yen has been encouraged by bullish comments from US Treasury Secretary Scott Bessent overnight who stated that “I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do…and you can bet against me if you want”."
"He pushed back against his critics who have criticized the decision to intervene alongside Japan to support the yen by stating “whenever people say, ‘Oh, well, Treasury Secretary is taking a risk’, - well, it’s my dream, I have asymmetric information”."
"The comments will reinforce expectations that the Japan has agreed to change domestic policies to provide more support for the yen and back up support from joint intervention."
"It already appears increasingly likely the BoJ will speed up the pace of rate hikes this month which is helping the yen to rebound without the need for further intervention."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- The Australian Dollar remains under pressure against the Japanese Yen despite Chinese inflation data meeting or exceeding expectations.
- Expectations of a rate hike in Japan and US Treasury warnings against bearish JPY bets support the Japanese currency.
- Prospects of further monetary tightening in Australia nevertheless limit the Australian Dollar’s downside.
AUD/JPY declines 0.27% on Wednesday and trades around 110.80 at the time of writing. The Australian Dollar (AUD) fails to benefit sustainably from encouraging inflation data from China, Australia’s largest trading partner, while the Japanese Yen (JPY) draws support from growing expectations of monetary tightening in Japan.
China’s National Bureau of Statistics reported that the Consumer Price Index (CPI) rose 0.8% YoY in August, in line with market expectations and accelerating from a 0.5% increase in July. On a monthly basis, CPI inflation increased 0.4%, compared with a 0.1% decline previously and above the expected 0.3% rise.
Producer price pressures also strengthened. China’s Producer Price Index (PPI) increased 3.8% YoY in August, following a 3.5% rise in July and exceeding market expectations of 3.7%. The figures help ease some concerns over weak Chinese domestic demand but fail to trigger a meaningful recovery in the Australian Dollar.
The weakness in AUD/JPY primarily reflects the strength of the Japanese Yen. United States (US) Treasury Secretary Scott Bessent warned investors against betting against the Japanese currency, saying that he has a “pretty good insight” into the Bank of Japan’s (BoJ) upcoming decisions and currency interventions.
Monetary policy expectations also support the JPY. Markets increasingly expect the BoJ to raise interest rates at its upcoming meeting, while Prime Minister Sanae Takaichi’s administration adopts a firmer stance against excessive weakness in the Japanese currency.
BoJ hike speculation revives echoes of past US-Japan policy tensions
Analysts at Rabobank highlight that “in markets, there is some speculation the BoJ might even think about a 50bps hike.” They stress that such a move “would be the first such move since 1989, when it was still in a bubble,” drawing a deliberate parallel with an earlier era “before the first Cold War had fully ended and [when] the US used national security arguments vs. its allies to achieve the likes of the Plaza Accord.”
Rabobank also underscores the increasingly overt US role in Japanese policy, pointing to comments from US Treasury Secretary Bessent, who stated: “I am the house now, so when we intervene with the Japanese Yen, I have a pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policy makers are going to do. And you can bet against me if you want.” For Rabobank, such remarks underline that “if you are still talking about the independence of central banks, you are behind the curve; the world is now about the functional independence of countries within which central banks sit.”
On the Australian side, the monetary policy outlook nevertheless remains supportive of the Australian Dollar. Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser called on Tuesday for further action to contain inflation, fueling speculation about additional interest rate hikes.
RBA hawkish turn aligns with US policy preferences
Rabobank notes that the Reserve Bank of Australia has “just saw Hauser give a hawkish speech,” a shift that “has markets thinking of hikes this month and in November.” The bank adds that this prospective tightening is “very much what the US Treasury would like to see – plus a lot more action on non-housing parts of the economy,” underscoring how a more restrictive RBA stance is increasingly aligned with US policy preferences.
AUD/JPY therefore remains caught between expectations of higher interest rates in Australia and a more favorable near-term backdrop for the Japanese Yen as investors prepare for the Bank of Japan’s upcoming monetary policy decision.
Australian Dollar Price Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.06% | -0.03% | -0.34% | -0.04% | -0.04% | 0.16% | 0.06% | |
| EUR | 0.06% | 0.04% | -0.30% | 0.00% | 0.00% | 0.22% | 0.12% | |
| GBP | 0.03% | -0.04% | -0.31% | -0.02% | -0.01% | 0.20% | 0.10% | |
| JPY | 0.34% | 0.30% | 0.31% | 0.30% | 0.30% | 0.48% | 0.41% | |
| CAD | 0.04% | 0.00% | 0.02% | -0.30% | -0.00% | 0.20% | 0.11% | |
| AUD | 0.04% | -0.01% | 0.00% | -0.30% | 0.00% | 0.21% | 0.12% | |
| NZD | -0.16% | -0.22% | -0.20% | -0.48% | -0.20% | -0.21% | -0.09% | |
| CHF | -0.06% | -0.12% | -0.10% | -0.41% | -0.11% | -0.12% | 0.09% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
- XAU/USD returns to the $4,400 level after bouncing from $4,345 lows.
- Gold is drawing support from a weaker US Dollar but maintains the broader bearish trend intact.
- A break below the $4,300-$4,280 area activates a bearish H&S formation.
Gold (XAU/USD) trims losses on Wednesday, with price action returning to the $4,400 area during the European morning session, after bouncing from $4,345 lows on Tuesday. The precious metal is drawing support from broad-based US Dollar (USD) weakness, although the broader trend remains bearish, after losing more than $100 in the previous three trading days.
The Greenback is on its back foot on Wednesday, with investors awaiting Friday's US Consumer Inflation figures to confirm expectations that the Federal Reserve will hike interest rates next week.
Strategists at Brown Brothers Harriman argue that “a hot CPI print would all but seal a September hike and underpin a firmer USD,” whereas “a cooler reading would strengthen the case for a hold and leave USD vulnerable to a dovish Fed repricing.” BBH experts, however, warn that “even if a September Fed hike becomes a done deal, we doubt USD will make new cyclical highs,” noting that tightening by other major central banks “limits policy divergence, with the ECB widely expected to deliver a 25bps hike tomorrow.”
Technical Analysis: A bearish H&S pattern looms
XAU/USD has trimmed losses, returning to $4,400, yet with price action contained within Tuesday's range, and with the broader bearish structure intact. The precious metal remains capped below the 200-day Simple Moving Average (SMA), with last week's knee-jerk reaction looking like the second shoulder of a bearish Head & Shoulders (H&S) formation.
Momentum indicators in the daily chart are neutral-to-bearish, with the Relative Strength Index (RSI) flat around 50 and the Moving Average Convergence Divergence (MACD) in negative territory, suggesting that rebounds are vulnerable.
Tuesday's low in the mid-$4,300s is holding bears for now and closing the path to the H&S neckline between $4,311 and $4,282, the August 14 and September 2 lows, respectively. A confirmation below those levels brings the August 6 low, at $4,223, into focus. Upside attempts above $4,400, on the contrary, are likely to meet resistance at Tuesday's high of $4,443, ahead of last week's highs around $4,500 and the 200-day SMA at $4,537.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Societe Generale’s Kenneth Broux and colleagues expect the NBP to keep rates unchanged at 3.75%, with Governor Glapiński emphasising flexibility and data dependence. Given worsening inflation and the removal of a near‑term cut, they see policy as supportive for the Zloty and expect EUR/PLN to remain biased towards the 4.30 area over the coming quarters.
NBP stance underpins Zloty versus Euro
"In CEE, the NBP is widely expected to leave the policy rate unchanged at 3.75% today, taking dovish rhetoric of Governor Glapiński's in its stride."
"Since the remarks in July, the inflation backdrop has worsened with headline CPI accelerating to 3.4% yoy, driven largely by higher fuel prices linked to Middle East tensions. That shift has effectively taken a September rate cut off the table."
"Glapiński reminded investors last week that policy should remain flexible and data dependent. MPC member Duda has already indicated rates could remain unchanged through end-2026."
"Our house view is for status quo until at least 2Q27. Against this backdrop, the policy outlook remains supportive for the currency and should help to keep EUR/PLN biased towards the 4.30 handle."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $66.58 per troy ounce, up 1.23% from the $65.76 it cost on Tuesday.
Silver prices have decreased by 6.34% since the beginning of the year.
Unit measure | Silver Price Today in USD |
|---|---|
Troy Ounce | 66.58 |
1 Gram | 2.14 |
The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 66.08 on Wednesday, down from 66.23 on Tuesday.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
(An automation tool was used in creating this post.)
- USD/CAD may find its initial support around the descending channel bottom at 1.3640.
- The 14-day Relative Strength Index is near 38, without signaling oversold conditions.
- The primary barrier lies at the nine-day EMA of 1.3819.
USD/CAD extends its losses for the third consecutive day, trading around 1.3780 during the European hours on Wednesday. The technical analysis of the daily chart indicates the pair is falling within the descending channel pattern, signalling a persistent bearish bias.
USD/CAD is holding a bearish near-term bias as spot remains under both the nine-day and 50-day Exponential Moving Averages (EMAs). The short-term EMA below the longer one and price trading beneath both hint at a capped corrective tone, while the 14-day Relative Strength Index (RSI) near 38 stays in negative territory without yet signaling oversold conditions.
The USD/CAD pair may fall toward the descending channel bottom at 1.3600, followed by 1.3481, the lowest since October 2024.
On the upside, the primary barrier lies at the nine-day EMA of 1.3819, followed by the descending channel top near the 50-day EMA of 1.3918. A break above this confluence resistance zone would strengthen the bullish bias and support the pair to explore the region around the nearly 17-month high of 1.4248, which was recorded on June 24, 2026.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.04% | -0.31% | -0.04% | -0.03% | 0.14% | 0.01% | |
| EUR | 0.08% | 0.05% | -0.23% | 0.03% | 0.03% | 0.23% | 0.10% | |
| GBP | 0.04% | -0.05% | -0.27% | -0.00% | 0.00% | 0.18% | 0.06% | |
| JPY | 0.31% | 0.23% | 0.27% | 0.26% | 0.27% | 0.42% | 0.32% | |
| CAD | 0.04% | -0.03% | 0.00% | -0.26% | 0.00% | 0.19% | 0.04% | |
| AUD | 0.03% | -0.03% | -0.00% | -0.27% | -0.00% | 0.19% | 0.09% | |
| NZD | -0.14% | -0.23% | -0.18% | -0.42% | -0.19% | -0.19% | -0.12% | |
| CHF | -0.01% | -0.10% | -0.06% | -0.32% | -0.04% | -0.09% | 0.12% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
ING’s commodities team notes Copper has surged to fresh records on the LME, with three‑month futures nearing $14,800/t, as traders position for potential US tariffs on refined Copper imports. They argue policy expectations have tightened availability outside the US and squeezed shorts, warning that prices could correct sharply if proposed tariffs are delayed, softened or rejected while demand remains subdued.
Policy risk keeps copper elevated
"Copper rose to another record on the LME yesterday, with three-month futures nearing $14,800/t. The rally continues to be driven by expectations of US tariffs on refined copper imports."
"Tariff positioning has pulled large volumes of metal into the US, with COMEX inventories rising to record levels. Meanwhile, less metal is available outside the US, tightening the London market and putting pressure on short positions."
"The market is waiting for President Trump’s decision on refined copper tariffs. The proposal is for a 15% duty from January 2027, rising to 30% in 2028. If approved, tariffs would keep drawing metal into the US."
"Another exemption or delay could unwind the trade and ease tightness elsewhere."
"We expect copper prices to remain elevated while tariff uncertainty persists. The rally looks increasingly policy-driven. Prices could correct sharply if tariffs are delayed or ruled out, particularly as demand remains subdued."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Nomura strategists expect Sweden’s central bank, the Riksbank to keep its policy rate on hold for the rest of 2026 and deliver only one 25 bp hike to 2.00% in early 2027. They argue Sweden’s softer inflation, below-trend Gross Domestic Product (GDP) and lower neutral rate justify a path below the European Central Bank (ECB), despite a historically higher Swedish policy rate.
Swedish rates seen lagging Euro area
"We expect the Riksbank to leave its policy rate on hold for the rest of the year and raise it once to 2.00% in early 2027, as inflation picks up towards target and accelerating GDP growth creates price pressures."
"However, we do not expect the Riksbank to match the ECB’s rate rises this year. Therefore, a key question is: given the tight relationship between the two policy rates, are our forecasts for the two economies consistent?"
"So why do we project the Riksbank’s policy rate to be below the ECB’s across our forecast horizon if in the past it was higher? The key reasons include: The Riksbank’s neutral rate estimate for Sweden has fallen in recent years, but it has not moved by as much in the euro area using the ECB’s own estimate.”"
"However, Sweden also faced weaker economic growth than the euro area in 2023, as the Riksbank rapidly raised rates, perhaps suggesting monetary policy had a more immediate impact on aggregate demand. This rapid impact on household cash flow from raising the policy rate may make the Riksbank more hesitant to raise rates in response to the current inflationary pressures, if it has concerns about a weak economic backdrop (despite a strong Q2 2026, the recent economic recovery has been shaky and the unemployment rate is high). "
"For the Riksbank, Norges Bank and ECB, we chart developments in neutral policy rate estimates over time, using ranges suggested by the central banks’ research. The generally higher neutral rate estimates for the Riksbank and Norges Bank, relative to the ECB's, help explain why these Scandinavian central banks typically have seen higher rates."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Forex Market News
Our dedicated focus on forex news and insights empowers you to capitalise on investment opportunities in the dynamic FX market. The forex landscape is ever-evolving, characterised by continuous exchange rate fluctuations shaped by vast influential factors. From economic data releases to geopolitical developments, these events can sway market sentiment and drive substantial movements in currency valuations.
At Rakuten Securities Hong Kong, we prioritise delivering timely and accurate forex news updates sourced from reputable platforms like FXStreet. This ensures you stay informed about crucial market developments, enabling informed decision-making and proactive strategy adjustments. Whether you’re monitoring forex forecasts, analysing trading perspectives, or seeking to capitalise on emerging trends, our comprehensive approach equips you with the insights needed to navigate the FX market effectively.
Stay ahead with our comprehensive forex news coverage, designed to keep you informed and prepared to seize profitable opportunities in the dynamic world of forex trading.
