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Austria Producer Price Index (MoM): 0.1% (May) vs -0.1%
398965 June 28, 2024 15:02 FXStreet Market News
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Turkey Trade Balance in line with forecasts (-6.5B) in May
398964 June 28, 2024 15:02 FXStreet Market News
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USD/INR recovers losses as US Dollar improves due to higher yields
398962 June 28, 2024 14:56 FXStreet Market News
- The Indian Rupee may limit its downside due to foreign inflows on bonds joining J.P. MorganÂ’s Emerging Market Bond Index.
- Indian equity markets appreciate due to the return of foreign institutional investors and growing purchases in index heavyweights.
- US Core PCE to be released on Friday; expected to decrease YoY to 2.6% from the previous 2.8%.
The Indian Rupee (INR) offers its daily gains on Friday as the upside in the US Dollar (USD) underpins the USD/INR pair. However, the INR may limit its downside on expectations of foreign inflows as Indian bonds join the JP Morgan Emerging Market (EM) Bond Index on Friday.
Foreign investors have already invested approximately $10 billion into the securities eligible to join JPMorganÂ’s index, according to Business Standard. Meanwhile, Goldman Sachs anticipates at least $30 billion more in inflows in the coming months as IndiaÂ’s weighting on the index steadily rises to 10%.
Indian Rupee traders would likely observe key economic data on Friday, including the Federal Fiscal Deficit for May and FX Reserves for the week ending June 17.
On the US DollarÂ’s (USD) front, Core PCE Price Index inflation is projected to decrease YoY to 2.6% from the previous 2.8%. This data is seen as the Federal Reserve’s (Fed) preferred inflation gauge.
Daily Digest Market Movers: Indian Rupee offers gains due to risk aversion
- Indian equity markets extend gains due to the return of foreign institutional investors and growing purchases in index heavyweights. Traders maintain an upside momentum for the Indian equity markets, buoyed by optimism about the upcoming union budget for 2024-2025 and solid domestic economic data. The Reserve Bank of India (RBI) expects the economy to grow by 7.2% in FY 2025, further lifting market sentiment.
- Federal Reserve (Fed) Board of Governors member Michelle Bowman noted on Thursday that she is still not ready to support a central bank rate cut with inflation pressures still elevated. Bowman said, adding “We are still not yet at the point where it is appropriate to lower the policy rate, and I continue to see a number of upside risks to inflation,” per Reuters.
- US Gross Domestic Product Annualized expanded by 1.4% in Q1, slightly higher than the previous reading of 1.3%, but continuing to point to the lowest growth since the contractions in the first half of 2022.
- US Initial Jobless Claims showed on Thursday that the number of people claiming unemployment benefits fell to 233,000 in the week ending June 21, below market expectations of 236,000. The claim count fell for a second consecutive week since hitting the 10-month high of 243,000 earlier in June.
- The first US presidential debate between President Joe Biden and Republican Presidential Nominee Donald Trump began on CNN News. Biden acknowledged that “inflation had driven prices substantially higher than at the start of his term but said he deserves credit for putting ‘things back together again’ following the coronavirus pandemic.” In response, Trump condemned elevated inflation levels. He suggested that tariffs would decrease deficits and urged scrutiny of countries like China, per Reuters.
- The S&P Global Ratings retained its growth forecast for India at 6.8% for FY25, citing high interest rates and government spending boosting demand in the non-agricultural sectors.
- On Tuesday, RBI Governor Shaktikanta Das said that India is on the verge of a major structural shift in its growth trajectory, moving towards sustained 8% GDP growth. Das attributes this growth to several key drivers, including structural reforms such as the Goods and Services Tax (GST), reported by The Economic Times.
Technical analysis: USD/INR falls below 83.50
The USD/INR trades around 83.40 on Friday. The analysis of the daily chart shows a broadening pattern, suggesting a potential correction before a downward movement. The 14-day Relative Strength Index (RSI) is below the 50 level, indicating a bearish bias.
The USD/INR pair tests the immediate support at the 50-day Exponential Moving Average (EMA) of 83.40. A break below this level could potentially strengthen the bearish bias, which could lead the pair toward the lower boundary of the broadening pattern, around the 83.30 level.
Resistance on the upside is anticipated near the upper boundary of the broadening formation, around 83.70, followed by the psychological level of 84.00.
USD/INR: Daily Chart
US Dollar PRICE Today
The table below shows the percentage change of the US Dollar (USD) against listed major currencies today. The US Dollar was the strongest against the New Zealand Dollar.
| Â | USD | EUR | GBP | JPY | CAD | AUD | NZD | INR |
|---|---|---|---|---|---|---|---|---|
| USD | Â | 0.10% | 0.02% | 0.10% | 0.12% | 0.24% | 0.28% | -0.02% |
| EUR | -0.10% | Â | -0.08% | 0.00% | 0.03% | 0.14% | 0.18% | -0.10% |
| GBP | -0.02% | 0.08% | Â | 0.06% | 0.07% | 0.21% | 0.26% | -0.04% |
| JPY | -0.10% | 0.00% | -0.06% | Â | -0.00% | 0.13% | 0.16% | -0.09% |
| CAD | -0.12% | -0.03% | -0.07% | 0.00% | Â | 0.11% | 0.16% | -0.12% |
| AUD | -0.24% | -0.14% | -0.21% | -0.13% | -0.11% | Â | 0.04% | -0.24% |
| NZD | -0.28% | -0.18% | -0.26% | -0.16% | -0.16% | -0.04% | Â | -0.30% |
| INR | 0.02% | 0.10% | 0.04% | 0.09% | 0.12% | 0.24% | 0.30% | Â |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Economic Indicator
FX Reserves, USD
The FX Reserves released by the Reserve Bank of India presents changes in the value of official reserve assets reflecting purchases and sales (including swaps) of foreign exchange by the Central Bank, earnings on foreign securities, and transactions with official institutions overseas. A high reading is is seen as positive (or bullish) for the Rupee, while a low reading is seen as negative (or Bearish).
Next release: Fri Jun 28, 2024 11:30
Frequency: Weekly
Consensus: –
Previous: $652.9B
Source: Reserve Bank of India
France Consumer Spending (MoM) came in at 1.5%, above forecasts (0.1%) in May
398961 June 28, 2024 14:51 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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France Consumer Price Index (EU norm) (MoM) meets forecasts (0.1%) in June
398959 June 28, 2024 14:49 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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France Consumer Price Index (EU norm) (YoY) in line with forecasts (2.5%) in June
398958 June 28, 2024 14:49 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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Latest poll sees Le Pen’s faction winning 37% of votes in first round of French election
398957 June 28, 2024 14:46 Forexlive Latest News Market News
Compared to the last publication of the poll, National Rally is now seen winning as much as 37% of the popular vote. That is up 2% from previously. Meanwhile, Macron’s Together ensemble is seen garnering just 20% of the vote – down 2% from previously.
As an aside, just be wary that this does not in any means predict how the seat projections will play out. And as a reminder to that, there will be two rounds of voting as such. The first one will be this weekend on 30 June and the second one on 7 July. The final outcome will only be known after the latter.
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France Producer Prices (MoM) up to -1.4% in May from previous -2.8%
398956 June 28, 2024 14:45 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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Live Coverage: Any change in Core PCE set to shake Gold, US Dollar, stocks
398955 June 28, 2024 14:35 FXStreet Market News
Core PCE provides the best estimate of inflation, which is the focus of the Fed. It is released on the month’s last trading day,  promising additional action. Live coverage
FXStreet Premium allows subscribers to participate in the coverage and ask analysts questions live.
Why Core PCE shakes markets
The core Personal Consumption Expenditures Price Index (core PCE) is the preferred gauge of inflation for the Federal Reserve (Fed) – the world’s most powerful central bank. It excludes volatile energy and food prices, which are set on global markets and have a limited impact by interest rates.Â
After rising by only 0.2% in April, a smaller increase of 0.1% in May is expected. That yearly figure is set to rise by only 2.6%, also down from 2.8%, and closer to the Fed’s target of 2% YoY.
In case of aoft data, stocks and Gold would benefit, while the US Dollar would fall. A surprising increase in inflation would weigh on the precious metal and equities, while buoying the Greenback.
Live financial market coverage
FXStreet covers major economic releases in a live blog format, to provide readers an instant verdict of the data, rapid analysis of key assets, and, for Premium members, the ability to ask our experts questions in real time.Â
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Ex-Dividend 01/07/2024
398954 June 28, 2024 14:34 ICMarkets Market News
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The post Ex-Dividend 01/07/2024 first appeared on IC Markets | Official Blog.
Dogecoin price poised for 13% rally after finding support on a key level
398950 June 28, 2024 14:33 FXStreet Market News
- Dogecoin price finds support around $0.118, the 200-week EMA.
- On-chain data shows DOGEÂ’s development activity is increasing, signaling positive sentiment among investors.
- A weekly candlestick close below $0.118 would invalidate the bullish thesis.
Dogecoin (DOGE) price has stabilized around $0.118, aligning with the 200-week Exponential Moving Average (EMA), while on-chain data reveals a rising trend in DOGE’s development activity, reflecting optimistic sentiment among investors. With these indicators in place, DOGE appears poised for a bullish upswing in the coming days.
Dogecoin shows potential for a move-up
Dogecoin price found support at the 200-week EMA around the $0.118 level and, at the time of writing, trades at $0.125 on Friday.
The 200-week EMA roughly coincides with the weekly support level of $0.118, considered a key support level.
If this support level holds, DOGE could rally 13% to retest its resistance level at $0.142, the 50% price retracement level between $0.055 to $0.228 from August 14 2023, to March 25 2024, respectively.
The Relative Strength Index (RSI) on the weekly chart has briefly slipped below the 50 neutral level, while the Awesome Oscillator (AO) is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective neutrality levels. Such a development would add a tailwind to the recovery rally.
If DOGE closes above $0.142, it could extend an additional 20% rally to retest its next weekly resistance level at $0.171.Â
DOGE/USDT weekly chart
Based on IntoTheBlock’s Global In/Out of the Money (GIOM), nearly 194,960 addresses accumulated 42.19 billion DOGE tokens at an average price of $0.107. These addresses bought the dog-based meme token between $0.098 and $0.121, which makes it a key support zone. These investors will likely add more to their holdings if the price retraces.
Interestingly, the $0.098 to $0.121 zone mentioned from a technical analysis perspective coincides with the GIOM findings, making this zone a key reversal area to watch.
DOGE GIOM chart
Also, SantimentÂ’s Development Activity metric monitors the frequency of development events documented in the public GitHub repository over a period of time. An increase in this metric typically indicates ongoing efforts to maintain, innovate, and enhance the protocol, which is generally viewed positively by investors and stakeholders. Conversely, a decrease in this metric could lead to concerns regarding the project’s sustainability, ability to innovate, and interaction with the community in the coming times.
As in DOGEÂ’s case, the index rose 17% on Thursday and has constantly increased since the start of June. The rise in DOGEÂ’s developing activity adds further credence to the bullish outlook.
DOGE Development Activity
Even though the on-chain metric and technical analysis point to a bullish outlook, if DOGEÂ’s weekly candlestick closes below $0.118, the weekly support level, this move would invalidate the bullish thesis by producing a lower low on a weekly timeframe. This development could see DogecoinÂ’s price fall 14% to the next weekly support level of $0.101.
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