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The Rupee opened strong as it is expected to find support from the Chinese yuan at Wednesday's open while market participants remain vigilant for any news related to the India-Pakistan border, where tensions continue to simmer. It was a choppy session for the rupee on Tuesday, with traders highly sensitive to any news related to India-Pakistan developments. The Indian currency hit a year-to-date high during the day, before reversing course. Pakistan's information minister, Attaullah Tarar, said on Wednesday that the country has credible intelligence that India intends to launch a military strike within the next 24 to 36 hours. This comes a day after the country's defence minister said a military incursion by India was imminent. Meanwhile, most Asian currencies were firmer on Wednesday, with the offshore Chinese yuan trading at 7.2720 to the U.S. dollar. The dollar index (=USD) was little changed, remaining on track for its worst monthly performance in two and a half years, weighed down largely by concerns over President Donald Trump’s trade policy. U.S. data offered little support to the dollar. The Conference Board's U.S. consumer confidence index sank to a half-decade low in April, while job openings dropped in March. he U.S. dollar was steady on Wednesday but poised for its weakest monthly performance since November 2022 as erratic U.S. trade policies under President Donald Trump left the greenback vulnerable while boosting the euro, yen and Swiss franc. The White House has retreated several times on the sweeping tariffs Trump unveiled in early April that led to a global stock market meltdown and prompted investors to flee the normally safe-haven U.S. dollar and Treasury debt. The euro was steady at $1.1387 after dropping 0.33% in the previous session. Still, the common currency has benefited from investors fleeing U.S. assets and is up 5.26% in April, set for best monthly performance since November 2022. The Swiss franc last bought 0.8235 per dollar and was on course for a rise of more than 7% for the month, its strongest performance in a decade. The yen was steady at 142.32 per dollar ahead of the Bank of Japan's policy decision on Thursday where the central bank is expected to keep interest rates unchanged. The yen has risen over 5% against the dollar in April, its strongest monthly performance since last July. Investors though remain worried about the tariff impact after data on Tuesday showed a gradually declining U.S. economy. Job openings dropped sharply in March, but a drop in layoffs suggested the labour market remained on solid footing. In other currencies, the Australian dollar was little changed at $0.63835, set for an over 2% rise in the month. The New Zealand dollar last bought $0.59295 and was up 4.4% in the month. Sterling last fetched $1.3403, on course for 3.8% rise in April, its strongest monthly performance since November 2023. The dollar index , which measures the U.S. currency against six other units, was last at 99.219, not far from the three year low it touched last week. The index is down 4.76% this month, its weakest performance since November 2022. Oil prices edged lower in early Asian trading on Wednesday as President Donald Trump's erratic tariff policies raised concerns about weakening global economic growth and fuel demand. Brent crude futures fell by 17 cents, or 0.26%, to $64.08 per barrel by 0015 GMT. U.S. West Texas Intermediate crude futures dropped 12 cents, or 0.2%, to $60.3 a barrel. Both benchmarks posted their lowest settlement prices since April 10 in the previous session.......
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GlobalFX

The US dollar weakened sharply against other major currencies after data showed that the US economy suffered a record contraction in Apr-Jun, while jobless claims rose in the week ended Saturday also rose.The US unit also extended its decline globally on Thursday after Trump raised the possibility of delaying presidential election in the US, scheduled for November.European Stocks ended lower on Thursday due to mounting concern over sluggish economic recovery and a possible second wave of the COVID-19 pandemic.Germany reported its worst decline in GDP since 1970, with the Eurozone’s largest economy shrinking 10.1% quarter-on-quarter in Apr-Jun.Corporate earnings were high on investors' agenda on Thursday.In the US, Most share indices ended lower on Wednesday following bleak economic data.Lack of progress in talks between Congressional Democrats, Republicans and the White House on a new coronavirus aid package also weighed on sentiment.Gold futures settled lower on Thursday after nine consecutive days of gains, with the bullion retreating from a record rally as traders booked some profit.......
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