The Indian Rupee has gained some ground against the US Dollar after threatening to fall to a record low yesterday.
- The Indian Rupee was close yesterday to trading at a new record low against the US Dollar, after making a record low close last Friday. However, short traders in USD/INR managed to push the price lower yesterday, giving the Rupee a much-needed break. The Rupee remains in danger of falling to a new low, but this looks less likely today.
- In the Forex market, after a day of little price movement, the US Dollar continues to trade just below what looks like a strong zone of resistance beginning at 103.92. This suggests the Dollar is most likely to move lower over the short term. Since today’s Tokyo open, the Australian Dollar has been the weakest major currency in the Forex market, while the Japanese Yen has been the strongest. The EUR/USD currency pair looks likely to rise on US Dollar weakness so might be a good currency pair to watch today.
- Vice President Kamala Harris has emerged as the strong favourite to win the Democratic Party’s nomination for President following President Biden’s withdrawal from the race. President Biden and the Clintons have endorsed her candidacy, but former President Obama pointedly has not. Betting markets suggest Harris has only a 38% chance of beating President Trump in November’s general election.
- Asian stock markets have traded a bit lower today, with the Chinese HSI closing lower on the day, while the Japanese Nikkei 225 Index looks likely to close down. Major US equity indices traded firmly higher yesterday.
- There are no high-impact data releases scheduled today, so it may be a relatively quiet day in the market.
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