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Forex Market News Update-25 February 2016

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The Indian Rupee appreciated marginally by 0.01 percent in yesterday’s trading session. Rupee ended flat as investors remained cautious ahead of budget session of parliament. Investors fear that government may increase the fiscal target in the budget. Rise in risk aversion in the global markets, strong dollar and month end dollar demand from importers added downside pressure. As per provisional data from NSE FII’s net sold local shares worth Rs 7.30 billion on Wednesday. Benchmark stock index 50 share Nifty Index decreased by 1.28 percent to 7018.7. Sell off in the markets were seen as investors remained worried over global economic slowdown and volatility in crude oil prices after the statement from Iran and Saudi Arabia.

Euro depreciated by 0.03 percent in yesterday’s trading session on the back of strong dollar and soft economic data from Euro Zone. Further, investors worry that Britain exit from EU may cause uncertainty for the Euro Zone economy and volatility in the markets. Dovish statements from ECB officials weigh on Euro. Bundesbank President Weidmann signaled that more stimulus is required. Divergence in monetary policy added downside pressure. Weak economic data from Europe fueled the expectation of more monetary easing by European Central Bank in its upcoming meet. US Federal Reserve is the only major central bank to raise interest rates, whereas others are easing policies. In intraday Euro touched a low of 1.0956 and closed at 1.1015 against Dollar.

Pound depreciated by 0.63 percent in yesterday’s trading session as IMF head Christine Lagarde warned that UK strong economic performance is at risk on looming referendum on Brexit. Bank of England Gov Mark Carney said bank would not hesitate to lower interest rates if economy requires it. Further, worries over UK possible exit from European Union added downside pressure. London Mayor Boris Johnson announced his decision to back the "out" campaign on the Brexit. In intraday Pound touched a low of 1.3876 and closed at 1.3933 against Dollar.

Japanese Yen depreciated marginally by 0.05 percent in yesterday’s trading session on the back of strong dollar and divergence in monetary policy. However, sharp fall was prevented as the demand for safe haven increased on rise in risk aversion in the global markets. Market participants turned risk averse amid worries over global economic health and volatility in crude oil prices. Crude oil prices fell after the statement from Iran and Saudi Arabia. In intraday Yen touched a high of 111.03 and closed at 112.0870 against Dollar.

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Pooja Pariya

Pooja Pariya

1 comment:

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