DBS Group Research economist Radhika Rao discusses India’s response to persistent Middle East tensions and high energy prices, focusing on the Rupee and local markets.
Silver (XAG/USD) recovery has stalled below the $75.00 resistance area on Wednesday, yet the immediate upside bias remains intact after three consecutive trading days of gains.
Deutsche Bank analysts highlight a powerful rebound in US equities, with the S&P 500 posting its best daily gain since May last year as Iran-related headlines boosted risk sentiment.
The GBP/USD pair is seen building on the overnight bounce from the 1.3160 area, or its lowest level in over four months, and gaining positive traction for the second consecutive day.
Danske Research Team notes that EUR/USD has rebounded above 1.15 as risk sentiment improves with hopes of a US-Iran de-escalation. They highlight that lower global yields and sharply lower energy prices have supported the Euro against the Dollar.
Sweden Manufacturing PMI climbed from previous 56.1 to 56.3 in March
The USD/CHF pair is down 0.35% to near 0.7960 during the early European trading session on Wednesday. The Swiss Franc pair faces selling pressure as the US Dollar (USD) declines further due to intensifying expectations of a ceasefire in the Middle East.
Switzerland Real Retail Sales (YoY) meets forecasts (0.9%) in February
The US Dollar (USD) is trading moderately lower on Wednesday, with the Canadian Dollar a tad firmer amid a cautious appetite for risk, following comments by US President Donald Trump, suggesting a quick end to the Iran war.
West Texas Intermediate (WTI), futures on NYMEX, is down 0.8% to near $96.60 in the early European trade on Wednesday. The oil price extends its correction from the three-week high of 103.33 posted on Tuesday on hopes of a ceasefire in the Middle East war.
Commerzbank’s Volkmar Baur argues that fears over an end to the petrodollar do not automatically imply a loss of the US Dollar’s reserve status.
Russia S&P Global Manufacturing PMI: 48.3 (March) vs previous 49.5
