During the one-month period, the rupee lost a marginal 0. In Asian trade, the dollar held broad gains as investors adjusted some of their bullish expectations about a Covid vaccine, tempering a recent rally in risk assets but keeping enough confidence to support the greenback against other safe-havens, Reuters reported.
At the interbank foreign exchange market, the local currency opened on a weak note at Stable foreign exchange reserves and a return to current-account surplus for the first time in five years, thanks to record remittances, have helped shore up the currency. The dollar fell in Asian trade as optimism about a potential coronavirus vaccine was offset by worries about how the drug will be delivered and by a surge of new infections in the United States, Reuters reported.
The New Zealand dollar recovered from an early dip to hit its strongest level in more than a year after the Reserve Bank of New Zealand kept rates on hold as expected and the central bank governor made optimistic comments about the economy. After strengthening in the past few sessions, the Indian unit came under pressure in the previous session on the back of short covering moves even as the domestic equities surged to record high levels.
The yen edged higher to It fetched At the interbank foreign exchange forex , the domestic currency opened sharply higher at Investors believed that a Biden presidency could mean less uncertainty in foreign and trade policy towards China and expected that he was unlikely to re-open the trade war, which has weighed on the Chinese yuan over the last two years.
Scandinavian currencies and the Australian dollar - all very sensitive to international trade developments and investors' risk appetite - were stronger. Motilal Oswal analysts said on the domestic front, the focus will now be on the inflation and industrial production number that will be released later during the week and price rise could keep the rupee gains in check.
The broad dollar weakness had the yen a touch firmer against the U. At the interbank forex market, the domestic unit opened at It finally closed at For today, MOSL expects the rupee to trade with a negative bias and quote in the range of Expectations that a Biden win will take a slightly softer tone on trade policy is likely to weaken the dollar against the currencies of countries that often faced the threat of tariffs during Trump's administration, analysts said.
At the interbank forex market, the rupee opened at It finally settled at During the session, the local unit witnessed an intra-day high of The rupee consolidated in a narrow range for the second successive session on Tuesday ahead of the important US Presidential election results. Nifty 13, Bosch 12, Market Watch. ET NOW. Brand Solutions.
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The RBA made its move this morning to support employment and inflation. There is also a willingness to deliver more if required…. The RBA is in action early on, though the U. S Presidential Election will be the main event. Another surprise victory?
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Geopolitical developments, peace or conflict situations, financial and economic data releases like macroeconomic figures , and natural disasters all can have a significant impact on forex markets. Here are the top U. See below for examples. Recognizing the important of social media in shaping news events, FxStreet offers a forex Tweets section , where important news and recommendations are available for timely updates.
Other good forex news sites worth mentioning include:. Forex News Aggregators :. The Bottom Line. These allow users to subscribe to their news feed for quick and timely access to market developments. Along with free and paid online sources, traders can also explore dedicated programs and applications offered by vendors like Bloomberg for getting access to news and alerts.
Investing Essentials. Tools for Fundamental Analysis. Automated Investing. Your Money. Personal Finance. The table above illustrates shows—with two horizontal lines forming a trading channel —the indecision and uncertainty leading up to October non-farm payroll numbers , which were released in early November. Note the increase in volatility that occurred once the numbers were released. We mentioned earlier that trading news is harder than you might think.
The primary reason is volatility. You can be making the right move but the market may simply not have the momentum to sustain the move. This chart shows activity after the same release as the one shown in Figure 2 but on a different time frame to show how difficult trading news releases can be.
On Nov. The disappointment led to an approximately pip sell-off in the dollar against the euro in the first 25 minutes after the release. One thing you should keep in mind is that, on the back of a good number, a strong move should also see a strong extension. One potential answer to capturing a breakout in volatility without having to face the risk of a reversal is to trade exotic options.
Exotic options generally have barrier levels and will be profitable or unprofitable based on whether the barrier level is breached. The payout is predetermined and the premium or price of the option is based on the payout. The following are the most popular types of exotic options to use to trade news releases:. A double one-touch option has two barrier levels. Either one of the levels must be breached prior to expiration in order for the option to become profitable and for the buyer to receive the payout.
If neither barrier level is breached prior to expiration, the option expires worthless. A double one-touch option is the perfect option to trade for news releases because it is a pure non-directional breakout play. As long as the barrier level is breached—even if the price reverses course later—the payout is made.
A one-touch option only has one barrier level, which generally makes it slightly less expensive than a double one-touch option. The same criterion holds—the payout is only made if the barrier is breached prior to expiration. This is a good option to buy if you actually have a view on whether the number will be stronger or weaker than the market's consensus forecast.
Options on currencies are a viable alternative for those who do not care to get whipsawed in the markets by undue volatility before they actually see the spot price move in their desired direction; there are different types of currency options available through a handful of forex brokers. A double no-touch option is the exact opposite of a double one-touch option.
There are two barrier levels, but in this case, neither barrier level can be breached before expiration—otherwise the option payout is not made. This option is great for news traders who think that the economic release will not cause a pronounced breakout in the currency pair and that it will continue to range trade. The currency market is particularly prone to short-term movements brought on by the release of economic news from both the U.
If you want to trade news successfully in the forex market, there are several important considerations: knowing when reports are expected, understanding which releases are most important given current economic conditions and, of course, knowing how to trade based on this market-moving data. Do your research and stay on top of economic news and you too can reap the rewards.
Your Money. Personal Finance. Your Practice. Popular Courses. Key Takeaways Economic data tends to be one of the most important catalysts for short-term movements in the forex market. Since the dollar is one side of many currency pairs, U. The most common way to trade forex on news is to look for a period of consolidation ahead of a big number and trade the breakout on the back of the number.
A variety of exotic options are available for traders who want to capture a breakout move, but with less volatility than trading the currency pair itself. USD to 10 a. Japan JPY to p. Canada CAD 7 to a. GBP 2 to a. Italy EUR to 5 a. Germany EUR 2 to 6 a. France EUR to 4 a. Switzerland CHF to a. New Zealand NZD to 9 p. Australia AUD to p. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
Related Articles. Partner Links. Related Terms Double One-Touch Option Definition A double one-touch option is an exotic option which gives the holder a specified payout if the underlying asset price moves outside of a specified range. Double No-Touch Option Definition A double no-touch option gives the holder a specified payout if the price of the underlying asset remains in a specified range until expiration.
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