Key Takeaways:
- 💵 Dollar hit a two-week low due to economic data supporting rate cuts
- 📉 Dollar index down to lowest level since March 21
- 👀 Focus on U.S. labor data coming on Friday with expectations for 200,000 jobs added in March
- 📈 Euro up, European inflation softer-than-expected fueling rate cut expectations
- 💰 Japanese investors keeping cash abroad due to yield differences impacting yen support
- 🏛️ Delhi High Court refused to entertain PIL seeking Kejriwal’s removal as chief minister
- 🕒 Kejriwal is in judicial custody till April 15 and currently in Tihar jail
- 🔍 Court emphasized personal call and urged petitioner to approach competent forum
Currencies React to Economic Data
The dollar experienced a dip to a two-week low as economic data supported the possibility of rate cuts. Additionally, the dollar index hit its lowest level since March 21. On the other hand, the euro saw an increase as European inflation was softer-than-expected, fueling rate cut expectations. The Japanese yen was stable despite a historic policy shift by the Bank of Japan, with big investors keeping cash abroad due to yield differences impacting yen support.
Legal Developments in India
Amidst these currency fluctuations, the Delhi High Court made a decision regarding a PIL seeking the removal of Chief Minister Kejriwal. The court refused to entertain the plea, emphasizing a personal call and urging the petitioner to approach the competent forum. Kejriwal is currently in judicial custody until April 15 in Tihar jail. The high court’s decision aligns with a previous dismissal of a similar PIL, citing no legal barrier to an arrested chief minister holding office.