FOREX FRIDAY : - RUPEE FALL , EURGBP DOWN, USDCAD UP, OIL FALL, GOLD SOUTH !!
- fxmethods
- Jun 18, 2021
- 2 min read
USDINR
On Friday, USDINR likely to commence session with firm note between 74.10-74.20 levels dollar headed for its best week in nearly nine months as investors have scrambled to price in a sooner-than-expected ending to extraordinary U.S. monetary stimulus in the days after a surprise shift in tone from the Federal Reserve.
On last trading session (Thursday) , The rupee witnessed 1.06% fall against greenback jumped on Thursday and hit a two-month high, after U.S. Fed officials surprised markets by projecting a hike in interest rates and end to emergency bond-buying sooner than expected. Intraday USDINR range was 73.57 – 74.0875 levels. The domestic pair hitting 74.00 levels after 3rd May 2021.
Day Trend: - BUY ON DIP (BULLISH).
INTRADAY RANGE – 73.34 (73.85 – 74.37) 74.89
EURGBP
EURGBP Falls Despite Rising Eurozone Inflation, The Euro Pound exchange rate fell, with the pairing currently fluctuating around £0.85. EUR struggled despite the Eurozone’s consumer price index for May beating forecasts in May and rising by 1% YOY. The latest month-on-month gauge, however, confirmed consensus at 0.2%.
CAD
GBP/CAD Rises despite Multi-Year High Oil Prices the Pound Canadian Dollar exchange rate rose as the ‘Loonie’ (USDCAD) is suffering as a result of US Dollar strength following a hawkish US Federal Reserve monetary policy statement. The pairing is currently fluctuating around $CA1.2356.
NZDUSD
The New Zealand dollar continues to lose ground, in the after-shock of the FOMC policy meeting. In the North American session, NZD/USD is trading at 0.7002. FOMC moves up timeline for rate hikes it’s been all downhill for the kiwi since the FOMC shocker on Wednesday.
OIL PRICE
Oil prices fell for a second consecutive day as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but were nevertheless on track to finish the week flat - only slightly off multi-year highs.
Negative sentiment were remarks from Iran's top negotiator on Thursday saying talks between Tehran and Washington on reviving the 2015 Iran nuclear deal have come closer than ever to an agreement.
GOLD PRICE
Gold prices, which plunged following the Fed comments, edged higher but were still set for their worst week since March 2020. Spot gold was last up 0.51% at $1,784.35 per ounce.
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