USDINR
On Friday , The Domestic unit (Rupee) seems commence session in range of between 72.93 – 73.00 as Asian session the greenback nursed small losses, as traders figured there were enough one-offs in last month's 0.6% rise in consumer prices to support the Federal Reserve's insistence that inflation was likely to be transitory.
Day Trend: - NEUTRAL TO BULLISH.
INTRADAY RANGE – 72.74 (72.90 – 73.13) 73.31
ECB (European Central Bank)
The ECB kept its interest rate steady at 0.00%, and indicate that it expected over the "coming quarter" to continue purchases at a “significantly higher” pace than seen in the first months of 2021.
Inflation was running high, prompting many to expect that the bank would have to go the extra mile to reassure investors that any notion of tapering would be dead on arrival. The pickup in inflation was factored into the central bank's latest projection as it upped its forecasts for economic growth and inflation for this year and 2022, but in a sign that it believes that pressure will transitory left its 2023 forecast unchanged.
GBPUSD
The GBPUSD find it difficult to break resistance level of $1.42 when the pressure of the bulls pushes the pounds greenback to reach the high of $1.42 level. The bulls have been trying to break up the level but the level holds. The confluence at the support level of $1.41 remains strong for the bears to break down the support level at $1.41. The price is ranging between the $1.42 and $1.41 price level for more than two weeks.
OIL PRICE
Third weekly gain after bouncing around $70 a barrel this week as investors digested varying demand signs. Oil topped $70 a barrel this week for the first time in more than two years, but U.S. data signaling a large increase in gasoline stockpiles and slowing demand took some of the heat out of the market. Still, the weekly figures are unlikely to derail a broader global recovery, with the International Energy Agency scheduled to give an updated snapshot on the market later Friday.
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