USDINR
USDINR likely to commence Friday session between 74.08 – 74.18 levels as greenback held near multi-month highs as investors warily awaited U.S. inflation data, while the pound nursed modest losses after Bank of England (BoE) policymakers leaned away from flagging rate rises.
Day Trend: -BULLISH (UPSIDE PRESSURE NEAR 74.30) .
INTRADAY RANGE – 73.99 (74.10 – 74.25) 74.37
EURGBP
EUR/GBP Edges Higher as Bank of England Sees ‘Strong GDP Growth’ as Temporary, Pair rose by 0.4% today after the Bank of England (BoE) struck a surprisingly dovish tone, seeing the nation’s economic recovery and rising inflation levels as largely transitory.
USDJPY
The yen remains under pressure trading at 110.87. USD/JPY touched a high of 111.11, its highest level since March 23, and the pair is up 1.04% in the month of June. On Wednesday, Japanese manufacturing activity slipped to its lowest level in four months. Japan has the unwanted distinction of being the only G-7 member that has a composite PMI below the 50 level, which separates contraction from expansion.
Inflation levels remain at very low levels in Japan, and with the economic downturn due to Covid, that trend is unlikely to change anytime soon. Tokyo Core CPI will be released later today (23:30 GMT). The index hasn’t managed to record a gain in some 10 months, and the June forecast stands at -0.1%.
GBPUSD
The sterling should the price break up the resistance level of $1.40; it will increase to $1.41 and $1.42 price levels. In case the bears increase their momentum, it will decrease the price to penetrate $1.39 level which will push down the price to test $1.38 and $1.37 price level.
BITCOIN
Bitmain, China's biggest maker of crypto currency mining machines said it had suspended sales of its products in the spot market to help ease selling pressure following Beijing's ban on bitcoin mining.
SHARE MARKET
On Friday, Asian shares rose tracking gains on Wall Street overnight that lifted the Nasdaq and the S&P indexes to record highs after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.
Investors have been looking to an infrastructure agreement to extend the recovery in the world's largest economy after massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter.
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