USDINR
On Monday, The Rupee likely to commence session with firm note between 72.88 – 73.00 as greenback began the week under mild pressure, after a second consecutive month of softer-than-expected U.S. jobs data reversed its recent attempts at a rally, as focus shifted to inflation figures and a European Central Bank meeting.
Day Trend: - TREND CHANGING (Bounce is selling opportunity).
INTRADAY RANGE – 72.69 (72.86 – 73.05) 73.21
DOLLAR INDEX IN RANGE
U.S. inflation data due on Thursday will be a major focus for Investor/Traders looking to glean an insight into just how short-term growing price pressures may be. Another miss of lofty forecasts might clear the way for further dollar declines.
USDCNY FIRM
China's Yuan bounced back to again trade stronger than 6.38 per dollar and last bought 6.3880 offshore.
Chinese trade balance data, which could give a reading on the fundamental forces behind the Yuan’s rapid rise.
OIL PRICE ADVANCE
On Monday, Oil Price pulled back after hitting fresh multi-year highs, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.
Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel.
GOLD STABLE
The Gold is hovering around to $1,900 an ounce amid a debate around price pressures, and speculation over whether the Federal Reserve will start talks on the idea of tapering its massive bond-buying program. Policy makers should be “deliberately patient” and wait to see more evidence that the U.S. labor market has made more progress before they consider cutting down their asset-purchases.
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