FOREX TUESDAY NEWSLETTER : - RUPEE FIRM , YIELD SUBDUED , PESO FIRM , AUD ADVANCE , OIL CORRECT !!
- fxmethods
- Jun 8, 2021
- 2 min read
USDINR
The Domestic unit (Rupee) expected to commence Tuesday session within range between 72.75 – 72.85 as greenback subdued as investors looked to U.S. inflation data due later in the week after softer-than-expected jobs data quelled expectations of an early tapering in the Federal Reserve's stimulus.
Day Trend: - BEARISH.
INTRADAY RANGE – 72.60 (72.75 – 72.92) 73.05
US TREASURY YIELDS SUBDUED
Treasury yields were moribund and investors looked ahead to European and U.S. central bank meetings. Yields remaining subdued after Friday's drop, reducing demand for the U.S. currency.
Benchmark 10-year Treasury yields were last at 1.569%. They fell to 1.560%, from 1.628%, on Friday.
GBPJPY FIRM ON POSITIVE DATA
The Pound Japanese Yen exchange rate dipped today after the flash Japanese leading economic index for April beat forecasts and rose to 103. The pairing is currently fluctuating around ¥154.88.
AUDUSD UP
The Australian dollar is in positive territory. In the North American session, AUD/USD is trading at 0.7762, up 0.28% on the day. It has been a roller-coaster ride for the Australian dollar, which showed sharp volatility late last week.
USDMXN ADVANCE
Mexican peso near its highest level since late January at 19.832 to the U.S. dollar, , after midterm elections confirmed President Andres Manuel Lopez Obrador's MORENA party as the strongest force in the country, but with a reduced majority.
OIL PRICE SUBDUED
Oil prices lost more ground as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China's oil imports fell in May.
Crude prices have risen in recent weeks, with Brent up by nearly 40% this year and WTI gaining more than that, amid expectations of demand to return as some countries succeed in vaccinating populations against COVID-19.
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