USDINR
On Tuesday, The Rupee likely to start session with mild gain between 73.15-73.25 levels against greenback as currency markets settled in tight ranges with implied volatility plumbing multi-month lows. Major FX pairs in tight range ahead of a much-anticipated Federal Reserve meeting that could signal a change in the outlook for U.S. monetary policy.
Day Trend: - BUY ON DIP (BULLISH).
INTRADAY RANGE – 72.95 (73.14 – 73.32) 73.52
EURUSD
EURUSD is bearish on the long-term outlook; Pair reached on May 26, the high of $1.22 level. A bearish engulfing candle formed at the same level. The price dropped to the support level at $1.21. There was a brief ranging movement that took place at the just mentioned level. The sellers gained more pressure and break down the support level of $1.21. The price is currently decreasing towards the support level at $1.20.
OIL PRICE
On Tuesday , Oil prices advance with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States re-joining a nuclear agreement with Tehran.
YIELDS
US treasury yield on 10-year rose to 1.49% after hitting three-month lows on Thursday. This damped the appeal of the non-interest-bearing precious metal. Investors will be looking to the Fed gathering, which starts Tuesday, for signals on a timeline for paring down emergency stimulus.
GOLD PRICE
Gold Price retreat from the highest level since January earlier this month came as investors weigh inflation pressures and the Fed’s monetary policy path. According to economists surveyed by Bloomberg “Expectations are that the central bank won’t signal scaling back bond purchases until August or September, even if it delivers projections for interest-rate lift off in 2023”.
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