USDINR
On Tuesday, We are expecting USDINR likely to commence session between 74.00 – 74.10 as greenback paused for breath as traders looked to testimony from U.S. Federal Reserve chair Jerome Powell for guidance.
Day Trend: -BULLISH ( UPSIDE PRESSURE NEAR 74.30).
INTRADAY RANGE – 73.76 (73.97 – 74.18) 74.39
EURUSD
EUR/USD fades recovery from early April around 1.1920 early Asian sessions. In doing to bouncing off a two-month low, the currency major pair snapped a three-day losing streak, also posted the heaviest gains since late May, the previous day.
AUDUSD
AUD/USD is holding lower, reversing towards 0.7500 amid a broad rebound in the US dollar despite the improved market mood. Markets digest the latest Feds peak on inflation while await Fed Chair Powell's testimony for fresh cues.
West African
A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic. New convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco (name of the new currency).
BITCOIN
On Monday, Bitcoin dipped 8.57% to $32,540.35, losing $3,049.42 from its previous close. Bitcoin, the world's biggest and best-known crypto currency, is down 49.9% from the year's high of $64,895.22 on April 14.
OIL PRICE
Oil prices soared, gaining on a pause in talks to end U.S. sanctions on Iranian crude, and as the dollar retreated from two-month highs. Brent crude for August gained trading at $75.14 a barrel, have risen for the past four weeks on optimism over the pace of global COVID-19 vaccinations and expected pick-up in summer travel. The rebound has pushed up spot premiums for crude in Asia and Europe to multi-month highs.
GOLD PRICE
On Tuesday Gold price has trying to recovery rally, consolidating within Monday’s trading range below $1790, as the bulls take a breather before attempting another leg higher towards the 100DMA at $1794.
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