USDINR
USDINR commence Wednesday session with mild correction between 74.20 – 74.30 levels as greenback on back foot on Overnight, both Powell and New York Fed President John Williams warned that the economic recovery requires more time before a tapering of stimulus and higher borrowing costs are appropriate.
Day Trend: -BULLISH (CORRECTION POSSIBLE).
INTRADAY RANGE – 73.82 (74.18 – 74.53) 74.89
POWELL STATEMENT
We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances.
YIELDS
Benchmark 10-year Treasury yields edged lower in Asia to 1.4650%, from as high as 1.5940% a week ago.
GBPUSD
The Pound (GBP) rose following the publication of the latest UK factory data, which rose at its fastest rate since July 1975 in the three months leading up to June this year. On Tuesday, UK Health Secretary Matt Hancock mentioned positive news from, who said that Covid-19 data looks positive for lifting lockdown restrictions on 19 July.
GBP investors have become more optimistic about the UK economy, despite the four-week delay to the easing of restrictions this month following a surge in the Delta variant of the coronavirus.
BITCOIN
Bitcoin traded at around $33,700 after dipping as low as $28,600 on last trading session for the first time since early January amid a deepening Chinese crackdown on crypto currencies.
OIL PRICE
Oil was steady in Asian trading after an industry report pointed to another decline in U.S. crude stockpiles, adding to a bullish outlook.
The American Petroleum Institute reported crude inventories dropped by 7.2 million barrels last week, according to people familiar with the data. If confirmed by government figures due later Wednesday, that would be a fifth straight weekly draw, the longest run of declines since January.
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