USDINR
Happy Friday, USDINR very much likely to commence between 82.65 – 82.75 levels as overnight dollar retreated as Credit Suisse’s move to bolster its financial position boosted risk sentiment.
India's largest IT services provider Tata Consultancy Services (TCS) said on Thursday Rajesh Gopinathan will resign as chief executive officer, just a year into his second five-year term at the helm of the company.
USDINR TECHNICAL
Day Trend: - UPSIDE SELL
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.00 (82.81 – 82.63) 82.44
THE ECB
The ECB had previously signalled the likelihood of another interest rate increase of 50 BPS points as underlying Euro zone remained elevated, but concerns about potential repercussions to the banking sector from such a hefty hike could prompt the policy makers to act more cautiously.
ECB President Christine Lagarde’s press conference will also be of interest as she is sure to be asked how the central bank can balance efforts to deliver price stability while safeguarding financial stability.
THE GBPUSD
As on writing, GBP/USD rose 1.2116, boosted by the improved risk sentiment. Also helping was Chancellor Jeremy Hunt's comments in the budget that the economy was likely to shrink 0.2% in 2023, an improvement from the previous forecast for a 1.4% contraction.
THE GOLD
Bullion prices also benefited from doubts over whether the Federal Reserve had enough headroom to keep raising interest rates, given the growing pressure on the economy.
But a rush into safe havens provided the biggest boost to gold, as the collapse of several regional U.S. banks ramped up concerns over contagion in the broader economy, as well as fears of a looming recession.
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