USDINR
On Friday, We are expecting USDINR to commence a session between 76.50 – 76.60 levels as the greenback pared gains after data showed U.S. economic growth unexpectedly contracted in the first quarter as a resurgence in COVID-19 cases disrupted activity.
US GDP (Q1)
The U.S. economy unexpectedly contracted in the first quarter amid a resurgence in COVID-19 cases and a drop in pandemic relief money from the government, but the decline in output is misleading as domestic demand remained strong.
Gross domestic product fell at a 1.4% annualized rate last quarter, the government said in its advance GDP estimate. The economy grew at a robust 6.9% pace in the fourth quarter. Economists polled by Reuters had forecast GDP growth to rise at a 1.1% rate. Estimates ranged from as low as a 1.4% rate of contraction to as high as a 2.6% growth pace.
EUROPE
The Eurozone government bond yields jumped on strong inflation data, which once fuelled expectations for a quicker pace of monetary tightening by the European Central Bank and could provide some support to the single currency.
THE OIL
Oil is poised to eke out a fifth monthly advance after another tumultuous period of trading that saw prices whipsawed by the fallout of Russia’s war in Ukraine and the resurgence of Covid-19 in China. Oil’s fifth monthly gain will be the longest winning streak since January 2018
USDINR INTRADAY TECHNICAL
Day Trend: - UPSIDE SELL (MEDIUM TERM)
Weekly Trend: - HOLD
INTRADAY RANGE – 76.82 (76.65 – 76.37) 76.26
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