USDINR
On Friday, The Rupee most likely commences a session between 75.90 -76.00 levels against the greenback as the dollar trading at nearly two-year highs, as investors digested hawkish signals from the Federal Reserve, but wondered whether the currency's value already reflected further tightening moves.
THE RBI
Inflation is forecast to remain high above the RBI's 4% medium-term target and economists polled by Reuters said the central bank must now start worrying about inflation, especially with global peers already rising rates to counter price surge. But according to a Reuter’s poll of economists, The Reserve Bank of India will likely delay its first interest rate hike by at least four months to August at the earliest.
INDIA RUSSIA
On Thursday, India is focused on stabilising its economic ties with Russia and is working to devise a payment mechanism to settle trade amid Western sanctions against Moscow for its invasion of Ukraine, the foreign ministry said.
THE USA BOND YIELDS
In Treasuries, the 2 year-10 years spread widened as traders sharpened their focus on the pace and scope of the Fed's plans to reduce its balance sheet.
The yield on 10-year Treasury notes was up 3.8 basis points to 2.647% while the 2-year note yield was down 4.5 basis points at 2.457%, leaving the 2-10 spread at 18.72 basis points. The near 27 basis point widening of that spread so far this week is the most for any week back to June 2013. Last week the spread tightened 27.5 basis points in the sharpest weekly tightening since September 2011. The yield curve inverted last week, signalling to some investors that a recession may be coming in a year or two.
THE OIL
Oil headed for a back-to-back weekly retreat on plans for massive stockpile releases, a demand-sapping virus outbreak in top importer China and a hawkish turn from the U.S. Federal Reserve.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - UPSIDE SELL (Mid Term)
INTRADAY RANGE – 76.27 (76.05 – 75.83) 75.61
Comentarios