USDINR
On Friday, USDINR likely to commence with winning mode between 82.80 – 82.90 levels as dollar held gains bolstered by stronger-than-expected producer prices and falling jobless claims, hinting that the Federal Reserve would have to maintain its inflation-fighting interest rate hikes for longer.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 83.00 (82.84 – 82.68) 82.52
THE DOLLAR
The dollar index hit six-week highs, rising to six-week peaks as well against the yen, euro, and Australian dollar. The interest rate futures market shows U.S. rates could peak close to 5.25% by July before dropping to 5.0% by the end of the year.
THE STERLING
Sterling slid to $1.1961, British inflation slowed more than expected in January and there were signs that price pressures are cooling in parts of the economy, such as services, that the Bank of England (BoE) watches closely.
The BoE has already indicated that it may stop raising rates in March and Wednesday's inflation data reinforced that view.
THE GOLD
On Friday, Gold prices fell as stronger-than-expected U.S. inflation data and hawkish comments from Federal Reserve officials brewed concerns over more interest rate hikes, while optimism over China saw copper prices outpace metal markets this week.
NATURAL GAS
Natural gas prices fell -3% on Thursday after the U.S. government said inventories of the heating fuel were 17% higher than a year ago, delivering another stinging data to those long on the trade amid an unusually warm winter.
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