After holiday Rupee likely to commence Friday session with firm note between 72.70 - 72.78 levels as greenback languished near a one-week low as calming bond markets lifted investor sentiment and appetite for Asian currencies.
On last trading session (Wednesday), USDINR was traded in range between 72.89 - 73.1050 levels. Pair opened at 72.96/97 level, intraday high at 73.105/1150 level as well as hit intraday low was 72.89/90. Wednesday closing was 72.91/92 level.
INTRADAY RANGE - 72.47 ( 72.65 - 72.90 ) 73.12
Biden signed the stimulus legislation ahead of a televised address in which he pledged aggressive action to speed vaccinations and move the country closer to normality by July 4.
U.S. Treasury yields were higher on Friday, with the 10-year yield at 1.5405% after falling to 1.475% overnight, its first foray below 1.5% in a week.
DOLLAR INTRADAY RANGE - 92.21 ( 91.69 - 91.16 ) 90.64
The ECB’s President Christine Lagarde, however, was more downbeat in her forecasts for the Europe’s economy, saying that it would likely shrink in the first quarter.As of writing EURUSD trading at 1.1973.
The euro jumped against the dollar and looks set to snap its two-week losing streak as experts suggest that the single currency's downward trajectory is likely over for now following the latest's European Central Bank monetary policy meeting on Thursday.
The European Central Bank left rates unchanged at 0.00%, as expected, but did pledge to step up its pace of bond purchases to stem the rise in European bond yields and keep financial conditions steady.
The ECB upped 2021 GDP to 4.0% from 3.9% in December, and forecast that growth rise above pre-pandemic levels in the middle of next year. For 2022, however, it cut its forecast to 4.1% from 4.2%.
EURUSD INTRADAY RANGE - 1.2089 ( 1.2015 - 1.1941 ) 1.1867
The commodity-linked Australian and New Zealand dollars traded close to one-week highs reached overnight as inflation fears ebbed, sending Wall Street stocks to record highs.
Gold is heading for its first decline in three days, erasing its gains from that period, as US Treasury yields rebounded following congressional approval of a massive stimulus package.US gold futures down by 0.40% at $1,715.60 per ounce.
As of writing , Bitcoin last traded above $57,000, up more than 12% for the week, after topping $58,000 on Thursday for the first time since it set a record high at $58,354.14 on Feb. 21.
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