On Friday , Rupee most likely to start trading with positive note as greenback drifted toward a small weekly loss , while the Chinese yuan soared to a 17-month high, as investors wagered on a Joe Biden presidency and on more U.S. stimulus spending..
All focus on , RBI MPC outcome, we expect the central bank to maintain a status quo on the back of rising inflation. The focus will be on growth projections, as since February 2020, the RBI has not given a solid economic projection.
On Last trading session , domestic unit opened flat at 73.31 per dollar against previous close of 73.33 and remained in the range of 73.20-73.3550.
China was accused by Taiwan of trying to impose censorship in India after its embassy in New Delhi advised journalists to observe the "one-China" principle after newspapers carried advertisements for Taiwan's national day.
INTRADAY RANGE - 72.88 ( 73.14 - 73.29 ) 73.45
GLOBAL HIGHLIGHTS
U.S also provided direction in the early part of the Asian session. Hopes of further U.S COVID-19 relief stimulus drove demand for riskier assets early in the day. The risk-on sentiment led to an early pullback in the Greenback.
The World Health Organization reported a record one-day increase in global coronavirus cases on Thursday, with the total rising by 338,779 in 24 hours led by a surge of infections in Europe.
The RBA released its financial stability review early this morning. Highlights from the review included:
Households’ finances in Australia have been cushioned from the impact of the pandemic by support measures. Despite a sharp decline in output and falling employment, overall household income increased with large fiscal stimulus payments. Households have greatly increased their saving.
A lack of stats will leave the EUR in the hands of geopolitics and market risk sentiment. U.S Presidential Election campaign chatter, updates from Capitol Hill, and Brexit will likely be the key drivers on the day.
The euro in rangebound after the minutes of the European Central Bank signaled further stimulus in the not too distance future amid an uncertain outlook.
UK It’s a particularly busy day ahead on the economic calendar. Key stats include August GDP and manufacturing production figures. Industrial production and trade data, also due out, will likely have a muted impact on the Pound.
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