On Friday , Rupee seems recovering some ground after yesterday fall as greenback lost some weakly gain an unexpected rise in the number of Americans claiming unemployment benefits and a slight decline in Treasury yields dampening investor sentiment. Yesterday , USDINR broadly on firm note , intraday trading range was 75.06 - 74.9375.
Almost 30% of the population in New Delhi likely have been infected by the novel coronavirus, according to a serological survey of 15,000 people conducted by the local government, a figure that indicates infection numbers are much higher than those recorded.
INTRADAY RANGE - 74.84 ( 74.96 - 75.08 ) 75.20
GLOBAL HIGHLIGHTS
The large number of jobless claims (1.106 million claimed unemployment benefits) , added to the U.S. Federal Reserve’s warning of a slowdown in hiring just a day before, led to investor concerns about the U.S. economic recovery from COVID-19 and how to deal with the excess dollars already in circulation, thanks to massive quantitative easing programs that have rolled out by the Fed.
The euro is strong because Europe has already put a firm backstop in place to support economic growth, which has boosted confidence in the euro and euro zone bonds.
The pound continued its strength against the dollar on Thursday, shrugging off growing concerns that the U.K and EU are unlikely to find a breakthrough on the latest round of post-Brexit talks, which concludes on Friday.
U.S.-China tensions continuing to simmer despite China confirming plans to reschedule talks with the U.S. to discuss trade and other matters. The talks were originally scheduled to take place on August 15.
Gold futures settled down another 1.2% on Thursday, accounting for the selling that occurred after the previous day’s official session, as the dollar’s logic-defying strength kept buyers from supporting the yellow metal in a bigger way.
MAJOR FX INTRADAY RANGE
EUR/USD - BUY
1.1965(1.1898 - 1.1831)
GBP/USD - BUY ON DIP
(1.3297 - 1.3134)
USD/JPY - UPSIDE SELL
106.45 (105.97 - 105.49) 105.01
DOLLAR INDEX - UPSIDE SELL
93.53 ( 92.99 - 92.46 ) 91.92
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