THE QUEEN MOVE
The pound fell overnight after news that Queen Elizabeth, Britain's longest-reigning monarch and the nation's figurehead for seven decades, died peacefully on Thursday at the age of 96.
USDINR
The Rupee getting some relief against dollar on defensive mode, On Friday USDINR is most likely to commence between 79.60-79.70 levels as dollar took a breather from its surging rally on Friday as markets digested yet more hawkish Fed speak, while the euro hung on to parity, helped by an outsized rate hike from the European Central Bank.
USDINR TECHNICAL
Day Trend: - UPSIDE SELL
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.99 (79.80 – 79.61) 79.42
The ECB and Powell kind of cancel each other out, so there was sort of volatility, but at the end, not much happened in that sense.
DOLLAR
Currency moves overnight were calmer for once even as Federal Reserve Chair Jerome Powell reaffirmed the central bank's aggressive stance against inflation, which reinforced the greenback's dominance.
THE ECB
The ECB on Thursday raised its key interest rates by an unprecedented 75 basis points and promised further hikes to come in its fight against inflation, even as the bloc is likely heading towards a winter recession and gas rationing.
THE YEN
Japan's top currency diplomat said on Thursday that the country is ready to take action in the market and will not rule out any options to address "clearly excessive volatility" seen in the yen.
The yen fell to a 24-year low this week as the policy divergence between the Bank of Japan's ultra-dovish stance and the rest of the world, particularly the Fed, proved too stark to be ignored.
THE PACIFIC
The Australian and New Zealand dollars also made early gains in Asia trade, recovering from dips overnight.
TRIBUTE TO QUEEN ELIZABETH👸🇬🇧
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