USDINR
On Friday, The domestic unit is very much likely to commence between 81.00 – 81.10 levels as dollar dipped to 16-week lows against a basket of major currencies after data showed that U.S. consumer spending increased solidly in October, while inflation moderated, adding to expectations that the Federal Reserve is closer to reaching a peak in interest rates.
The world must cooperate to tackle the greatest challenges of climate change, terrorism, and pandemics, Prime Minister Narendra Modi said on Thursday as India began its year-long presidency of the Group of 20 (G20).
On Thursday, India's unemployment rate rose to 8.0% in November, highest in three months, from 7.77% in the previous month, data from the Centre for Monitoring Indian Economy (CMIE) showed.
The Reserve Bank of India will raise interest rates by a smaller 35 basis points to 6.25% in December, according to economists polled by Reuters who expect another modest move up early next year to curb lingering inflation pressures.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 81.70 (81.36 – 81.02) 80.68
THE FED
Fed Chairman Jerome Powell said that it was time to slow rate hikes, noting that "slowing down at this point is a good way to balance the risks."
Powell also said that rates would still go higher and that controlling inflation "will require holding policy at a restrictive level for some time."
Fed funds futures traders are now pricing for the Fed’s benchmark rate to peak at 4.91% in May, up from 3.83% now. The traders had priced for a top of over 5% before Powell’s comments on Wednesday.
THE CAD
The Canadian dollar weakened against its U.S. counterpart as investors reduced bets on another oversized interest rate hike by the Bank of Canada next week and despite the greenback losing ground against some major peers.
Chances that the BoC would hike by 50 basis points rather than 25 basis points at a policy decision next Wednesday have fallen to roughly 10% from 30% since Powell's comments, money market data showed.
THE GOLD
On Friday, Gold prices steadied around multi-month highs as markets hunkered down ahead of key U.S. payrolls data that could factor into the path of monetary policy, while copper stuck to a two-week high on hopes of a Chinese reopening.
🍕🏠🎉 HAPPY WEEKEND
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