USDINR
Happy Friday, USDINR still hovering around all time high at 79.37/38 levels, We are expecting that pair will commence upcoming session between 79.10-79.20 levels as last Fed meeting, pointed to the possibility of an “even more restrictive” monetary policy to prevent long-lasting inflation, and now investors are pricing in another 75-basis point interest rate hike in July.
THE ECB
On Thursday, The European Central Bank will publish the minutes of its last meeting, at which the policymakers decided that a rate hike of 50 basis points would be appropriate in July. Europe's inflation is running at record levels and surging energy prices suggest the upward pressure on consumer prices will remain substantial for a while longer.
🇭🇺HUNGARY'S
The MNB (National Bank of Hungary) raised its key one-week deposit rate by 200 basis points to 9.75%, the highest in a decade, aiming to stop a weakening currency compounding an increasingly acute inflation problem. Core consumer prices rose over 12% in the year through May, while food prices were up 20% from a year earlier.
THE OIL
On early Friday in Asian session Oil prices trading firm, rebounding from steep losses the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 79.71 (79.36 – 79.00) 78.65
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