USDINR
On Thursday, USDINR is likely to commence between 82.80 -82.90 levels despite dollar strengthened after U.S. Federal Reserve meeting minutes showed policymakers are determined to use a slower pace of interest-rate hikes to tame persistently high inflation.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - HOLD
INTRADAY RANGE – 83.21 (82.97 – 82.73) 82.49
THE FED
The Fed minutes were just released indicating that a few officials could have supported a 50-bps hike in the last meeting, though most backed the 25bps outcome.
The Fed's target range stands at 4.5% to 4.75%, having risen rapidly from 0% to 0.25% in March 2022. But Fed funds futures traders are now pricing the fed funds rate to reach 5.38% in July, and remaining above 5% all year.
THE BANK OF KOREA
On Thursday, South Korea's central bank kept interest rates unchanged, matching market expectations and ending an uninterrupted one-year run of rises. The Bank of Korea's monetary policy board held its policy interest rate steady at 3.50%, in line with a unanimous expectation by the 42 economists in a Reuter’s poll.
THE OIL
Oil prices fell by $2 per barrel to their lowest in two weeks as investors became more concerned that recent data will prompt more aggressive interest rate increases by central banks, pressuring economic growth and fuel demand.
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