USDINR
Despite dollar correction domestic unit cant able to find proper base it seems every dip is buy opportunity for USDINR pair. We are expecting USDINR commence Friday session between 82.30 – 82.40 levels as euro dropped more than 1% on overnight, falling back below parity with the dollar, after the European Central Bank raised interest rates and U.S. data showed that the world's biggest economy rebounded more than expected in the third quarter.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.01 (82.63 – 82.25) 81.87
THE ECB
The ECB raised its deposit rate by 75 basis points to 1.5%, the highest since 2009, in an effort to prevent rapid price growth from becoming entrenched. Further rate hikes are almost certain, but with a weakening economy, the pace is up for debate.
THE DOLLAR
The greenback strengthened after data showed that U.S. gross domestic product rose at a 2.6% annualized rate last quarter, ending two straight quarterly decreases in output that had raised concerns the economy was in recession.
The stronger-than-expected GDP figures followed a raft of weaker-than-forecast economic data in recent weeks that had raised concerns about the impact of the Federal Reserve's aggressive interest rate increases on the economy.
THE STERLING
The British pound was down 0.60% against the greenback to $1.1566 following a two-day rally on the back of Rishi Sunak's appointment as the United Kingdom's prime minister.
THE BOJ
On Friday, The Bank of Japan announces its monetary policy decision, and looks set to maintain its ultra-low interest rates, putting further pressure on the yen as a result of growing interest rate differentials with the rest of the world.
Enjoy the weekend🍕🏠🎉
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