USDINR
Happy Monday, The USDINR is likely to commence the session with firm notes between 76.30 – 76.40 levels as the greenback takes the bids to refresh intraday high near 99.05 during the early Asian session. The greenback gauge seems to benefit from the market’s risk-aversion, as well as the hawkish Fed comments, by eyeing the key resistance line of late.
The USDJPY has rallied hard in the last few moments as the Bank of Japan will offer to buy an unlimited amount of 10-year JGBs at 0.25%:
Asian Indices stalled and oil prices slid as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.
Risk sentiment was helped by hopes of progress in Russian-Ukrainian peace talks to be held in Turkey this week after President Volodymyr Zelensky said Ukraine was prepared to discuss adopting a neutral status as part of a deal.
Yields on 10-year Treasuries jumped 33 basis points last week and are up a staggering 66 basis points on the month at 2.48%, sharply lifting U.S. mortgage rates.
On Friday, India said ties with China could not be normal until their troops pulled back from each other on the disputed border, but Beijing struck a conciliatory note during a meeting of their foreign ministers in New Delhi.
Day Trend: - BUY ON DIP (Short Term)
INTRADAY RANGE – 76.78 (76.56 – 76.22) 76.05
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