USDINR
Happy Monday, USDINR is most likely to commence session with firm note between 79.90 – 80.00 levels as dollar index gained after Federal Reserve Chair Jerome Powell adopted a hawkish tone to battling inflation on Friday, but did not settle the debate on how large a rate increase is likely at the U.S. central bank’s September meeting.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 80.10 (79.98 – 79.86) 79.74
THE POWELL MOVE
Powell gave no indication of how high interest rates might rise before the Fed is finished, only that they will move as high as needed as it seeks to bring down inflation to its 2% target.
The U.S. economy will need tight monetary policy "for some time" before inflation is under control, which means slower growth, a weaker job market and "some pain" for households and businesses, Powell said on Friday in remarks that warned there is no quick cure for fast rising prices.
Major benchmark indices retreated on early Asian session following Fed Chair Powell’s comments at the Jackson Hole Symposium, signaling a willingness to hike interest rates even if it causes economic pain.
BE CAREFUL, HAPPY TRADING
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