USDINR
Welcome to last session of the week, USDINR is most likely to commence Friday session with firm note between 79.60 – 79.70 levels after Thursday pair hit intraday lows at 79.29/30 levels and finished at 79.55/56 levels as dollar index vaulted to a 20-year high overnight, and notched after U.S. data showed a resilient economy, giving the Federal Reserve more room to aggressively hike interest rates to quell inflation.
Indian shares fell on Thursday as investors sold information technology firms on fears of a demand slowdown, while an increase in taxes on fuel exports and domestic crude hit the energy sector.
Soldiers from the Indian army have landed in Russia for a week-long military exercise, India's defence ministry said on Thursday, days after the United States said it had concerns about any country exercising with Russia now.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 80.17 (79.79 – 79.41) 79.03
THE DOLLAR
On Thursday, The dollar index vaulted to a 20-year high, and notched a 24-year peak against the rate-sensitive Japanese yen, after U.S. data showed a resilient economy.
The U.S. currency firmed after a government report showed that the number of Americans filing new claims for unemployment benefits declined further last week, consistent with strong demand for workers and tight labor market conditions.
THE YEN
The main driver remains rate differentials between Japan and the U.S., and even today's price action just follows the overnight move higher in U.S. rates. We think the path ahead is going to depend on how U.S. rates behave.
The Japanese yen slid to as low as 140.225 yen per dollar, its softest since 1998. The dollar was last up 0.80% at 140.07 yen.
THE EURO
Manufacturing activity across the euro zone shrank for a second month in August, according to a survey, and while European energy costs have softened slightly this week, they remain at highly elevated levels.
The euro slid 0.99, falling back below parity against the dollar to $0.9953.
THE OIL
On Thursday, Oil prices tumbled more than 3%, as new COVID-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand.
HAPPY TRADING, ENJOY WEEKEND🍕🏠🎉
Opmerkingen