USDINR
On Monday, USDINR likely to commence between 82.10 – 82.20 levels as dollar bounced after falling sharply the last few days, as investors consolidated losses ahead of the weekend, but its trajectory remained tilted to the downside with the Federal Reserve thought near the end of its rate hike cycle amid softening inflation.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY
INTRADAY RANGE – 82.52 (82.28 – 82.04) 81.80
THE FOREX MARKET
Chinese growth data and loan-rate settings are due later in the session, ahead of U.S. retail sales and British inflation later in the week and a slew of central bank meetings next week.
Hikes are expected from the Federal Reserve and European Central Bank next week, but beyond that market pricing implies the Fed will likely stop, before cuts next year, while in Europe another hike probably beckons.
The Swedish crown fell against the greenback to 10.2395 per dollar, moving away from a two-month high hit, on data showing consumer inflation is decelerating at a slower pace than expected. The Swedish currency is still set for its biggest weekly gain since March 2009, up 5.2%.
Australian dollar eased 0.35% to US$0.6813 after Michele Bullock was appointed head of Australia's central bank on Friday, becoming its first female governor as it undertakes a sweeping reorganization.
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