USDINR
Happy Monday, USDINR is likely to commence session between 82.25 – 82.35 levels as dollar fell after U.S. jobs data showed a strong, but not blockbuster employment picture in December, while a separate report showed that U.S. services industry activity contracted for the first time in more than 2-1/2 years that month.
Reserve Bank of India (RBI) Governor Shaktikanta Das said, “Taming inflation is the top priority for South Asian countries as risks to growth and investment outlook could rise if price pressures persist at high levels”.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL FOR MIDTERM
INTRADAY RANGE – 82.65 (82.34 – 82.04) 81.12
USA JOB REPORTS
Employers added 223,000 jobs in December, more than economists' forecasts of 200,000. Wages also grew 0.3% last month, less than the 0.4% in November and below forecasts of 0.4%. That lowered the year-on-year increase in wages to 4.6% from 4.8% in November.
THE DOLLAR
The dollar fell 1.17% on the day against a basket of currencies to 103.88, after reaching 105.63. The greenback extended losses after the Institute for Supply Management (ISM) said its non-manufacturing PMI dropped to 49.6 last month from 56.5 in November.
ARGENTINA & CHINA
The Argentine central bank said, Argentina and China have formalized the expansion of a currency swap deal, allowing the South American country to increase its depleted foreign currency reserves.
THE GOLD
On Monday, Gold prices rose sticking to a seven-month high after signs of a cooling jobs market pushed up expectations for a softer U.S. inflation reading this week and an eventual turn in the Federal Reserve’s hawkish rhetoric.
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