USDINR
On Monday, USDINR opened at 82.44/45 levels as Asian stocks and US equity futures made small gains while major currencies traded in narrow ranges in cautious trading early Asian session as investors await interest rate decisions this week from the US, Europe, China and Japan. Treasuries were little changed.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.61 (82.51 – 82.41) 82.31
THE OIL
Oil extended losses amid persistent concerns around the demand outlook as Goldman Sachs Group Inc. cut its price forecast again. Market is at a juncture where markets are willing to bet that demand risks could overwhelm the Saudi’s ability to boost prices.
THE GOLD
On Monday, Gold prices fell slightly sticking to a tight trading range seen over the past three weeks as markets turned cautious ahead of upcoming U.S. consumer inflation data and a Federal Reserve meeting.
The yellow metal saw some support last week as some soft labor data pushed up expectations that the Fed will skip a rate hike at the conclusion of a two day meeting on Wednesday.
THE CHINA
China, the world’s largest copper importer, is expected to roll out more stimulus measures in June, with markets positioning for potential interest rate cuts by the People’s Bank as an economic recovery in the country runs out of steam.
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