USDINR
We are expecting Rupee commence Monday session with positive note between 73.25 / 73.35 levels as greenback found struggled to post gains, as investors are heavily positioned for it to fall further while the U.S. Federal Reserve holds interest rates low and U.S. trade and current account deficits grow. After long time India witnessed below 3 lacs Covid cases in weekend.
Day Trend: - Bearish trend intact with oversold territory.
INTRADAY RANGE – 72.96 (73.18 – 73.40) 73.62
EURUSD
It’s a relatively quiet day ahead on the economic data front. Finalized inflation figures for Italy are due out later today. Barring a marked revision from prelim figures, however, the numbers should have a muted impact on the EUR. Market risk sentiment will be the key driver on the day. Barring material risk aversion, market optimism towards the Eurozone economic recovery remains EUR positive.
Day Trend: - BULLISH.
INTRADAY RANGE – 1.2265 (1.2185 – 1.2105) 1.2025
GBPUSD
It’s a particularly quiet day ahead on the economic calendar. There are also no material stats to provide the Pound with direction. The continued reopening of the UK economy and market optimism towards UK economic outlook remains Pound positive.
Day Trend: - BULLISH.
INTRADAY RANGE – 1.4212 (1.4136 – 1.4060) 1.3984
Japanese Yen
Bank of Japan policymakers warned of uncertainties over the country’s economic recovery as pandemic curbs hurt service consumption, a summary of their opinions voiced at an April policy meeting showed last Tuesday.
Australian Dollar
Australia promised big spending in a deficit-laden budget last Tuesday as the conservative leadership sought to sustain a recovery from a coronavirus-induced recession and win backing from women and older voters with an eye on the next election.
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