USDINR
On Monday, the domestic unit is likely to commence with mild weaker note between 82.35 – 82.45 against greenback as dollar firmed after data showed producer prices in the United States rose more than expected last month, pointing to persistent inflationary pressures and stoking fears the Federal Reserve would need to keep rates higher for longer.
On Friday, the Reserve Bank of India's (RBI) statistical supplement showed, India's foreign exchange reserves rose for a fourth week to an over three-month high of $561.16 billion in the week through Dec. 2.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL FOR MIDTERM
INTRADAY RANGE – 82.90 (82.54 – 82.18) 81.82
THE USA DATA
On Friday, The U.S. producer price index for final demand rose 0.3% in November and 7.4% year-on-year, a slight upside surprise from forecasts of a 0.2% and 7.2% increase, respectively.
The yield on benchmark 10-year Treasury notes held at 3.5875%, compared with its U.S. close of 3.5670%. The two-year yield touched 4.3610%, up slightly from its U.S. close of 4.330%.
The yield curve remains inverted at around -77bps, pointing towards a possible U.S. recession in the near future.
THE EUROPE CENTRAL BANK
The Bank of England and the European Central Bank also meet this week and are likewise expected to each deliver a 50 bp rate hike.
THE ASIA
On Monday, Asian shares dipped while the dollar drifted higher at the start of a hectic week, as markets awaited a flurry of rate decisions from the U.S. Federal Reserve, the European Central Bank and others.
“The cold is coming. December’s winter solstice. Start of the season.”
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