USDINR
The domestic unit (Rupee) in range bound from start of the week, we are expecting USDINR commence Thursday session with mild correction between 74.45 – 74.55 levels as greenback fall from recent peaks, following further reassurance from Federal Reserve chair Jerome Powell that he was in no rush to tighten policy, though losses were kept in check by investor nerves ahead of Chinese growth data.
Small loan specialists in India that typically cater to people without bank accounts are facing a jump in pandemic-related defaults that could force some of them out of business, industry experts warn.
The Indian government on Wednesday said it has decided to restore a hike in inflation-linked wages for federal government employees and pensioners, a move that could improve demand for goods and services in an economy struggling due to COVID-19.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 74.38 (74.48 – 74.64) 74.77
POWELL
Overnight that high inflation seemed linked to reopening, that it would be a mistake to act prematurely to tame it and that tapering bond buying was "still a ways off".
NZDUSD
The New Zealand dollar, which enjoyed its best session in nearly five months overnight, climbed only to its strongest in a week and sits below its 200-day moving average - even though the central bank said it would end bond buying next week.
CHILE CENTRAL BANK
On Wednesday Chile’s central bank raised its benchmark interest rate to 0.75% from 0.5%, as a rapid COVID-19 vaccination program helps the world’s top copper producer resume economic activity. The bank had kept its interest rate steady since successive cuts up until late March, when it warned of a “severe” economic contraction as a result of the virus.
WORLD BANK ON EAST ASIA
World Bank President David Malpass said, The East Asia and Pacific region, excluding China, is expected to grow 4% this year, down from a 4.4% forecast in March and with the pace of the rollout of COVID-19 vaccines a risk to the outlook.
CHINA
China's economic growth more than halved in the second quarter from a record expansion in the first three months of the year, as slowing manufacturing activity, higher raw material costs and new COVID-19 outbreaks weighed on the recovery momentum.
Comments