USDINR
USDINR maintain bullish momentum but market is in overbought zone, we are expecting that pair commence Thursday session with in range between 74.32 – 74.42 levels as India’s current account deficit widened in the January-March quarter on the back of a higher trade deficit and lower net invisible receipts, the Reserve Bank of India said.
RBI said net external commercial borrowing had fallen to $6.1 billion in the January-March quarter compared with $9.4 billion a year earlier, but portfolio investments, mainly in the form of equity purchases, increased by $7.3 billion versus a decline of $13.7 billion.
Day Trend: - BULLISH (BUY ON DIP).
INTRADAY RANGE – 74.00 (74.23 – 74.46) 74.69
GREENBACK
The dollar has gained almost 3% against major forex counterparty this month, partly in the wake of the Fed's stance at a meeting early this month. Market players are looking to Friday's U.S. nonfarm payrolls report for confirmation of a shift in monetary policy.
Greenback jump to a 2-1/2-month peak on last trading session (Wednesday) posting its biggest monthly rise since November 2016, supported by a surprisingly hawkish shift in the U.S. Federal Reserve's rate outlook and concern over the spread of the Delta coronavirus variant.
STERLING
GBP/USD maintain losing momentum on Coronavirus Concerns, UK Manufacturing PMI May Trigger Movement The sterling rate has firmly settled on a downwards trajectory this week, after the mood turned dovish following the Bank of England’s (BoE) latest forward guidance.
YEN
USDJPY is bearish on the long-term outlook. The bulls dominate the USDJPY market for more than three weeks. The price reached the resistance level of $111 on June 23. The bears interrupted the bullish movement at $111 resistance level. The price returns towards south and the former support level of $110. The price is currently moving towards the support level of $109.
OIL PRICE
Oil bulls had their eyes warily on OPEC as U.S. crude closed out its best quarter in a year on previous trading session (Wednesday) on optimism about fuel demand even as producers planned output hikes and new coronavirus outbreaks were reported from a variant of the virus.
GOLD PRICE
Bullion hit by its worst monthly loss in almost five years as bulls in the yellow metal were buffeted by incessant speculation of stimulus tapering and rate hikes by the FED — despite neither of that looking likely to happen anytime soon.
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