USDINR
On Thursday, USDINR likely to commence between 82.25-82.35 levels as dollar strengthened, lifted by rising Treasury yields, though the pound gained against the greenback after British inflation stayed above 10% in March and put more pressure on the Bank of England to keep raising rates.
India's population to overtake China, with 2.9 mln more people by mid-2023, UN estimates
India's Adani Ports to consider buyback of debt securities
Apple CEO meets India PM Modi, commits to growth and investment
Indian shares drift lower in wake of weak IT earnings
Gold slides as yields climb, doubts grow about Fed's rate-hike pause
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY
INTRADAY RANGE – 82.54 (82.36 – 82.17) 81.99
THE USA BOND YIELDS
The yield on two-year Treasury notes, which are sensitive to expectations for the U.S. central bank's monetary policy, rose 7 basis points to 4.268% after hitting a one-month high of 4.285%.
Futures pricing show an 85.7% chance the Fed will hike rates 25 basis points when policymakers conclude a two-day meeting on May 3.
THE BRITAIN
British consumer price inflation eased less than expected in March to 10.1% from February's 10.4%, meaning Britain has Western Europe's highest rate of consumer inflation.
It seems UK's 10%+ CPI reading was the culprit. This has revived worries that interest rates will remain high for longer in the UK – and Europe.
Deutsche Bank revised up expectations for British rates to include two more 25 bps rate hikes from the Bank of England. Morgan Stanley now predict one, with a risk of a second.
THE OIL PRICE
On Thursday, Oil prices fell as muted U.S. economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive.
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