USDINR
On Thursday, The Rupee is likely to commence with firm note between 82.40 – 82.50 levels as dollar fell across the board, weighed down by firmer commodity currencies that benefited from China's strong manufacturing activity data, as well as gains in the euro after German inflation soared last month and raised rate hike expectations in the euro zone.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 82.87 (82.61 – 82.35) 82.09
THE DOLLAR DANCE
The dollar on losing street after data showed U.S. manufacturing activity contracted for a 4th month in a row. The ISM's manufacturing PMI edged up to 47.7 Vs.47.4 in January, the first rise in six months. A PMI reading below 50 indicates contraction in manufacturing.
THE STERLING
The Sterling traded little changed on the day at $1.2018, after Bank of England Governor Andrew Bailey said it was possible the central bank had already come to the end of its rate-rising cycle.
THE EURO
The euro, which climbed 0.8% to $1.0660, boosted by the German inflation report. Traders said there is a large option expiry on Friday at $1.07 in the euro, suggesting further room for upside gains in the single European currency.
German consumer prices, harmonized to compare with other European Union countries, rose more than anticipated and pushed up European Central Bank (ECB) rate hike expectations after the data pointed to no let-up in stubborn cost pressures.
THE YUAN
The onshore Yuan trading at 6.8729 per dollar, the strongest close since Feb. 21, while the offshore yuan jumped 1.1 to 6.8779 per dollar, set for its largest one-day gain since late November.
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