USDINR
USDINR is on weekly winning street, On Thursday we are expecting pair will commence session between 82.35 – 82.45 levels as dollar rose to a seven-week high boosted by optimism about a deal to extend the debt ceiling and avert a U.S. default and amid a round of solid economic data that suggests rate cuts from the Federal Reserve could come later rather than sooner.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY ON DIP
INTRADAY RANGE – 82.65 (82.48 – 82.30) 82.13
THE US DEBT CEILING
On Wednesday, President Joe Biden and top U.S. congressional Republican Kevin McCarthy underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default.
THE YUAN
The Chinese yuan weakened past 7 per dollar for the first time in five months amid geopolitical tensions and more signs of China's post-COVID-19 recovery losing steam.
THE GOLD & COPPER
On Thursday, Gold prices in range at early Asian trade, reeling from steep losses this week as markets awaited more cues on the U.S. economy and monetary policy, while copper prices bounced back from a five-month low on some improving sentiment.
The yellow metal tumbled below the $2,000 an ounce level for the first time in two weeks as hawkish signals from the Federal Reserve and easing fears of a U.S. debt default saw traders pivot out of the safe haven.
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