USDINR
Welcome to another volatile session , USDINR most likely to commence Thursday session with firm note between 79.50 – 79.60 levels as dollar stabilized in early Asian session, pausing for breath after the previous session’s sharp gains in the wake of the hotter-than-expected U.S. inflation report.
India's wholesale price inflation slowed in August helped by a fall in commodity prices, but double-digit price gains for the 17th month raise the chance for more rate hikes this month.
While falls in global crude oil and commodity prices have eased pressure on companies facing a rise in input costs, prices rose for a broad range of food items - cereals and vegetables among them, data showed.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.83 (79.61 – 79.38) 79.16
THE YEN
Japanese Finance Minister Shunichi Suzuki also said that recent moves in the yen have been "rapid and one-sided", the conditions that could prompt the government to support the currency.
USD/JPY fell 0.12% to 143, with the yen bouncing from the 24-year low seen overnight on Japanese media reports that the Bank of Japan conducted a rate check, making traders wary that it was preparing to intervene to support the beleaguered currency.
STERLING
GBP/USD rose 0.18% to 1.1530, attempting to recover from a 1.6% fall overnight, despite the rate of inflation in the U.K. dropping back under 10% in August as falling fuel prices took a little of the heat out of the on going cost-of-living crisis.
EURO
The euro selloff occurred despite last week’s historic 75 basis-point hike by the European Central Bank, and the signalling of more hikes to come by a number of policymakers. This hawkish rhetoric continued Tuesday, with Governing Council member Gediminas Simkus, the Lithuanian central bank chief, saying the central bank should raise interest rates by at least a half-point at its October meeting.
if you torture the data long enough it will confess
HAPPY TRADING
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