USDINR
On Thursday, We are expecting that The Domestic unit (Rupee) most likely to commence session with in range between 73.80 / 73.90. Wednesday Covid19 cases in India hit record above 4 lacs.
Day Trend: - Oversold.
INTRADAY RANGE – 73.48 (73.74 – 74.04) 74.26
EURUSD
EUR/USD Exchange Rate Falls as US Services Sector Continues to Expand the EUR/USD exchange rate fell as fluctuating risk-sentiment has continued to drive demand for the safe-haven ‘Greenback’.
Day Trend: - BEARISH.
INTRADAY RANGE – 1.2066 (1.2027 – 1.1998) 1.1949
GBPUSD
The pound held gains against the dollar, a day ahead of the Bank of England monetary policy decision and the Scottish election that final polls show is too close to call. Voters across Scotland will head to the polls in an election seen as a referendum on the country's independence from the U.K., dubbed "Scoxit."
Day Trend: - BEARISH.
INTRADAY RANGE – 1.3985 (1.3934 – 1.3883) 1.3832
GLOBAL OUTLOOKS
Asian Indices rose and commodity prices held near multi-year highs as investors switched to cyclical amid hopes of a strong economic recovery, while the Australian dollar fell after China said it would end economic dialogue with Canberra.
Oil prices also held near their March tops. U.S. crude futures stood at $65.78 per barrel, little changed on the day but just below Wednesday's two-month high of $66.76.
The U.S. breakeven inflation rate or inflation expectations calculated from the yield gap between inflation-linked bonds and conventional bonds, rose to as high as 2.48% overnight.
Rise in inflation is also driven more by supply constraints than demand, which is why we are seeing rising inflation expectations and fall in nominal yields.
The Bank of England could slow the pace of its bond buying to allow the quantitative easing programme to last until the end of the year, as it could reach the cap by September at the current pace of buying.
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