USDINR
On Thursday, USDINR is most likely to commence between 77.85 -77.95 levels as the greenback rose overnight on pace to snap a three-session losing streak, as concerns about the outlook for global economic growth and rising inflation knocked sentiment a day after U.S. Federal Reserve Chair Jerome Powell struck a more hawkish tone.
THE POUND
On Wednesday, The pound fell 1.1% against the dollar after data showed British inflation rising to 9%, the highest level in 40 years.
Consumer price inflation hit 9% in April, making Britain's inflation rate the highest of Europe's five biggest economies and almost certainly of the Group of Seven countries, with Canada and Japan yet to report figures for April. Neither is likely to match Britain's price growth.
THE CRYPTO
Cryptocurrency markets were fairly quiet after last week's turmoil. Bitcoin fell about 4% and was the last trading at $29,094.59. Ether fell 6% to slip below $2,000.
THE OIL PRICE
On Wednesday, Oil prices fell 2.5%, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.
THE WALL STREET
Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the U.S. economy after the retailer became the latest victim of surging prices.
The S&P 500 declined 4.04% to end the session at 3,923.68 points.
The Nasdaq declined 4.73% to 11,418.15 points.
The Dow Jones Industrial Average declined 3.57% to 31,490.07 points.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.38 (77.95 – 77.53) 77.10
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