USDINR
On Tuesday, The domestic unit (Rupee) most likely to commence between 72.45-72.55 as dollar languished near multi-month lows versus major peers as traders pondered the prospects for early policy normalization by the Federal Reserve ahead of a key jobs report at the end of the week.
Financial year 2020-21, The India GDP contracted 7.3% — a record low. This is nevertheless a marginal improvement from the earlier estimate of 8% contraction in the second advance estimates released in February, largely because of a sharp rise in government expenditure.
Day Trend: - BEARISH BUT IN OVERSOLD TERRITORY.
INTRADAY RANGE – 72.10 (72.41 – 72.73) 73.04
GBPUSD
The sterling rallied to a 3 year high as traders bet the U.K.’s economic recovery will gain traction with the rollout of coronavirus vaccines. Sterling gained as much as 0.29% to $1.4248, breaching a February peak to reach the strongest since April 2018. Three-fourths of the U.K. population will be covered with a two-dose vaccine in one month should the current pace of inoculations continue, according to data collected by Bloomberg News and Johns Hopkins University.
Day Trend: - BULLISH.
INTRADAY RANGE – 1.4325 (1.4260 – 1.4195) 1.4130
EURUSD
The EURUSD after May 31 The breakup at the resistance level of $1.22 by the Bulls’ momentum will push up the currency above the resistance level of $1.22, and it may increase to $1.25 and $1.27 levels.
Day Trend: - BULLISH.
INTRADAY RANGE – 1.2310 (1.2259 – 1.2208) 1.2157
ASIA
Asian stock markets rose on Tuesday while gold flirted near five-month highs ahead of European and U.S. data this week that will likely offer clues on the health of the global economy.
USDCNY
China's factory activity expanded at the fastest pace this year in May as domestic and export demand picked up, though sharp rises in raw material prices and strains in supply chains crimped some companies' production, a business survey showed.
T- BOND
U.S. yields rose overnight, with the benchmark 10-year Treasury yield up 2.3 basis points to 1.62%.
OIL
Oil prices rose ahead of an OPEC+ meeting and on optimism that fuel demand will grow in the months ahead with the summer driving season starting in the United States, the world's top oil consumer.
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