USDINR
On Tuesday, USDINR is most likely to commence between 76.55 – 76.65 levels as greenback climbed to around a 2 Yr high as fears about the economic impact of China's COVID-19 lockdowns and an aggressive pace of U.S. rate hikes sent investors scrambling for safety.
THE FED GAME
Hawkish comments by various policymakers last week also raised the risks of aggressive interest rate policy tightening by global central banks. The most significant of these came from the U.S. Federal Reserve which markets expect to raise rates by a half point at each of its next two meetings.
THE EURO
The euro was at $1.0725 a fraction above the overnight low of $1.0697, its weakest since March 2020, as market nerves trumped any optimism from the re-election of French President Emmanuel Macron.
THE GBP
The pound was at $1.2744, having hit its lowest since September 2020 overnight. U.S. futures market data show that funds have amassed their biggest wager against the pound since October 2019, a bet now worth close to $5 billion.
THE OIL
On Monday Morning, Oil prices extended losses amid persistent worries that prolonged COVID-19 lockdowns in Shanghai and potential U.S. rate hikes would dent global economic growth and fuel demand.
THE GOLD
An ounce of the yellow metal on Comex was back to trading in $1,800 territory. This came as the dollar flew on expectations the Federal Reserve would adopt a 50-basis point, or half percentage point, hike at its May policy meeting next week — double the 25 bps, or quarter point, approved in March in the first pandemic-era U.S. rate increase.
USDINR TECHNICAL
Day Trend: - BUY ON DIP.
Weekly Trend: - HOLD
INTRADAY RANGE – 76.88 (76.78 – 76.57) 76.46
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