USDINR
On Tuesday, USDINR likely to commence between 82.70-82.80 levels as dollar rose, boosted by raised tensions between China and the U.S., while Friday’s strong payrolls prompted traders to reassess the extent of the Federal Reserve’s likely interest rate tightening.
India's central bank is widely expected to raise its policy interest rate by 0.25% points to mark its final increase in the current tightening cycle on Wednesday before pausing to assess the impact of its hikes, economists said.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY ON DIP
INTRADAY RANGE – 83.29 (82.92 – 82.55) 82.18
THE DOLLAR
U.S. Federal Reserve has enough headroom within the labor market to keep raising interest rates, which benefits the dollar directly as well as potentially weighing on global growth, to the benefit of the safe haven greenback.
THE USDJPY
USD/JPY rose, with the yen weaker following a local report indicating that Bank of Japan Deputy Governor Masayoshi Amamiya was in consideration to lead the central bank after incumbent governor Haruhiko Kuroda.
THE EURUSD
EUR/USD fell despite German industrial orders rising by a larger than expected 3.2% on the month in December, after an upwardly revised drop of 4.4% in November.
THE GBPUSD
GBP/USD fell 0.1% to 1.2040, having touched a one-month low of 1.2031 earlier on Monday. The U.K. is to release gross domestic product data on Friday, which is expected to show an economy flirting with recession.
THE OIL
Chinese industries and consumers helped global crude prices to rise from the torrid selloff of the previous week as bulls in the space bet the largest oil importer will progress from an end to three years of COVID lockdowns.
Trust your own instinct. Your mistakes might as well be your own, instead of someone else’s.
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