USDINR
The Domestic Unit (Rupee) Stuck in range of 81.88 – 82.20 levels , we will find any kind of direction after breaking given range. USDINR likely to commence Tuesday session between 81.90 – 82.00 levels as dollar fell to a more than one-week low against major currencies, as investors continued to price in interest rate cuts this year by the Federal Reserve after a widely expected rate increase at next week's policy meeting.
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USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - HOLD
INTRADAY RANGE – 82.28 (82.06 – 81.84) 81.62
The Fed and the ECB will meet next week. But before that, market participants will pore over U.S. first quarter GDP and personal consumption expenditures (PCE) data, looking for signs of economic strain and evidence of sticky inflation for clues on the Fed's policy path.
THE DOLLAR
The dollar is struggling to build on last week's gain as coming data could show slower U.S. growth and lower inflation, outcomes that would cement the case for a mid-year rate pause.
Fed policymakers are widely expected to raise rates by another 25 bps at next week's meeting, but they are seen pausing in June. The rate futures market has also factored in roughly 50 bps of rate cuts by the end of the year.
THE YEN
The Japanese currency, on the other hand, also struggled amid remarks from new Bank of Japan governor Kazuo Ueda about the need to maintain monetary easing ahead of a closely watched Bank of Japan meeting on Friday.
THE ECB
European Central Bank meets next week and is also expected to lift rates by 25 basis points (bps), with the possibility of a 50-bps hike as well. Euro zone inflation and growth data are also due later this week.
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