Rupee maintain winning momentum , We are expecting Rupee commence Tuesday session between 72.35 - 72.42 levels with positive note as greenback down early morning in Asia, dropping to a near six-week low as investors await U.S. Federal Reserve chairman Jerome Powell’s potential response to rising inflation worries.
On Last Intraday session , Rupee opened at 72.5850/5950, hit intraday lows at 72.5950/6050 levels. We had witnessed day high at 72.28/29 levels before finished at 72.49/50 levels against greenback.
INTRADAY RANGE - 71.97 ( 72.25 - 72.60 ) 72.92
NOTE :-
Exporters : - Wait for 10 - 20 pips advance for short term.
Importers : - Can start medium term covering with in tranches(Option Strategy-Premium is low)
GLOBAL OUTLOOKS
Powell, who testifies before Congress later in the day, is expected to provide assurance that the Fed will not respond to higher inflation with an immediate rate hike, which could potentially calm bond markets and could eventually potentially cause the dollar to drop further. The market made slight moves ahead of Powell’s testimony, but expectations of low U.S. interest rates in the short term could see trade-exposed currencies could climb further, which could lead to further drops in the dollar.
The Sterling edged up 0.05% to 1.4069, remaining above the 1.4050 mark. The pound, which rallied nearly 3% in 2021 as the U.K. rolled out a quick and successful COVID-19 vaccine program, in turn boosting confidence in a U.K. economic recovery.
On Daily chart GBPINR trading in overbought territory , every fall is buying opportunity until bullish trend intact .
The USDJPY pair inched down 0.03% to 105.03. The yen, currently the worst performing major currency of 2021 due to its sensitivity to dropping U.S. Treasury prices, steadied against the dollar.
On Tuesday, Oil prices jumped by more than $1 as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week.
Goldman Sachs Commodities Research raised its Brent crude oil price forecasts by $10 for the second and third quarters of 2021, citing lower expected inventories, higher marginal costs to restart upstream activity and speculative inflows.
Gold calm after advancing for two days as investors awaited testimony from Federal Reserve Chair Jerome Powell, and weighed the prospect of a large U.S. stimulus package moving closer to approval.
Bullion is rebounding after a 2.2% drop last week as traders refocus on rising inflation expectations and the potentially massive economic stimulus. Gold’s gains on Friday and Monday came even as benchmark Treasury yields rose to a one-year high, diluting the appeal of the non-interest-bearing asset. Holdings in bullion-backed exchange-traded funds have also seen steady outflows.
Yorumlar