USDINR
On Tuesday, USDINR is most likely to commence session between 78.95 – 79.05 levels as The U.S. dollar hit its lowest level since mid-June as well as Oil prices edged lower, extending losses from the previous session, as global oil demand following weak.
THE DOLLAR INDEX
The U.S. dollar hit its lowest level since mid-June against the Japanese yen as investors weighed the likelihood that the Federal Reserve will not raise interest rates as aggressively as some had expected.
The dollar crumbled against the yen, and two-year yields in the U.S. Treasury market also fell, after data showed the U.S. economy shrank for a second straight quarter.
THE OIL
On Tuesday, Oil prices edged lower in early Asian session, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.
Recessionary concerns were heightened on Monday as surveys from the United States, Europe and Asia showed that factories struggled for momentum in July. Flagging global demand and China's strict COVID-19 restrictions slowed production.
US – TAIWAN
Currency investors were also watching news on U.S. House of Representatives Speaker Nancy Pelosi's expected visit to Taiwan. Pelosi was set to visit Taiwan on Tuesday, Reuters reported, citing three sources. The United States says it would not be intimidated by Chinese threats to never "sit idly by" if she made the trip to the self-ruled island claimed by Beijing.
SANCTION GAME
United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars' in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme.
GLOBAL HIGHLIGHTS
U.S. considers crackdown on memory chip makers in China
Wall Street ends down after biggest month since 2020
South Korea July inflation near 24-yr high as more tightening looms
Japan's average minimum wage set to rise at record pace this year -Nikkei
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.36 (79.13 – 78.89) 78.66
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