USDINR
USDINR is still stuck in range but it seems the pair finding resistance near 78.15 – 78.25 levels, We are expecting USDINR to commence Tuesday session between 77.90 – 78.00 levels as the dollar is down in the early morning in Asia as the economic outlook remained uncertain.
Indian shares ended higher on Monday to snap six straight sessions of losses, as gains in consumer and bank stocks helped counter a sharp slump in metals.
India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters.
THE OIL
On Tuesday, Oil prices rose 1% in early Asian trade, clawing back more of last week's losses as the focus returned to the tight supply of crude and fuel products versus concerns about a recession hitting demand down the track.
LAST WEEK MAJOR CENTRAL BANK MOVE
Major central banks tightened monetary policies last week with interest rate hikes. The U.S. Federal Reserve decided to raise interest rates by 75 basis points last Wednesday, the biggest since 1994, despite rising risks of a recession. Surprisingly, the Swiss National Bank also hiked interest rates by 50 basis points on Thursday while the Bank of England followed to raise to 1.25% on the same day.
THE EU COAL AGAIN
Germany, Italy, Austria, and the Netherlands have all signaled that coal-fired power plants could help see the continent through a crisis that has sent gas prices surging and added to the challenge facing policymakers battling inflation.
Europe's biggest Russian gas buyers raced to find alternative fuel supplies on Monday and could burn more coal to cope with reduced gas flows from Russia that threatens an energy crisis in winter if stores are not refilled.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.21 (78.05 – 77.88) 77.72
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