USDINR
On Tuesday, USDINR is likely to commence session with in range between 79.85 – 79.95 levels as with weaker sentiment as dollar rose across the board, driving the euro back below parity, as investors shied away from riskier assets amid growing fears that interest-rate hikes in the United States and Europe, aimed at curbing inflation, would weaken the global economy.
On Monday , India's Nifty 50 and BSE Sensex index fell over 1% for the second straight session, dragged lower by metals and banks with global market weakness further weighing on sentiment. The NSE Nifty 50 index closed down 1.51% at 17,490.7, while the S&P BSE Sensex dropped 1.46% to 58,773.87.
USDINR TECHNICAL
Day Trend: - BUY ON DIPS
Weekly Trend: - HOLD
INTRADAY RANGE – 80.11 (79.98 – 79.81) 79.66
THE YUAN
The Chinese yuan sank to a near two-year low after the People’s Bank cut lending rates for the second time in two weeks, while most other Asian currencies fell amid growing uncertainty over the Federal Reserve’s plans for monetary policy.
THE ASIAN FX
The Singapore dollar and the South Korean won lost about 0.21% each. Malaysia's ringgit was the worst performer in Southeast Asia, slumping 0.32% to a five-year low in tandem with weaker oil prices.
EURO
The euro broke below parity for the second time in just over a month as a resurgent dollar and the prospect of a difficult winter for the region begin to bite. Strategists see the dip as just the start of a deeper descent.
THE YEN
The short yen trade, a favorite macro position this year, could see a comeback with traders eyeing the key 140-level.
THE POUND
The pound is also not far off a two-year low against the dollar, despite a pick-up in UK bond yields. Commodity Futures Trading Commission for the week through Aug. 16 show leveraged funds are the most long the pound since March 2020, setting it up as ripe for a potential short, according to Societe Generale’s Juckes. Traders at these funds also extended their euro short positions to the most in three weeks.
HAVE A GREAT 👍 DAY AHEAD, HAPPY TRADING
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