USDINR
We are expecting USDINR commence Friday session with some positive uptick as despite greenback trading where it started week ago, following a roller-coaster week in which currencies were tossed around by shifting risk appetite, with the market's focus now shifting to next week's U.S. Federal Reserve meeting.
The India's federal cabinet approved plans on Thursday to allow 100% foreign direct investment in state-run oil companies, in which a strategic stake sale is announced, a move to help privatisation of Bharat Petroleum Corp.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 74.78 ( 74.58 – 74.38 ) 74.18
ECB
European Central Bank pledged to keep interest rates at record lows for even longer, as widely expected.
The central bank revised its forward guidance on interest rates to reflect its strategy review earlier this month. Under the new framework, the ECB would will inflation to overshoot target its 2% target.
The ECB said the adjustment of forward guidance meant “emphasizing its commitment to sustainably maintain an accommodative monetary policy stance to reach its inflation target.”
THE STEEL FIGHT
On Friday, The Ministry of Commerce said China launched an anti-dumping investigation on grain oriented flat-rolled electrical steel imported from Japan, South Korea and the European Union on July 23.
The probe follows the expiry of anti-dumping tariffs in place for five years since July 23, 2016. The new review will be concluded before July 23, 2022, the ministry said.
INDICES
South Korea’s KOSPI was up 0.132% by 10.50 PM ET
Australia, the ASX 200 inched up 0.12%.
Hong Kong’s Hang Seng Index Index fell 0.86%
China’s Shanghai Composite was down 0.46% while the Shenzhen Component was fall 0.96%.
Comments