USDINR
On Thursday, We are expecting USDINR to commence a session within a range of between 74.37 – 74.45 as greenback hovered around a two-week low, weighed down by the latest insistence from Fed chairman Jerome Powell that rate increases aren't on the radar, while sterling has been riding higher with re-opening optimism.
We are witnessing pairs stuck between 74.28 – 74.65, after a breach those trading range pairs will indicate direction but mid to long term still bullish.
Twitter Inc is fast losing its sheen as a favoured communications tool for many Indian government departments and ministers keen to promote home-grown rival Koo while the U.S. firm comes under fire for non-compliance with India's laws.
On Wednesday, U.S. Secretary of State Antony Blinken met a representative of the Dalai Lama in New Delhi, a move likely to anger Beijing which considers the Tibetan spiritual leader a dangerous separatist.
The meeting was one of the most conspicuous contacts between U.S. and Tibetan officials since President Barack Obama met the Dalai Lama in Washington in 2016.
Day Trend: - UPSIDE SELL.
INTRADAY RANGE – 74.66 ( 74.48 – 74.28 ) 74.13
THE POWELL
Overnight, the Fed first sounded confident about the economy in its statement. Then Powell was more circumspect and said in his news conference that rate increases were "a ways away" and that the job market still had "some ground to cover".
STERLING
The big mover this week has been sterling, as traders have been encouraged by early signs that England's end to most COVID restrictions last week has not been a disaster. GBPUSD is up nearly 2.48% from a low of around $1.3572 last week to trade at $1.3925 on Thursday, and it touched an almost four-month high of 85.13 pence per euro in the Asian session.
INDICES
Japan’s Nikkei 225 up 0.69% by 11:06 PM ET.
South Korea’s KOSPI is up 0.28%.
Australia ASX 200 trading + 0.36%.
Hong Kong’s Hang Seng Index +2.75%.
China’s Shanghai Composite rose +1.14 & Shenzhen Component rose 1.83%.
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