USDINR
On Wednesday, USDINR is most likely to commence the session within a range between 74.46 - 74.55 levels, but it seems vulnerable in upper levels. For a couple of days Pair directly correlated with nifty50, but pair intact within a bullish trend.
In an update to its World Economic Outlook (WEO), the IMF forecast emerging Asia will grow 7.5% this year, down 1.1% points from its previous projection made in April.
IMF said, Growth prospects in India have been downgraded following the severe second COVID wave during March-May and expected slow recovery in confidence from that setback.
Day Trend: - UPSIDE SELL.
INTRADAY RANGE – 74.78 ( 74.59 – 74.38 ) 74.18
THE FED
The Federal Reserve is expected to maintain its interest rates at 0.25%. However, all eyes are focused on the statement and post-decision press conference hosted by the Fed’s chairman Jerome Powell.
USDMXN
The Mexican peso (USD/MXN) lost 1.30% since reaching a peak of 20.12 on July 21. It has now tested its 200-day moving average, which is now at 19.96. If the pair manages to break below that level, it will face support at 19.90, where dynamic uptrend support coming from June 9 lies. Next supports are identified at 19.80, July 13 low, and the 19.74 level, which is July 2 minimum. Then, the 2021 lows area at 19.55 would be exposed.
INDICES
Nikkei 225 fell 1.15% by 11.09 PM ET.
KOSPI down 0.02%.
ASX 200 was down 0.76%.
Hang Seng rose 0.65%.
China’s Shanghai Composite was down 0.35% and the Shenzhen Component recovered almost 1.5% loss and trading positively at 0.07%.
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