USDINR
On Wednesday, USDINR likely to commenced between 81.95 – 82.05 levels as safe-haven dollar as market sentiment turned risk-averse amid renewed worries about the banking sector and the outlook for the global economy.
India says risks weigh on FY24 growth forecast, but macros stable
India rules out immediate hit of WTO panel ruling on IT tariffs, exploring "options".
Indian shares rise on improved sentiment amid earnings rush
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.13 (82.02 – 81.90) 81.79
THE USA DATA
U.S. consumer confidence fell to a nine-month low in April, a survey showed on Tuesday. The Conference Board said its consumer confidence index fell to 101.3 - the lowest since July 2022 - from a revised 104.0 in March.
U.S. housing data, which showed new home sales, beat estimates with a 9.6% rise in March to a one-year high of 683,000 after net revisions.
THE YEN
The yen firmed, behaving like a typical safe haven, even as the Bank of Japan's (BOJ) new governor Kazuo Ueda signaled he was not in a hurry to shift policy. This week's BOJ meeting, which concludes on Friday, is his first in charge.
THE ECB
ECB board member Isabel Schnabel told Politico that a 50 basis point (bps) rate hike was not off the table and would depend on data - notably inflation figures due two days before May's meeting.
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