USDINR
On Wednesday, The domestic unit likely to commence session between 82.00-82.10 levels as dollar fell against most major currencies after better-than-forecast growth data from China, while strong pay figures from Britain supported the pound.
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USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY
INTRADAY RANGE – 82.24 (82.11 – 81.98) 81.85
THE CHINA DATA
China's gross domestic product grew 4.5% year on year (YoY) in the first three months of the year, data showed, beating analyst forecasts for a 4% expansion after the end of COVID-19 restrictions lifted the world's second-largest economy.
Separate data on March activity in China also showed retail sales growth quickened to 10.6%, beating expectations and hitting a near two-year high, while factory output growth also sped up but was just below expectations.
THE DOLLAR
The dollar weakness is the likelihood disinflation already is occurring in the United States, a reason the Federal Reserve is going to pause hiking interest rates.
Futures traders are pricing in an 83.4% chance of the Fed raising rates by 25 basis points at its next meeting in May, with traders still expecting rate cuts toward the end of the year.
THE BRITISH POUND
Britain's pound jumped despite an unexpected rise in the unemployment rate in the three months to February as pay growth stayed higher than forecast, which could prompt the Bank of England to hike its interest rate again in May.
THE OIL
On Wednesday, Oil prices rose in early Asian trade as signs of shrinking U.S. inventories pointed to tighter supplies, although anticipation of a slew of indicators on U.S. monetary policy and the economy kept gains limited.
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