USDINR
On Wednesday, USDINR is most likely to commence firm note between 75.45 – 75.55 levels after yesterday's Sharpe correction as the dollar hit its highest in nearly two years on Tuesday, boosted by hawkish comments from Federal Reserve officials who pushed for a quick reduction in the central bank's bloated balance sheet, with one of them expressing openness to hefty rate increases of half a percentage point.
THE OIL
Oil futures slid on Wednesday, extending losses from the previous day, as a stronger U.S. dollar prompted fresh selling while data showing a build in U.S. crude stocks and Shanghai's extended lockdown fuelled fears of slower demand.
USA BONDS
In Treasuries, the yield on 10-year Treasury notes was up 18 basis points to 2.60%, while the 2-year note yield was up leaving the 2-10 spread at 2.66 basis points after having been negative for the most part since last week.
THE FRANCE
President Emmanuel Macron is still ahead in opinion polls but his far-right Eurosceptic rival Marine Le Pen has been closing the gap, and a poll on Monday put victory within the margin of error, unnerving investors ahead of the French presidential election's first round on Sunday.
THE AUSSIE
The RBA dropped its pledge to be "patient" on tightening policy while holding the key rate at a record low for now, as was expected. The New Zealand and Canadian dollars, as well as the Norwegian crown, rose in tandem with the Aussie currency.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - UPSIDE SELL (Mid Term)
INTRADAY RANGE – 75.76 (75.53 – 75.30) 75.07
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