USDINR
On Wednesday, The Domestic Unit (Rupee) likely to commence session with mild gap down between 73.10 – 73.20 against greenback as Local equity future market indicating gap down opening. Despite this USDINR bearish trend intact as greenback maintain south side movement for the fourth straight session, reaching its lowest level against a basket of currencies since late February on waning fears that inflation spikes could prompt the Federal Reserve to raise interest rates sooner than anticipated.
Day Trend: - Bearish trend intact with oversold territory.
INTRADAY RANGE – 72.70 (72.96 – 73.25) 73.49
EURGBP
The Euro (EUR) rose against Sterling following the release of the latest flash Eurozone economic data for the first quarter. The single currency has benefited from several European countries – including large economies like France and Germany – easing their Covid-19 lockdowns as infection rates continue ease off across the European continent.
GBPUSD
The sterling soared to a 3-month high against the dollar, riding on the coattails of reopening optimism, but the end of pandemic will bring the focus back on the Brexit effects that could halt cable’s run higher.
Day Trend: - BULLISH BUT OVERBOUGHT TERRITORY.
INTRADAY RANGE – 1.4324 (1.4233 – 1.4142) 1.4051
T- BOND
U.S. Treasury 10 year yields trading at 1.644 stalled as investors grew more confident that the Fed will hold off on tightening its accommodative monetary policy, despite worrisome indicators that booming demand and scarce supply are sending prices soaring.
GOLD
Gold maintain uptrend as the dollar weakened. Investors also remain concerned about potential interest rate hikes to curb rising inflation.
JAPAN
Japan’s GDP contracted 5.1% year-on-year and 1.3% quarter-on-quarter during the first quarter of 2021 as its consumption has been hit by a slow rollout of the COVID-19 vaccine and a resurgence of COVID-19 cases.
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