On Wednesday , USDINR likely to start with firm note as dollar index moved upwards on early morning in Asia, with investors digesting U.S. President Donald Trump’s shock cancellation of talks on the latest stimulus measures.
At the interbank forex market on Tuesday, the domestic unit opened at 73.17/18 and fall till 73.5250/73.5350 before finished at 73.46/47 levels. Rupee break willing momentum after comprehensive demand of dollars in lowers levels by Importers.
Workers were clearing undergrowth from wasteland on Tuesday to add 400 graves to the Indian capital's oldest functioning cemetery beside the ruins of historic city walls, as the death toll from the coronavirus grows.
The Nikkei/IHS Markit Services Purchasing Managers’ Index bounced to 49.8 in September from August’s 41.8, a touch below the 50 mark that separates expansion from contraction on a monthly basis.
But September was the seventh straight month that activity had contracted, the longest such stretch since a 10-month run to early 2014.
INTRADAY RANGE - 72.95 ( 73.22 - 73.55 ) 73.72
The EUR
At the time of writing, EURUSD was down by 0.04% to $1.1733. we expect intraday in Asian session pair will bounce back till 1.1760 - 1.1800, But upside selling pressure is building.
On the economic calendar Key stats included August industrial production figures from Germany.
While we can expect some influence from the numbers, the focus will likely be on geopolitics and chatter from Washington.
On the monetary policy front, ECB President Lagarde is due to speak later in the day. Expect any chatter on the economy and COVID-19 or monetary policy to influence.
The Pound
At the time of writing, GBPUSD was up by 0.07% to $1.2887. Intraday we expect the currency pair will bounce till 1.2910 - 1.2930, But upside selling pressure will persist as traders looking for shorts.
On the economic calendar Key stats include September house price figures that will likely have a muted impact on the Pound.
The focus will be on Brexit talks, with progress needed to ease the chances of a no-deal departure from the EU.
Dollar Index
The Dollar Spot Index was up by 0.17% to 93.90 at the time of writing. As we expect any intraday fall is opportunity for long in index for short to medium term positions.
On the monetary policy front, however, the FOMC meeting minutes are due out. Following the postponement of stimulus talks, the minutes will likely garner greater interest.
On economic calendar, updates on Trump’s health and election chatter will also be in focus. We can also expect further market reaction to the postponement of stimulus talks.
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