USDINR
Welcome to Indian FX market after long weekend, We are expecting USDINR commence Wednesday session with firm note between 79.30 – 79.40 levels as Indian equity market near pre pandemic levels as well as oil price retreat below important levels.
DOLLAR INDEX
The dollar in range bound but in bullish trend as investors waited on U.S. retail sales and minutes from the Federal Reserve's July meeting on Wednesday.
The greenback has bounced from a six-week low last week as investors ramp up bets that the U.S. central bank will continue to hike rates aggressively as inflation remains persistently high. Trading has been choppy, however, with the Fed not due to meet until Sept. 20-21 and with more consumer price inflation and jobs data due before then.
YUAN
Chian’s Yuan fell the most among Asian currencies , hitting a three-month low as a surprise rate cut by the central bank on raised concerns over slowing economic growth. The yuan sank 0.40% to 6.80 to the dollar - a level last seen in May - after the People’s Bank of China cut its loan prime rate to 2.75% from 3.70% on Monday.
THE OIL MOVE
On Tuesday, Oil prices fell about 3% to their lowest since before Russia's invasion of Ukraine as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.
IRAN NUKE DEAL
The European Union is assessing Iran's response to what the bloc has called its "final" proposal to save a 2015 nuclear deal, and consulting with the United States, an EU spokesperson said on Tuesday. Iran responded to the proposal late on Monday but none of the parties provided any details.
USDINR TECHNICAL
Day Trend: - BUY IN DIPS
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.66 (79.55 – 79.22) 79.03
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