USDINR
On Wednesday, USDINR is likely to commence session with in range of 81.60 - 81.70 levels as Most Asian currencies recovered sharply from recent losses despite hawkish signals from the Federal Reserve, with focus remaining squarely on COVID-related protests in China and the government’s response.
Annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded, economists said ahead of GDP data due on Wednesday that will provide clues about its resilience in the face of global economic turmoil.
Asia's third-largest economy is expected to post annual growth of 6.2% in the three months to Sept. 31, according to a Reuters poll, down from explosive growth of 13.5% in the previous quarter, which was inflated by comparison with weak activity during COVID-19 lockdowns.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 81.98 (81.79 – 81.59) 81.40
GLOBAL ECONOMY DATA
JAPAN
Japan's factory output fell for a second consecutive month in October, as stalling global demand and lingering supply bottlenecks put a lid on Japanese manufacturers' production plans.
Factory output fell 2.6% in October from a month earlier on a seasonally adjusted basis, government data showed on Wednesday. The dip was larger than economists' median forecast of a 1.5% decline and followed a revised 1.7% decrease in September.
UNITED KINGDOM
The British Retail Consortium (BRC) said fresh food prices were 14.3% higher this month than a year ago.
The cost of fresh food sold in British shops increased in November at the fastest annual rate since records began in 2005, a new blow for households grappling with the cost-of-living crisis.
SOUTH KOREA
South Korea's factory output dropped in October by more than expected and at the fastest pace in nearly 2-1/2 years, government data showed on Wednesday, amid weakening demand due to a global economic slowdown, and aggressive rate hikes.
The country's industrial output fell by a seasonally adjusted 3.5% in October from a month earlier, accelerating from a revised 1.9% decline in September.
CROWDS SENTIMENT IS VITAL ELEMENT OF MARKET MOVE.
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