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WEDNESDAY - USDINR & GOLD HIT $1800 !!

Updated: Jul 22, 2020

On Wednesday , USDINR will maintain opening trade in range bound with negative sentiment as Fitch Ratings on Tuesday cut India’s growth forecast for 2021-22 fiscal to 8% from 9.5% projected last month. It, however, retained its projection of Indian economy contracting by 5 per cent in the current fiscal. Indian economic growth stood at an estimated 4.2 per cent in 2019-20.

  • California regulators sued Cisco Systems Inc on Tuesday, accusing it of discriminating against an Indian-American employee and allowing him to be harassed by two managers because he was from a lower Indian caste than them.

INTRADAY RANGE - 75.28 ( 75.44 - 75.59 ) 75.78


NOTE :- IMPORTER MUST COVER IN EVERY DIP FOR SHORT TO MID-TERMS.


GLOBAL HIGHLIGHTS

  • Gold broke beyond the $1,800 per ounce target long eyed by bulls in the precious metal as concerns about a second wave of corona virus infections colluded with stimulus measures aimed at helping economic recovery from the pandemic.

  • The dollar has managed to remain strong against the yen due to signs of economic revival, but the greenback has failed to make headway against commodity currencies, showing that some investors remain wary of downside risks.

  • The EUR/USD looks stable, but there are questions about Brexit and the pace of economic reopening, which means the euro could soon be overvalued. EUR/USD (1.1239) into a narrow range as traders awaited data on Germany's manufacturing sector, retail sales, and the jobless rate to gauge the health of the euro-zone economy.

  • The Sterling bought $1.2386 as it held on firmly to the previous session's gains, but traders may be reluctant to buy the pound further due to worries about Britain's trade negotiations with the European Union.

  • The Swiss franc , a currency traditionally sought as a safe haven during times of heightened risk, also perked up against the greenback, which shows that positive economic data alone is not enough to support broad-based dollar gains.

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