The Domestic unit likely to start with firm note as greenback was down on Wednesday morning in Asia over continued optimism over the U.S. Congress passing the latest stimulus measures before the Nov. 3 presidential election, boosting risk sentiment and pushing the dollar down to a near one-week low.
On Tuesday , Indian currency opened at 73.3675 at the interbank forex market and, after witnessing a volatile session, closed at 73.4650 against greenback, down 10pips over its previous closing price of 73.37.
India posted its lowest daily coronavirus caseload in nearly three months, data from the health ministry showed on Tuesday, as new cases maintained decreasing trend from a peak in September.
INTRADAY RANGE - 73.09 (73.27 - 73.57 ) 73.78
GLOBAL OUTLOOKS
All eyes are on whether a U.S. stimulus bill is agreed upon … if U.S. policymakers manage to agree on fiscal deal, the dollar can edge lower especially against commodity sensitive currencies
President Donald Trump signaled that he was willing to accept a package with a larger price tag despite Republican opposition, saying on Tuesday, “I want to do it even bigger than the Democrats.”
House of Representatives Speaker Nancy Pelosi also was hopeful that the Republican-Democrat gap on the stimulus measures’ price tag is narrowing, saying, “I hope so. That’s the plan,” for an agreement to be reached the following week.
The AUDUSD pair was up 0.31% to 0.7076, with the Westpac/Melbourne Institute (MI) Leading Index, a preliminary indication of retail sales figures, increasing 0.2% month-on-month. The index last recorded a 0.5% growth.
The NZD/USD pair gained 0.32% to 0.6598, with the Antipodean risk currencies seeing a cap on gains over expectations of negative rates in New Zealand, and monetary easing across the Tasman Sea in Australia.
The USD/CNY pair edged down 0.14% to 6.6658. The yuan continues to bask in the glow of data released earlier in the week suggests that China is leading the economic recovery from the COVID-19 pandemic. Offshore yuan was headed towards a more than two-year peak on Tuesday.
The GBP/USD pair edged up 0.17% to 1.2974. Investors continue to keep an eye on the progress of Brexit talks between the U.K. and the European Union.
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