FOREX NEWSLETTER : - RUPEE IN RANGE , NZD & CHF SLIP,MAJOR ECONOMY INFLATION DATA , OIL ADVANCE !!
- fxmethods
- Jun 9, 2021
- 2 min read
USDINR
On Wednesday, USDINR likely to commence session with between 72.93 – 73.03 levels, couple of days pair stuck in range of 72.70 – 73.00 as greenback edged up slightly and currency market volatility hit the lowest level in more than a year, as investors sat on the side-lines waiting for clearer signals on inflation levels and central bank policies around the world.
Day Trend: - NEUTRAL TO BULLISH.
INTRADAY RANGE – 72.68 (72.84 – 73.05) 73.16
INFLATION
Inflation updates expected from Europe and the United States this week and an impending European Central Bank meeting on Thursday to be followed by a U.S. Federal Reserve meeting next week, currency investors appeared to be treading water.
Chinese consumer price index (CPI) for May, missed forecasts, contracting 0.2% month-on-month and growing 1.3% year-on-year. However, the producer price index (PPI) exceeded expectations, growing 9% year-on-year.
YIELD
10-year U.S. Treasury yield steadied from a fall to an intraday one-month low. Yields eased for a third consecutive week.
NZDUSD
On Wednesday, NZD/USD is trading at 0.7194, down 0.45%. The New Zealand dollar is in negative territory. New Zealand will release Manufacturing Sales for Q1.The indicator showed a small gain of 0.5% in the fourth quarter.
USDCHF
USDCHF Price Penetrates $0.898, break down the $0.891 support level, the support level of $0.878 and $0.869 may be tested. In case the bulls break up the resistance level at $0.898 level, the resistance level of $0.905 and $0.919 may be reached.
OIL PRICE
U.S. oil supplies fell 2.11 million barrels last week. That would be the third straight weekly decline if confirmed by U.S. government data on Wednesday. West Texas Intermediate futures surpassed the $70 mark to close at its highest since Oct. 2018 after briefly touching the key psychological level earlier this week.
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