USDINR
On Thursday, USDINR likely to commence between 82.60 – 82.70 levels as dollar to a two-week low against a basket of currencies after data showed that U.S. private payrolls rose less than expected in August, adding to expectations that the Federal Reserve would stop raising interest rates.
Last trading session pair intraday range was 82.6575 – 82.8175.
India's economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, data is expected to show on Thursday, though economists warn of a slowdown ahead.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 82.94 (82.78 – 82.62) 82.46
THE EUROPE
The euro was at $1.0931. It has bounced from $1.07655 on Friday, the lowest since June 13. The data add to the uncertainty surrounding the near-term path of ECB policy. On balance, we think that the ECB will raise rates once more in this cycle.
Money markets raised their bets on a September rate hike from the European Central Bank, pricing in a 58% chance of a 25 basis-point move.
The single currency was boosted by hotter-than-expected inflation in Germany, a day before highly anticipated consumer price data for the euro zone.
German CPI increased by an annual 6.4% (August), down from a reading of 6.5% (July) but above the 6.3% forecast in a poll of economists surveyed.
Spain's CPI also rose to 2.6%, while core inflation fell to 6.1% from 6.2% in July.
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