USDINR
USDINR stuck in range of 82.85 – 83.05 levels by central bank trying to ease currency volatility despite dollar on uptrend.
We are expecting USDINR commence Thursday session between 82.85 – 82.95 levels as Oil prices rose in Asian trade as the prospect of tighter supplies helped traders look past concerns over rising U.S. inflation, while focus remained on more upcoming economic data from the U.S. and China.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.11 (83.01 – 82.90) 82.80
THE DOLLAR
Dollar stabilized as traders cautiously awaited the latest U.S. inflation data, while sterling weakened after the U.K. economy contracted by more than expected in July.
GBP/USD
GBP/USD fell with sterling hit by the news that the U.K. economy contracted by a larger-than-expected 0.5% in July, the biggest drop this year, instead of the monthly drop of 0.2% predicted.
The Bank of England is still widely expected to add to the 14 rate hikes since late 2021 when its policymakers meet next week, lifting interest rates to 5.5% from 5.25%.
EUR/USD
EUR/USD fell falling back from the one-week high of 1.0777 seen in the previous session.
The European Central Bank meets on Thursday, and traders have started reassessing their positions after a Reuters report indicated that the ECB policymakers expect inflation in the 20-nation eurozone to remain above 3% next year, bolstering the case for a tenth consecutive interest rate increase.
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