WEDNESDAY FOREX : - USDINR ADVANCE , MAJOR ECONOMY CENTRAL BANKS ON HAWKISH MOVE !!
- fxmethods
- Jul 14, 2021
- 1 min read
USDINR
The USDINR most likely to commence Wednesday session with firm note between 74.55 – 74.65 as greenback touched hit 2018 high levels after heated U.S. inflation spurred bets of faster monetary policy tightening than Federal Reserve officials have so far signaled.
On Tuesday, Indian Prime Minister Narendra Modi warned against overcrowding at tourist sites and called for faster vaccinations against the coronavirus even as official figures indicated a slower spread of new infections.
The WHO chief scientist has advised individuals against mixing and matching COVID-19 vaccines from different manufacturers, saying such decisions should be left to public health authorities.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 74.38 (74.44 – 74.73) 75.03
THE FED ON CONGRESS
Fed Chair Jerome Powell testifying before Congress on Wednesday and Thursday for any signals on the timing of a tapering of stimulus and higher interest rates. Powell has repeatedly stated that higher inflation will be transitory, noting that he expected supply chains to normalize and adapt.
U.S. consumer prices rose by the most in 13 years in June amid supply constraints and a continued rebound in the costs of travel-related services from pandemic-depressed levels as the economic recovery gathered momentum.
THE CANADIAN CENTRAL BANK
The Canadian central bank is due to update its economic forecasts at a policy announcement later today with further tapering of asset purchases expected.
THE CENTRAL BANK OF NEW ZEALAND
On Wednesday, NZDUSD jumped as much as 0.92% to 70.09 after the Reserve Bank of New Zealand it would halt its large-scale asset-purchase program. On Tuesday, the kiwi had sunk as low as 69.18 cents for the first time since November.
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