US data has been impressive. The GDP for the January to March quarter was revised upwards to 2.00%, and unemployment claims experienced the largest decrease in 20 months. As a result, traders are speculating on a possible interest rate hike by the Federal Reserve next month USDINR June is closed at the high point of… Read More »
USDINR to trade within the range of 81.80/85 and 82.05/08 on the spot. Incase it breaks 81.80 with volume, then we may even see the test of the critical support zone near 81.60/65 levels on spot. Scalping remains the preferred strategy, and despite the historically low implied volatilities and options premiums. USD INR Gann Angle… Read More »
USD INR has done a breakdown below 82. USD INR Gann Angle Chart USD INR did a breakdown at 82, Till below 82 can see fall towards 81.80/81.65. USD INR Plannetary Support and Resistance Line Indain Rupee is above Venus Plannetary line heading towards 82/81.80 USD INR Harmonic Price is heading towards 81.5 … Read More »
RBI’s monetary policy unfolded as expected, resulting in minimal volatility in the USDINR market. Policy rates were left unchanged, while the inflation forecast for FY24 was revised down from 5.2% to 5.1%. RBI maintained its growth expectation for FY24 at 6.5%. Nevertheless, USDINR started the day with a downward gap due to a decline in… Read More »
A confluence of FPI inflows and a reversal in the US Dollar Index from an upward trajectory to a downward one has facilitated the strengthening of the Rupee against the US Dollar. India’s manufacturing PMI surged from 57.2 in April to 58.7, marking the highest reading in 31 months. This presents an interesting contrast to… Read More »
The US debt ceiling deal is done – Deal includes a 2-yr debt limit extension, effectively resolving the issue until after the 2024 election – Deal needs to pass Republican-led House & Democrat-controlled Senate Whenever USDINR drew close to the 83.00 handle over the past eight months, momentum slowed down as the persistent supply from… Read More »
The US Dollar Index can strive for March highs of 105.88 in the best-case scenario, where risk increases. In that case, the USDINR may also test its strong resistance area in the 82.80–83.00 zone on the spot. Since the central bank manages volatility aggressively practically every day in the OTC/NDF market, we would anticipate that… Read More »
The Fed announced a rate increase while also indicating a pause. All of this was well anticipated, and thus the market’s reaction has been consistent with business as usual. Commodities sank, the US Dollar Index declined, and equity markets started to decline. However, none of those actions were unusual. By December of this year, the… Read More »
Poor US GDP statistics caused a moderate sell-off in global equity markets and a rally for US Treasury bonds. Lower yields have not dampened demand for the US dollar, which is being supported by a risk-off environment. The USDINR has not exhibited the expected strength following a congestion breakout near 82.15. Nevertheless, the bias and… Read More »
A sharp decline in inflation is unsurprising, since we have been predicting since the end of last year that a greater base, a slowing economy, and lower prices for goods and services might all lead to very low inflation this year. The minutes of the most recent US central bank meeting, which were recently released,… Read More »