Major Developments

  • Policymakers at BoE voted unanimously to leave its main interest rate unchanged at a record low of 0.1%
  • The US Federal Reserve kept its interest rate unchanged at 0.25%
  • First-time filings for unemployment benefits jumped for the week ending Sept.18, hitting the highest level in a month. On a seasonally adjusted basis claims totalled to 315K, an increase from the previous week`s upwardly revised of 335K.
  • India`s foreign exchange reserves declined by $1.47 billion to $639.642 billion in the week ended September 17

 

USDINR Weekly performance & Outlook

  • The USDINR pair made a gap up opening at 73.81 levels. The pair remained volatile throughout the week and finally closed at 73.70 levels. 
  • The USDINR pair remained steady the first half of the week as investors eagerly waited for the FOMC meeting outcome.
  • Indian benchmark indices surged over 1% each amid strong global cues after a weaker dollar across the board. The number of Americans filing for unemployment benefits increased by 16000. 
  • U.S. Policymakers signaled through their updated “dot plot” forecast of the fed funds rate that they’re evenly divided about whether to raise the short-term benchmark next year. That’s a shift from June when 11 of 18 officials expected to leave it unchanged in the current range of 0% to 0.25%. 
  • The Fed and the BoE prepared the markets for trimming of asset purchases. Yields across DM economies inched higher this week.
  • Markets would remain cautious ahead of key macroeconomic datasets such GDP and PMI datasets from U.S and Manufacturing PMI numbers from India. 

 

Read the full report

This report has been prepared by IFA Global. IFA Global shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. IFA Global nor any of directors, employees, agents or representatives shall be held liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. No liability whatsoever is accepted for any loss arising (whether direct or consequential) from any use of the information contained in this report. This statement, prepared specifically at the addressee(s) request is for information contained in this statement. All market prices, service taxes and other levies are subject to change without notice. Also the value, income, appreciation, returns, yield of any of the securities or any other financial instruments mentioned in this statement are based on current market conditions and as per the last details available with us and subject to change. The levels and bases of, and reliefs from, taxation can change. The securities / units / other instruments mentioned in this report may or may not be live at the time of statement generation. Please note, however, that some data has been derived from sources that we believe to be reliable but is not guaranteed. Please review this information for accuracy as IFA Global cannot be responsible for omitted or misstated data. IFA Global is not liable for any delay in the receipt of this statement. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IFA Global to any registration or licensing requirements within such jurisdiction. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. IFA Global reserves the right to make modifications and alterations to this statement as may be required from time to time. However, IFA Global is under no obligation to update or keep the information current. Nevertheless, IFA Global is committed to providing independent and transparent information to its client and would be happy to provide any information in response to specific client queries. Neither IFA Global nor any of its directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The information provided in these report remains, unless otherwise stated, the copyright of IFA Global. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright IFA Global and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD stays afloat above 1.1600 as inflation data meet expectations

EUR/USD came under modest bearish pressure in the early European session and continues to have a difficult time regaining its traction. After the data from the euro area revealed that annual CPI stayed unchanged at 3.4% in September, the pair stays relatively calm above 1.1600.

EUR/USD News

GBP/USD drops below 1.3800 as UK CPIs disappoint

GBP/USD eases below 1.3800, as an unexpected decline in the UK inflation douses the BOE rate hike expectations. Covid resurgence in the UK also undermines the pound. The pair could find support from a broadly subdued US dollar and fresh Brexit optimism. 

GBP/USD News

XAU/USD climbs back above $1,775 level, limited upside potential

Gold refreshes intraday high during a two-day rebound from 21-DMA. Treasury yields await fresh clues after refreshing five-month top. Federal Reserve tapering concerns, China fears stay on table amid quiet session.

Gold News

Crypto markets prepare for final pullback before next leg up

Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart. Ethereum price continues to consolidate under the $3,938 resistance level. Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.

Read more

Tesla: Why it is time to sell TSLA stock

Tesla breaks higher again on Monday as we had called. TSLA to release earnings after the close on Wednesday. Is it time to sell Tesla stock now before earnings?

Read more

Majors

Cryptocurrencies

Signatures