The overall mood seems to be that of caution with the virus situation deteriorating across Europe, US and Japan. Investors are concerned about the extent of damage fresh restrictions can inflict upon the economy till the time a sizeable portion of the population is immunized and herd immunity develops. Pfizer is said to soon file for emergency use Authorization of its vaccine. In addition, the effect of the first US stimulus seems to be fading considering the disappointing release of Retail Sales and Unemployment Claims data from the US

Also, treasury secretary Mnuchin's comments recalling unused funds from the Fed has stoked further concerns. Meanwhile, the Senate Democrat minority leader and Republican majority leader have agreed to revive talks on the second stimulus package. Concerns may also emerge around President Trump's legal challenges citing fraud in mail in voting. Though it is unlikely for the challenge to be upheld, investors would be nervous about an orderly transition taking place between the outgoing and incoming administrations. 

Today EU chief negotiator Barnier is scheduled to brief the EU member nations about the progress of trade negotiations with UK. US yields have fallen across the curve. USDINR is expected to trade in a range between 73.90 to 74.30 range. 

Strategy: Exporters are advised to build long term exposure in 74.60-75.50 range. Importers are advised to cover through options. The 3M range for USDINR is 73.00 – 75.40 and the 6M range is 73.00 – 76.00.

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