US Treasury secretary Yellen was quick to clarify her comments about interest rate hikes being needed to prevent the economy from overheating. She said she does not see inflation as being a problem for the US economy and that any rise in prices would be transitory. She also added that she was neither predicting nor recommending a rate hike.      

US Treasury secretary Yellen was quick to clarify her comments about interest rate hikes being needed to prevent the economy from overheating. She said she does not see inflation as being a problem for the US economy and that any rise in prices would be transitory. She also added that she was neither predicting nor recommending a rate hike. 

FIs are seeking easier terms for loan repayments and restructuring. The Nifty ended with a cut of about 1% to end below the crucial 14500 marks. The Dow recovered from session lows to end flat. Bank stocks will be in focus today given the RBI governor address.

Bonds continued to rally with the yield on benchmark 10y falling briefly below 6% before ending the session at 6.01%. 10-12y SDL cutoffs were in the range of 6.77-6.87 in an auction yesterday.

The forwards eased after some Cash Dollar buying was seen yesterday. May points had risen to 54p initially before ending the session at 40p. We could see the forwards continue to normalize today. Cash Tom which was around 5.5p came off towards the end of the session to 2.5p. 

Strategy: Exporters are advised to cover a part of their near-term exposure on upticks towards 74.80-75.00. Importers are advised to cover through forwards on dips towards 73.80. The 3M range for USDINR is 73.50 – 76.00 and the 6M range is 73.00 – 76.50.

fxsoriginal

 

fxsoriginal

Download The Full Daily Currency Insight

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 Price Analysis: Struggles above 1.2050 inside rising wedge

EUR/USD fades the previous day’s bounce off 1.2060-55 support confluence while easing to 1.2078 amid early Friday’s Asian session. 

EUR/USD News

GBP/USD under pressure below 1.4050 amid renewed USD demand

GBP/USD trades pressured below 1.4050, as the US dollar remains broadly bid amid risk-off sentiment. Rising inflationary pressures and Brexit jitters over NI keep investors on the edge. Bailey's speech, US data in focus.

GBP/USD News

XAU/USD respects the 10-day EMA

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. Gold Weekly Forecast: XAU/USD could target 200-day SMA

Gold News

Yearn Finance Price Forecast: YFI eyes consolidation after quick surge

Yearn Finance price tagged the channel’s upper trend line yesterday, falling just short of $100,000 and 261.8% Fibonacci extension target at $102,900. The sharp reversal from the trend line marks a significant turning point for YFI that will shift price action to consolidation from the uptrend beginning at the April 25 low. 

Read more

US markets lead the recovery as jobless claims decline

Ongoing inflation fears remain, yet improved jobless claims help lift spirits in the US. Meanwhile, UK reopening stocks have been dealt a blow after SAGE claimed that a rise in the Indian Covid strain could slow the pace of lockdown easing. 

Read more

Majors

Cryptocurrencies

Signatures