USD/INR: Buyers flirt with multi-week top ahead of India WPI


  • USD/INR seesaws around 10-week high as Indian markets open on Thursday.
  • Trade/geopolitical tension question the market’s risk tone ahead of the busy calendar.
  • Indian WPI will trigger the catalyst flow that travels through Powell’s testimony and Fedspeak.

Following initial uptick to the highest since September 04, USD/INR pulls back to 72.22, during Thursday’s pre-European session, as traders await Indian WPI data for fresh impulse.

While the uncertainty surrounding the US-China trade deal was already weighing on the market sentiment, also supporting the US dollar (USD), recent political tension between the United States (US) and China concerning Vietnam adds to the market’s rush towards the greenback.

Also on the risk-negative side is the escalation of protests in Hong Kong for the fourth consecutive day. Protesters keep blocking the transportation means and injure citizens in the Asian country for multiple days in a row, which in turn pushes the government to extend the suspension of schools till this weekend.

On a bit distant note, China’s downbeat Industrial Production and Retail Sales data for October also contribute to the USD strength.

Elsewhere, the US 10-year Treasury yields take rounds to 1.9% while S&P 500 Futures and most of the Asian stocks are in the red by the press time.

Traders now look forward to India’s October month WPI Inflation, expected 0.0% versus 0.33% prior, for fresh direction. However, major market attention will be on the trade/political headlines ahead of the US Federal Reserve Chairman Jerome Powell’s second day of Testimony and comments from some other Fed speakers.

Technical Analysis

Unless breaking 72.40 on a daily closing basis, September month high near 72.65 and 73.00 are far from bull’s reach, which in turn highlights the risk of a pullback to mid-October top near 71.80.

Additional important levels

Overview
Today last price 72.1602
Today Daily Change -0.0413
Today Daily Change % -0.06%
Today daily open 72.2015
 
Trends
Daily SMA20 71.0651
Daily SMA50 71.154
Daily SMA100 70.6024
Daily SMA200 70.1974
 
Levels
Previous Daily High 72.214
Previous Daily Low 71.6525
Previous Weekly High 71.6
Previous Weekly Low 70.4975
Previous Monthly High 71.79
Previous Monthly Low 70.6425
Daily Fibonacci 38.2% 71.9995
Daily Fibonacci 61.8% 71.867
Daily Pivot Point S1 71.8313
Daily Pivot Point S2 71.4612
Daily Pivot Point S3 71.2698
Daily Pivot Point R1 72.3928
Daily Pivot Point R2 72.5842
Daily Pivot Point R3 72.9543

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.

GBP/USD News

EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/UDS dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 

EUR/USD News

Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Read more

Gold: Sidelined after biggest daily decline in four weeks

Gold is lacking a clear directional bias in Asia, having registered its biggest single-day decline in four weeks on Friday. China's data may embolden President Trump to take more aggressive measures. 

Gold News

USD/JPY in search of a firm direction, stuck in a range above mid-108.00s

USD/JPY was seen oscillating in a narrow band and consolidated last week’s losses. US-China trade uncertainties continued underpinning the JPY’s safe-haven status. Investors now seemed reluctant ahead of the latest FOMC monetary policy update.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures