- USD/INR consolidates ahead of the data releases from both nations.
- China's economic stimulus causes positive sentiment, providing support for the Indian Rupee (INR).
- India's market regulator has unveiled instances of violations within the Adani group.
USD/INR trades sideways around 82.60 during the Asian session on Tuesday as market participants prepare for forthcoming data releases from India and the United States (US). Furthermore, the positive sentiment stemming in the Asian regional markets from China's economic stimulus actions is favoring the Indian Rupee (INR) buyers.
Beijing implemented a reduction of 0.1% in the stamp duty on stock trading. Additionally, traders are closely monitoring the visit of US Commerce Secretary Gina Raimondo to China, with the aim of strengthening trade relations between the United States and China. The stability in China's economy could contribute to support for the Indian Rupee (INR) buyers.
Investors await upcoming data releases from the US, seeking fresh impetus on the US economic outlook. These datasets include Jolts Job Openings, Housing Price Index, and Consumer Confidence scheduled to be unveiled later in the day.
During the week, US Core Personal Consumption Expenditures (PCE) Index, weekly Jobless Claims, and Nonfarm Payrolls will be in focus. Likewise, India’s Gross Domestic Product (GDP) is expected to improve in the second quarter report, which is due to be released on Thursday.
Additionally, an inquiry conducted by India's market regulator into the Adani group has revealed instances of breaches in regulations concerning disclosures by listed entities and limits on offshore fund holdings. The Securities and Exchange Board of India (SEBI) initiated the investigation following concerns raised by US-based Hindenburg Research regarding governance issues surrounding the Adani group. The situation could potentially exert pressure on Indian equities, possibly leading to support for the USD/INR pair.
The US Dollar Index (DXY), gauging the Greenback's performance against six other major currencies, trades lower around 103.80. The decline in the US Treasury yield is undermining the US Dollar (USD) due to a prevailing sense of caution, following the support for the hawkish stance by the US Federal Reserve Chair Jerome Powell.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold slumps below $2,300 as US yields rebound
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.