Euro Remained Under Pressure As a Surge in Covid-19 Cases Across Europe

  • Forex Analysis

# USDINR trading range for the day is 72.25-72.75.
# USDINR gained as investors were cautious amid mounting coronavirus infections and restrictions in Europe and tensions with China
# India 10 Year Government Bond Yield decreased to a 4-week low of 6.139%
# Fed Chair Powell reiterated the Fed is committed to using its full range of tools to support the economy and to help assure that the recovery will be as robust as possible

# EURINR trading range for the day is 85.89-86.69.
# Euro remained under pressure as a surge in COVID-19 cases across Europe outpacing an already-slow vaccine rollout and forcing the imposition of fresh lockdowns.
# ECB increased the pace of net pandemic bond-buying last week. Holdings under PEPP rose by EU21.1b in the week ended March 19th.
# Bundesbank says the German economy is likely to contract sharply this quarter due to lockdown measures

# GBPINR trading range for the day is 99.46-100.7.
# GBP dropped as investors focused on broader currency market drivers and the European Union's threat to impose a ban on vaccine imports to Britain.
# But the EU's leaders are due to discuss imposing a ban on vaccine exports to Britain at a summit on Thursday.
# Speculators reduced their net long position on the pound versus the dollar in the week to March 16, CFTC data showed.

# JPYINR trading range for the day is 66.41-67.23.
# JPY gained in range amid optimism about the reopening of the economy as vaccination drives gather pace.
# BOJ Gov Kuroda says no plan to stop buying ETFs or sell them
# Finance Minister Taro Aso welcomed the BOJ’s assessment, saying the review of its policy tools including ETF purchases was appropriate.

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