USDINR Rose on Expectations of Larger Interest Rate Hikes from the US Fed

  • Forex Analysis

# USDINR trading range for the day is 79.3-80.04.
# USDINR rose on bets of larger interest rate hikes from the U.S. Federal Reserve and demand for dollars from importers.
# The U.S. economy added more than double the number of jobs economists had forecasted, data showed.
# The country's central bank hiked the key interest rate by 50 basis points to cool soaring inflation.

# EURINR trading range for the day is 80.93-81.71.
# Euro remained in range as more data is pointing out that a recession is looming.
# Investor morale in the eurozone was essentially unchanged in August from the previous month.
# Rating agency Moody's cut Italy's outlook to "negative" from "stable"

# GBPINR trading range for the day is 95.86-96.94.
# GBP recovered as traders turned their focus to growth figures due on Friday that should give clues on the state of the economy.
# The S&P Global/CIPS UK Construction PMI posted 48.9 in July 2022, down from 52.6 in June
# Money markets now expect a 25 bps hike in September, with the central bank seeing the peak of inflation at 13.3% in October.

# JPYINR trading range for the day is 58.75-59.59.
# JPY dropped Japan's service sector sentiment fell by 9.1 points to 43.8 in July 2022 from 52.9 in June.
# Japan bank lending accelerates in July
# Japan's current account deficit below forecasts.

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