Dollar attempts rebound after inflation-induced losses; sterling weakens By Investing.com
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Benchmark Indices breches the key resistance level
The Indian benchmark indices soared by more 1% during the intra-day trade on Wednesday. The NSE Nifty 50 is up 1.14% or points 221.05 at 19,664.60, whereas the BSE Sensex
13:35 (IST) 15 Nov 2023
USDINR – on defensive as US inflation trails forecast
“US CPI coming lower than expected and prior data weighed heavily on the US Dollar Index that crashed nearly 1.50% yesterday as the ten-year US yields slumped 4% to below 4.50% mark. The US CPI m-o-m came in at 0% Vs the forecast of 0.10%, while y-o-y reading at 3.20% trailed the forecast of 3.30%. China’s industrial production and retail sales data released this morning were better than expected, though UK’s inflation (October) and Japan’s Q3 GDP fell short of expectations. Markets don’t see any rate hikes in December now, while even January rate hike odds have fallen to merely 7% now. Risk-on sentiments, Goldilocks US data and soft yields are supportive for the Indian Rupee, though upside looks limited as the core US CPI y-o-y still stands at 4%, which is double the Fed’s target. The pair may trade between Rs 82.80 and Rs 83.30 in the near-term,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
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