Friday, 10 August 2018

Good Morning!

N. Korea said, “if Trump administration adheres to old scenarios it cannot expect any progress on denuclearization”. It also pointed out that some senior U.S administration officials engaged in sanctions and pressure campaign against N. Korea added fuel to the ongoing trade tensions. Outgoing BOE Monetary Policy Committee member Ian McCafferty said that interest rate will stay low for at least another 20 years.  He also cautioned that uncertainty caused by Brexit had affected business far more than consumers and was causing investment to be weaker than otherwise would be the case. His comment moved the sterling lower overnight. Dollar Index stood tall and closed at a 13 month high. U.S 10 year yields moved lower yesterday on the back of weaker than expected U.S inflation data. U.S stocks ended lower yesterday, but the tech NASDAQ closed marginally higher.
Asian Equities were seen trading lower and SGX Nifty is indicating a muted start to the local bourses. Indian Rupee is likely to open near 68.83 a dollar and is expected to trade between 68.65 – 69.05 range for the day.
Karvy Forex.

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.