Friday, 11 May 2018

Good Morning!

The BOE has kept the interest rates unchanged at 0.50% as globally expected but reduced its GDP growth and inflation outlook for 2018 & 2019.
The dollar index retraced back from its 4.5months highs amid weaker than expected core CPI data. surprisingly US consumer prices rose 0.1% during the month of April less than market expectations at 0.2% which would support a gradual, rather than more aggressive rate hike by Fed.
Asian equities trading in the positive zone early this morning.
The Indian unit is seen opening at 67.15 a dollar and expected to play the 67.00-67.30 range for the day.

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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.