Thursday, 3 May 2018

Good Morning!

The Fed surprises the market with its less hawkish-than-expected statement. Interest rates kept unchanged as expected but No hint towards a rate hike in June. Says inflation moved close to its target; Economic growth at moderate pace.
US stocks fell on Wednesday as potential U.S. restrictions on Chinese telecom companies reinforced investor concerns about worsening trade relations between the United States and China. Asian shares were subdued on Thursday ahead of anxiously-awaited Sino-US trade talks.
Talks between US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are due to start later today.
The Dollar Index traded near four-month highs today morning having recovered from a dip post FED.
The Indian Rupee is seen opening flat at 66.65 a dollar and is expected to play the 66.50-66.80 range for the day with a mild appreciating bias.

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.