Wednesday, 29 August 2018

Good Morning!

The US and Mexico agreed to overhaul the NAFTA, pressuring Canada to agree to new auto trade and dispute settlement rules to remain part of the three-nation pact. BOJ board member Hitoshi Suzuki said on Wednesday central bankers need to pay even more attention to impact that monetary policy has on the bond market. Global Equities and Dollar index trading muted as market participants awaiting for trade deal outcomes between China and US as the deadline for additional tariffs comes closer. US Treasury secretary Steven Mnuchin praised China for supporting the Yuan, he also added that if China go in and support their currency that is not currency manipulation.  Oil Prices moved lower after API reported a surprise Oil inventory buildup of 38,000 Barrels of US crude oil inventories for the week ending 25 August. Indian Rupee likely to open near 70.34 a dollar and is likely to trade between 70.15 – 70.60 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.