Good Morning!
U.S. Federal Reserve Chairman says the U.S. does not face a large chance of near-term recession. The news of robust economic growth boosted gains on Wall Street. The wave passed on to the Asian equities today pushing the shares higher.
Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran's crude exports.
The Euro witnessed an around 0.9% fall yesterday largely due to increased Italian political jitters as the anti-establishment parties agreed on a budget proposal that is at odds with Eurozone fiscal rules. The situations seems to worsen for Euro as The Fed has just raised rates to a range of 2.00 – 2.25 percent while the ECB is only just preparing to exit its asset purchase program potentially by the end of this year.
The Dollar Index as a result of this and with strong economic data in U.S. managed to test the 95 mark yesterday.
The Indian Unit, yet again found support at 73 a dollar offshore and recovered a little where it is seen opening today near 72.60. However, it continues to be under pressure even after the governments measures to curb imports. All thanks to the dollar strength globally. Expect the Rupee to play the 72.40-72.90 range with a negative bias.
Regards
Karvy Forex
U.S. Federal Reserve Chairman says the U.S. does not face a large chance of near-term recession. The news of robust economic growth boosted gains on Wall Street. The wave passed on to the Asian equities today pushing the shares higher.
Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran's crude exports.
The Euro witnessed an around 0.9% fall yesterday largely due to increased Italian political jitters as the anti-establishment parties agreed on a budget proposal that is at odds with Eurozone fiscal rules. The situations seems to worsen for Euro as The Fed has just raised rates to a range of 2.00 – 2.25 percent while the ECB is only just preparing to exit its asset purchase program potentially by the end of this year.
The Dollar Index as a result of this and with strong economic data in U.S. managed to test the 95 mark yesterday.
The Indian Unit, yet again found support at 73 a dollar offshore and recovered a little where it is seen opening today near 72.60. However, it continues to be under pressure even after the governments measures to curb imports. All thanks to the dollar strength globally. Expect the Rupee to play the 72.40-72.90 range with a negative bias.
Regards
Karvy Forex
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