USD/INR Price News: Indian Rupee bulls take a breather around 81.90 amid risk aversion – by anilpanchal7 USDINR RiskAversion Fed GDP Oil
Markets remain downbeat as anxiety over the US debt ceiling deal escalates amid the policymakers’ inability to agree on the much-awaited decision. Recently, Bloomberg said that Kevin McCarthy and his vote-counting lieutenants are telling fellow Republicans they will not change their $1.5 trillion debt-ceiling proposal, despite rank-and-file GOP demands for alterations.
Not only the fears of US government default but the market’s preparations for the Federal Reserve’s 0.25% rate hike, as well as the policy pivot and rate cut afterward, also seem to weigh on the sentiment. While portraying the mood, S&P 500 Futures print mild losses near 4,155 as it snaps a two-day uptrend after mixed closing of the Wall Street benchmarks. On the other hand, the US Treasury bond yields highlight the rush for risk safety as the benchmark 10-year bond coupons drop to 3.48% at the latest. More importantly, the difference between the one-month and the three-month US Treasury bond yields widen the most since 2001 as the coupons flash 3.48% and 4.98% mark of late.
Looking forward, US Conference Board’s Consumer Confidence gauge for April, expected to remain steady near 104.1 versus 104.2 prior, will be important for the intraday directions. However, major attention should be given to Thursday’s US Q1 GDP and Friday’s India Federal Fiscal Deficit for March.USD/INR fades bounce off an upward-sloping support line from early November 2022, around 81.
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