USD/INR Price News: Rupee slides to 82.70 ahead of India/US inflation, Fed meeting – by anilpanchal7 USDINR RiskAppetite Inflation Fed Currencies
Fears of recession join the market’s cautious mood ahead of the key data/events to underpin the US Dollar’s haven demand. That said, US Treasury Secretary Janet Yellen said, “There's a risk of a recession, but it certainly isn't something that is necessary to bring inflation down.” Further, the economic slowdown fears could be linked to the yield curve inversion as the US 10-year Treasury bond yields and the two-year bond coupons portray a negative difference.
It should be noted that the WTI crude oil snaps a six-day losing streak as it rises 0.20% intraday gains near $71.60. India’s reliance on oil imports makes the INR susceptible to energy price moves. Against this backdrop, the S&P 500 Futures print mild losses near 3,960 while tracking Friday’s downbeat close of Wall Street. Further, the US 10-year Treasury yields remain firmer around 3.56%. It should be observed that the US 2-year Treasury bond yields flash 4.33% as the latest quote.
Looking forward, India’s monthly Consumer Price Index for November, expected 6.92% YoY versus 6.77% prior, as well as Industrial and Manufacturing Output for October, will be important for the USD/INR pair traders to watch. However, major attention will be on the US CPI and the Federal Open Market Committee as the hawkish bets on theUSD/INR again pierces a two-month-old descending resistance line, around 82.60 by the press time, amid firmer MACD signals and upbeat RSI .
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