In spite of the weaker headline NFP, US 10 Y closed near the weeks highs therefore making the print a non event. Equity markets globally continue to rally while the dollar got strong support at 91.75 levels (CMP 92.03). This week we have US retail sales and CPI on Friday would be the key data to watch along with ECB minutes on Thursday.
USDINR 1m NDF continues to trade 5p left. KRW depreciated sharply today morning (0.5%) because of verbal intervention. Otherwise EM currencies continue on the appreciation trajectory. The upcoming results season and new highs on Nifty can usher in fresh FII inflows in January. In the first hour of morning trade USDINR has traded comfortable below 63.30 and therefore I would expect 63.15 today. CMP 63.27, Range 63.15-63.36.
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