I would think that Trump-Xi meet should result in positive headlines supporting risk sentiments, this is going by the recent history of Trump claiming victory after all his trade discussions (NK, Canada, Mexico). Dow seems to be factoring a positive outcome as well. Any major revision (although unlikely) to US GDP today could move markets in the US session.
USDINR 1m NDF is 5p left consistently indicating stability in sentiments in offshore markets. Today being expiry the price in the first half is driven by fix related unwinding of arbitrage positions between futures/ndf and otc markets. FPI flows and crude price have been supportive of INR gains in November while 10Y yields have moved lower with liquidity conditions easing. In the medium term 70.60-71.20 break (daily close) should result in fresh direction, my thought is that it should break lower. For today, CMP 70.66, Range 70.55-70.85.
No comments:
Post a Comment