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1 August 2022
Monday
All Eyes Would Be On RBI Policy Meeting Domestic Data Release Along Data Release This Week.
Pouring new orders has supported domestic manufacturing which has been highest among last few months. Local unit has once again proven its value against its peers, as assertive sentiments witnessed in domestic market along with easing crude prices has supported rupee. Brent oil is currently trading around the levels of 102.84. All eyes are locked on the outcome that is expected from the meeting of the OPEC and its allied members scheduled on 3rd August 2022. The anticipation is that the group may keep the oil output unchanged. Also, RBI’s presence in the market would continue to have noteworthy influence on the rupee movement. The local unit could be broadly seen to trade in the range of 79.00 – 79.40 levels. Exporters should wait for levels around 79.60-80 to initiate hedges on their long term exposures. Importers can cover not only their immediate payments but could extend their coverage for shorter tenure spanning to two months at current levels.
Going ahead in the week, Monetary Policy Committee would a key event to look for where the apex bank Is anticipated to follow the suite of other global central banks. It is expected to initiate a hike to the tune of 35 basis points to the key lending rate. There could be a room for rate hike of 50 basis points as inflation is still far beyond the cushion space of RBI’s parameter.
Euro zone expanded at a pace of 0.7% in the first quarter of 2022 as against the expected growth rate of 0.2% and previous figure of 0.5%. This marked the strongest performance of the Euro block in the past three quarters. Host of strong earnings from corporate Europe also augmented the gains in the euro. This would be a sigh of relief for euro though inflationary pressures, Russia-Ukraine war and energy crisis in Europe continues to cast its evil spell on the European common currency.
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The weekly roundup report will provide detailed insights on the current and future trends in currencies and related commodities like gold and oil. Additionally, it will outline the trend and trading opportunities in the week ahead.
The weekly mailer gives you a smart perspective on how global and domestic events will impact your currency trading with snippets on gold and oil. In addition the charts and the technical levels for each of the four currency pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR) give you firm levels to enter and exit positional trades with optimum risk.
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Their CEO, Jamal Mecklai, is an authority on all matters market and has been appointed to RBI committees to recommend measures on the local foreign exchange markets and managing commodity risk. He is also consultant to the World Gold Council and the Forwards Markets Commission and a frequent contributor to the media, both print and electronic.
Vision:
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