Hence, the banking debacle underpins the market’s rush towards the traditional safe havens like a bond, Gold and Yen, which in turn drown the US Dollar price and please the USD/INR bears. Furthermore, hopes of China’s gradual recovery, despite the banking rout, join the upbeat fundamentals surrounding India to favor the pair sellers.
Alternatively, firmer prices of Oil, up for the fourth consecutive day around $70.15 by the press time, should have challenged the INR bulls due to the Asian nation’s reliance on energy imports and record Current Account Deficit. It should be observed that holiday in India limits the Pair’s moves.
Amid these plays, S&P 500 Futures print mild gains around 3,980, up 0.13% intraday following the biggest daily slump in two weeks while the US 10-year and two-year Treasury bond yields stay pressured around 3.46% and 3.89% at the latest, licking their wounds after falling the most in a week.
Looking ahead, a holiday in India and a light calendar in Asia may allow the USD/INR to extend the latest moves. However, major attention will be given to the banking sector updates and monetary policy announcements from the Bank of England (BoE) and Swiss National Bank (SNB).
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