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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
INR
USD/INR opened marginally lower, dealing at 81.24/30.
- The pair had its strongest week last week since early November rising ~1.7%, breaking through its 100-Day EMA on Friday for the first time since early 2022.
- A moderation in US inflation has pressured the USD as broad based weakness in the greenback persisted, and stronger than expected domestic data boosted INR.
- The bearish momentum for USD/INR continues to gr%, 5.90% expected), but ow as the pair has closed below its 100-day EMA at 81.4849.
- INR bulls can now target the 200-day EMA at 80.0544, whilst bears first look to close above the 100-day EMA.
- On tap today there is Dec Wholesale Prices, the Bloomberg survey expects a print of 5.48%, the prior reading was 5.85%. This follows last week CPI print, which surprised modestly on the downside (5.72% y/y, 5.90% expected), but core prices remained elevated. A Bloomberg measure around 6.3% y/y.
- We also have Dec Trade Balance, Bloomberg survey expects a deficit of ~$23.35bn, the prior reading was a deficit of $23.89bn.
Fig 1: USD/INR Below 100-Day EMA
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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