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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.
INR
Spot USD/INR re-opened on a firmer footing as India's coronavirus crisis continued to deepen, but has unwound the bulk of its initial gains and last trades +787 at INR74.1662. The rate is back from its earlier session high of INR74.3300, after having a look above the neckline of a double top pattern, which unfolded between Apr 7 and Apr 29.
- The daily increase in new Covid-19 patients slowed a tad, but India still declared over 368k new cases on Sunday as the spread of infections has spiralled out of control. The Times of India reported, citing unidentified sources, that the federal gov't is unlikely to impose a nationwide lockdown, but states have been advised to implement customised restrictions.
- PM Modi suffered a major electoral setback as the Electoral Commission declared the results of five state elections held earlier this year. His BJP party suffered a crushing defeat in West Bengal, as voters expressed frustration with Modi's handling of the Covid-19 outbrek. See earlier bullets for more details.
- India's April Markit M'fing PMI printed at 55.5 in April, little changed vs. the prior reading, as "economic conditions in India's manufacturing sector remained favourable in April, , as companies scaled up production in line with a further improvement in demand."
- India's Markit Services PMI comes out Wednesday.
- A break below INR73.9500, the low print of Apr 30, would draw attention to the 200-DMA at INR73.7458. Bulls look for a clean break above the aforementioned pattern neckline at INR74.2850 before targeting Apr 22 cycle high of INR75.3313.
Fig. 1: USD/INR
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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