MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: US JUN PERSONAL INCOME +0.2%; NOM PCE +0.3%

Monthly Retail Sales Volatility Obscures Still-Positive 3m/3m Trend

Retail Sales Grow Slightly In June, Consistent With Surveys

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/INR Fails to Break Below 200-DMA, Citi Take Profit on Short Position

INR
  • Spot USD/INR bounced off the 200-DMA, and is now up 0.12%, having briefly tested the average earlier in the session. Note that this level has not been pierced below since July 2023. Gains in the pair accelerated during early European hours, with 1-month USD/INR forward outrights trading near the 83.00 handle at typing.
  • Citi note that their EM traders took profit on a short USD/INR position, as spot has failed to break below the 82.90 level twice previously this year. For an extension lower towards 82.50, their traders continue to think that we need dovish repricing of dollar rates and fiscal year-end flows to start hitting the market.
  • Later today, the RBI will release weekly FX and bank credit data. Next week, Q4-2023 GDP data is the highlight on the local slate. As per the median estimate of the Bloomberg survey of analysts, growth likely moderated from +7.6% y/y prior to +6.5%.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.