USD/INR Price News: Softer oil fails to inspire Indian rupee buyers below 80.00, Fed in focus – by anilpanchal7 USDINR RiskAppetite Recession Fed Oil
ignores the recent pullback of the US dollar amid fears of economic slowdown, as well cautious mood ahead of the Federal Open Market Committee meeting.
Earlier in the day, India’s Minister of State Finance Pankaj Chaudhary conveyed various reasons ranging from the covid to the Fed’s rate hike while trying to justify the recent fall in the INR to the various political representatives in the Rajya Sabha. Even so, fears of impending global economic slowdown, mainly due to the energy crisis in Europe and the Fed’s aggression, appear to keep the USD/INR bulls hopeful. It’s worth noting that downbeat earnings from the Wall Street stars, like Walmart, Alphabet and Microsoft, also justify the market’s risk-aversion wave, which in turn weighs on the Indian currency. That said, the International Monetary Fund and the global rating giant Moody’s raised concerns over the recession on Tuesday., down 0.
Amid these plays, S&P 500 Futures print 0.80% intraday gains as it rebounds from the weekly low. Additionally, the US 10-year Treasury yields also add 1.8 basis points to 2.80% as traders brace for the Fed’s showdown. Moving on, the US Durable Goods Orders for June, expected -0.4% forecast compared to 0.8% prior, could try to entertain traders, together with the chatters surrounding the US-China talks. However, major attention will be given to the Fed’s verdict and Chairman Jerome Powell’s press conference.
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