USD/INR Price News: Rupee slides from five week top towards 82.00 ahead of India, US inflation – by anilpanchal7 USDINR RiskAppetite Fed Inflation YieldCurve
o cheer the US Dollar’s weakness amid mixed concerns in Asia, as well as the broad US Dollar weakness. Also challenging the pair traders could be the cautious mood ahead of the key inflation numbers for India and the US.market rout, as well as bear the burden of China-linked fears.
A new term for China’s President Xi Jinping keeps the Sino-American tension on the table as he said earlier on Monday that they must resolutely oppose the interference of external forces, 'split' of Taiwan. It’s worth mentioning that Wall Street saw the red on Friday while the US bond yields also dropped the most in a month amid fears emanating from the Silicon Valley Bank and Signature Bank fallouts.
Amid these plays, S&P 500 Futures bounced off a 2.5-month low, up nearly 1.60% around 3,960 by the press time, whereas the US Treasury bond yields reverse the early-day rebound from monthly low amid fresh challenges for the hawkish Fed bets. That said, the fallout of the SVB and Signature Bank flagged fragile conditions of the US banks, which in turn pushed back hopes of more rate hikes from the US Federal Reserve . With this in mind, Goldman Sachs expects to rate hike in March while the Fed Fund Futures also cut previously upbeat odds favoring a 0.50% rate lift in the Fed rate in March.
Hence, the risk-on mood underpins the US Dollar’s weakness but the cautious mood ahead of India’s key inflation data and mixed sentiment in Asia challenges the USD/INR bears. for February precedes Tuesday’s WPI Inflation numbers and the US CPI for the said month to direct short-term USD/INR moves. In a case where the schedule data portray inflation fears, the US Dollar may pare some of its latest losses, which in turn probes the pair bears.
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