India Rupee Opened Higher; Dollar Tumbles, Shares Rebound

India Rupee Opened Higher; Dollar Tumbles, Shares Rebound

09 Jul 2020 10:13 AM
 

USD/INR

India rupee opened higher at 74.94 against its last close of 75.0150. The Indian rupee edged higher against the dollar, tracking the Chinese-yuan led strength in Asian currencies amid a positive risk mood. In India, identified cases climbed to more than 760,000. The country, on an average, is adding more than 22,000 cases daily, based on the data of the last seven days. Dollar index little changed at 96.46, hovering near its lowest level in almost a month. It fell 0.5% yesterday, the biggest single-session decline in more than two weeks. Benchmark Brent crude oil contract 0.1% lower at $43.24 per barrel.

EUR/USD

It’s a relatively quiet day ahead on the economic calendar. Germany’s trade data for May will be in focus later this morning. Barring a further narrowing in the trade surplus, however, the data should have a relatively muted impact on the EUR. Expect updates from Brexit talks, COVID-19 and geopolitics to be the key drivers on the day. At the time of writing, the EUR was up by 0.04% to $1.1334.               

GBP/USD

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due to provide the Pound with direction. A lack of stats leaves the Pound in the hands of Brexit as talks resumed on Wednesday. Any agreement on EU access to Britain’s fisheries and expect the Pound to jump. At the time of writing, the Pound was flat at $1.2610.

USD/JPY

USD/JPY is off the lows but the bounce remains tepid amid mixed market sentiment and a broadly subdued US dollar. Growing coronavirus risks combined with escalating Australia-China row over the Hong Kong issue dents the appetite for risk. The dollar lost ground against the yen on Wednesday, and even though USD/JPY printed a marginally lower low at 107.20, it continues to trade within its recent range, gravitating around the 107.50 level and unable to set a short-term direction. At the time of writing, the Japanese Yen was down by 0.07% to ¥107.34 against the U.S Dollar

Important data releases today

Time

CCY

Event

Forecast

Previous

18:00

USD

Initial Jobless Claims

1,375K

1,427K