India Rupee Opened Higher; Oil Hits 1-Year Low, Stocks Extend Losses

India Rupee Opened Higher; Oil Hits 1-Year Low, Stocks Extend Losses

27 Feb 2020 09:27 AM
 

USD/INR

India rupee opened higher at 71.61 against its last close of 71.66. The Indian rupee traded a little higher against the dollar as market participants focus on increasing coronavirus cases outside China and foreign fund inflows related to an upcoming local initial public offering. The dollar index was little changed at 98.96. Benchmark Brent crude oil contract 1.3% lower at $52.70 per barrel, after falling nearly 2.8% yesterday.

EUR/USD

It’s another quiet day ahead on the economic calendar. No material stats are due to be released today out of the Eurozone. Risk sentiment will continue to pressure the EUR. Economic disruption stemming from the spread of the coronavirus is expected to materially affect the Eurozone economy. At the time of writing, the EUR was trading at $1.0907.

GBP/USD

It’s also a quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction. The Pound Sterling faces downward pressure with the restart of Brexit negotiations next week looming over GBP price action. At the time of writing, the Pound was trading at $1.2922.

USD/JPY

Japan's Nikkei fell 1.7% to its lowest since October. Last, at 1.3088%, the yield on benchmark U.S. 10-year Treasuries is less than one basis point firmer than an all-time low hit overnight. The yen was last seen at ¥110.24.

Important data releases today

Time

CCY

Event

Forecast

Previous

19.00

USD

Core Durable Goods Orders (MoM) (Jan)

0.2%

-0.1%

19.00

USD

GDP (QoQ) (Q4)

2.1%

2.1%

20.30

USD

Pending Home Sales (MoM) (Jan)

2.2%

-4.9%