India Rupee Opened Higher Tracking NDF; Peers Decline

India Rupee Opened Higher Tracking NDF; Peers Decline

08 Jul 2020 10:09 AM
 

USD/INR

India rupee opened higher at 74.86 against its last close of 74.9350. The Indian rupee traded higher against the U.S. currency, tracking the dollar’s decline on the offshore non-deliverable forwards market. Asian currencies were trading mostly weaker and equities struggled following a pause in the rally on Wall Street. The S&P 500 Index fell more than a percent yesterday after upbeat data had pulled the U.S. gauge to one-month highs. Dollar index up 0.1% at 96.97, adding to yesterday’s 0.2% climb. Benchmark Brent crude oil contract 0.2% lower at $43.00 per barrel.

EUR/USD

It’s a quiet day ahead on the economic calendar, with no material stats due out of the Eurozone to provide direction. Geopolitics and market sentiment towards the recent spike in new COVID-19 cases will leave the EUR exposed to any risk aversion. At the time of writing, the EUR was up by 0.01% to $1.1275.

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. With Brexit negotiations in focus this week, expect plenty of updates that could rock the Pound. Risk sentiment may have a greater influence, however, as the Pound builds resilience against the Brexit chatter. At the time of writing, the Pound was up by 0.06% to $1.2550.

USD/JPY

Japan’s current account surplus rose from ¥0.263tn to ¥1.177tn in May. Economists had forecast surplus of ¥1.088tn. The Japanese Yen moved from ¥107.561 to ¥107.643 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.14% to ¥107.67 against the U.S Dollar.

Important data releases today

Time

CCY

Event

Forecast

Previous

16:15

GBP

BoE MPC Treasury Committee Hearings

 

 

20:00

USD

Crude Oil Inventories

-3.114M

-7.195M