India Rupee Opened Lower; Dollar Climbs, Shares Slip On Virus Woes

India Rupee Opened Lower; Dollar Climbs, Shares Slip On Virus Woes

10 Jul 2020 10:07 AM
 

USD/INR

India rupee opened lower at 75.16 against its last close of 74.9950. The Indian rupee weakened against the U.S. currency as rising coronavirus cases and fatalities in the world’s largest economy lifted the dollar index from one-month lows. In India, the total number of identified virus cases approached 800,000. Over the last seven days, there have been at least 22,000 new cases daily. Meanwhile, data released yesterday showed that 1.3 million Americans filed for employment benefits last week, slightly lower than expected. Dollar index up 0.1% at 96.86, adding to yesterday’s 0.3% climb. Benchmark Brent crude oil contract 0.4% lower at $42.20 per barrel, extending yesterday’s over 2% fall.

EUR/USD

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction. A lack of stats leaves the EUR in the hands of market risk appetite on the day. With the ECB in action next week, COVID-19 and geopolitics will be key drivers early on in the day. At the time of writing, the EUR was down by 0.06% to $1.1278.

GBP/USD

It’s also 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 and market risk sentiment. At the time of writing, the Pound was down by 10% to $1.2593.

USD/JPY

USD/JPY is a touch soft in the open of Tokyo, weighed by the prior bearish session which took the cross down from a high of 107.40 to 107.10. The US dollar was mostly firmer, outperforming as the G10s as the US COVID-19 cases are starting to worry investors, seeing US stocks crumble, albeit recovering from their lows of the session into the close. At the time of writing, the Japanese Yen was up by 0.11% to ¥107.08 against the U.S Dollar.

Important data releases today

Time

CCY

Event

Forecast

Previous

17:30

INR

Industrial Production (YoY) (May)

-37.8%

-18.3%

18:00

USD

PPI (MoM) (Jun)

0.4%

0.4%