USD/INR

Indian rupee opened little changed at 72.95 compared to 72.98 in the previous session amid range bound Asian peers and upbeat equities. Rupee momentum has been muted over several weeks due to the RBI’s intervention. Foreign investors have been net buyers of more than $3 billion of Indian equities so far in January, but the impact from the inflows has been limited in the Rupee. Dollar index was almost flat at 90.25. Ten-year US yield was at 1.0940%. Brent was down 12 cents at $55.29 a barrel while the U.S. crude fell 3 cents at $52.24.

EUR/USD

It’s an eventful day for Euro on the economic calendar. January IFO Business Climate figures for Germany are due out later today and are expected to influence the pair following some disappointing PMI numbers. ECB President Lagarde is scheduled to speak later in the day. Coronavirus news, vaccine supply and vaccination rates will remain the key drivers. At the time of writing, Euro was up 0.05% to $1.2176.

GBP/USD

It’s an uneventful day for Pound on the economic calendar. With no material stats to provide the Pound with direction, it is left in the hands of coronavirus updates. A pickup in vaccination rates should support the pair. At the time of writing, Pound was up 0.12% to $1.3702.

USD/JPY

It was a quiet morning for Yen on the economic calendar. Vaccination rates and the trends in new coronavirus cases will be the key drivers. At the time of writing, Yen was down 0.05% to $103.72.

Important data releases today