Indian Rupee Opened Stronger Ahead Fed Chair Powell's Testimony

Indian Rupee Opened Stronger Ahead Fed Chair Powell's Testimony

23 Feb 2021 10:13 AM
 

USD/INR

Indian rupee opened higher at 72.3550 compared to 72.51 in the previous session as Dollar index falls to its lowest in more than a month ahead of Federal Reserve Chair Jerome Powell’s testimony. The Dollar index was little changed at 89.98 after dropping more than 1% in the last three sessions. The 10-year Treasury yield was at 1.37%, hovering near its highest in a year. This move came alongside an increase in prices of crude oil and other commodities. Brent crude rose $1 to $66 a barrel. It is a busy day for US on the economic calendar. Consumer confidence figures for February are due out later in the day. FED Chair Powell’s testimony later today will garner plenty of interest and will be the key driver.

EUR/USD

It’s an eventful day for Euro on the economic calendar. Finalized January inflation figures for the Eurozone are due out and any deviation from the prelim figures might impact the pair. At the time of writing, Euro was up 0.09% to $1.2165.

GBP/USD

It’s a busy day for Pound on the economic calendar. December’s unemployment rate and January claimant count figures are due out later today and with lockdown measures still in place, any disappointing figures will test the support for Pound. On the other hand, the downside should be capped by progress in vaccination drive and easing of restrictions. At the time of writing, Pound was up 0.08% to $1.4073.

USD/JPY

It is a quiet day for Yen on the economic calendar. With the Japan markets closed for Emperor’s birthday, Dollar index’s direction will be the key influencer for the pair. At the time of writing, Yen was down 0.02% to $105.04.

Important data releases today

Time

CCY

Event

Forecast

Previous

12:30

GBP

Claimant Count Change (Jan)

35.0K

7.0K

15:30

EUR

CPI (YoY) (Jan)

0.9%

-0.3%

20:30

USD

CB Consumer Confidence (Feb)

90.0

89.3

20:30

USD

Fed Chair Powell Testifies 

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