USD/INR Price News: Defends downside near 81.70, investors brace volatility ahead of US GDP – by Sagar_Dua24 USDINR Fed Oil GDP RiskAppetite
. The pace in contraction or expansion of growth rate will guide investors about the likely monetary policy action by the Federal Reserve for the meeting scheduled next week.
S&P500 futures have added gains in the Tokyo session despite a sell-off on Wednesday. Investors should be aware of the fact that the 500-US stock basket was also positive after a bearish Tuesday’s session, which indicates that the upside is critically capped. This also, indicates that investors are utilizing pullbacks as a bargain-selling opportunity. has corrected gradually to near 101.36 after failing to extend the rally.
On the economic data front, the US GDP data is expected to land at 2.0% lower than the former release of 2.6%. The anticipated landing of US GDP will bolster the case of neutral interest rate guidance from the Fed for its May monetary policy meeting as a rate hike of 25 basis points is widely expected.
Meanwhile, the Indian Rupee will show a power-pack action on Friday amid the release of the Fiscal Deficit data. For now, weaker prices have strengthened the Indian rupee. It s worth noting that India is one of the leading importers of oil in the world and lower oil prices will strengthen India’s current account and henceforth will strengthen the Indian rupee.
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