July 26, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee settled flat as likely intervention from the Reserve Bank of India (RBI) balanced the market. The USDINR trading range for the day was 83.71-83.89. India’s Manufacturing PMI rose to 58.5 in July 2023, up from 58.3 in the previous month, while the HSBC India Services PMI increased to 61.1 in July 2024 from 60.5 in June, according to preliminary estimates.
EURINR
The EURINR trading range was 90.56-91.06. The euro dropped as traders continued to assess the monetary policy outlook. The GfK Consumer Climate Indicator for Germany climbed to -18.4 heading into August 2024. Markets are currently betting on two more rate reductions by the European Central Bank (ECB) this year, potentially starting in September.
GBPINR
The GBPINR trading range was 107.82-108.08. The British pound steadied amid growing speculation that the Bank of England (BoE) will begin cutting interest rates in August. The S&P Global Flash UK Manufacturing PMI increased to 51.8 in July 2024, while the S&P Global UK Services PMI edged higher to 52.4 in July 2024 from 52.1 in the previous month.
JPYINR
The JPYINR trading range was 53.41-54.67. The Japanese yen appreciated as traders bet that the Bank of Japan (BOJ) would raise interest rates again next week. The au Jibun Bank Japan Services PMI jumped to 53.9 in July 2024 from 49.4 in the prior month, whereas the au Jibun Bank Japan Manufacturing PMI unexpectedly fell to 49.2 in July 2024 from 50.0 in the previous month.
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