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Forex Today: Indian rupee retreats from low

Forex Today: Indian rupee retreats from low

The Indian rupee gained ground against the US dollar after threatening to fall to a record low yesterday.

➡️ The Indian rupee was close to a new all-time low against the US dollar yesterday, after closing at a record low last Friday. However, short traders in USD/INR they managed to push the price down yesterday, giving the rupee a much-needed break. The rupee remains in danger of falling to a new low, but that seems less likely today.

➡️ In the Forex market, after a day of little price movement, the US dollar continues to trade just below what looks like a strong resistance zone starting at 103.92. This suggests that the dollar is very likely to move lower in the near term. Since the Tokyo open today, the Australian dollar has been the weakest major currency in the Forex market, while the Japanese yen has been the strongest.The EUR/USD currency pair looks set to rise on US dollar weakness, so it could be a good currency pair to watch today.

➡️ Vice President Kamala Harris has emerged as the overwhelming favorite to win the Democratic Party's nomination for president after President Biden dropped out of the race. President Biden and the Clintons have endorsed her candidacy, but former President Obama has not. Betting markets suggest Harris has only a 38% chance of beating President Trump in the November general election.

➡️ Asian stock markets fell slightly today, with the HSI Chinese which closed lower on the day, while the Japanese Nikkei 225 Index looks set to close lower. The major U.S. stock indexes rallied sharply yesterday.

➡️ There are no major data releases scheduled today, so it could be a relatively quiet day in the market.

 

Credit by DailyForex.com

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