USD/INR climbs above 76.60 on upbeat DXY and foreign fund outflows By Sagar_Dua24 USDINR Fed Oil China Inflation
Solid DXY amid progressive bets over an aggressive Fed rate hike has pushed the asset higher.The USD/INR pair is advancing higher as
strengthens on a downbeat market mood and foreign fund outflows. The asset has overstepped its monthly highs of 76.59 despite falling oil prices.by the Federal Reserve in May has improved the appeal of safe-haven assets. The DXY has comfortably established above the round level resistance of 101.00 and is aiming higher as investors are betting over an ultra-tight monetary policy by the Fed along with hawkish guidance for the rest of the year.
Meanwhile, oil prices have taken a hit after the fears of a slump in the aggregate demand renewed. A significant cut in the global growth forecasts by the International Monetary Fund has raised concerns over the demand for oil in the global market. Also, the lockdown measures in China to contain the spread of Covid-19 have dented the oil demand. It is worth noting that China is a leading importer of oil.
Going forward, investors will focus on the release of the US Durable Goods Orders, which will release on Tuesday. A preliminary estimate for the monthly Durable Goods Orders is 1% against the prior print of -2.1%.
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