Price
action in Cable remained biddish amid increasing possibility of Conservative
victory, later this week. GBP/USD’s one month 25 delta risk-reversal volatility
is quoting -2.65/-1.85, this suggests that market currently pricing more down-side
risk in GBP/USD. On the other hand, EUR/USD pair was seen recovering ahead of German
ZEW economic sentiment. ZEW economic sentiment has remained in negative
territory since May-19.
On
domestic front, 10 year bond yield retraced slightly to 6.64% tracking US
yields. INR continued to gain amid backdrop of various inflows, in spite of growth
and fiscal concerns. USDINR pair opened
the session at 70.96 against previous close of 71.05. USDINR pair has support
at 70.70-75 levels and resistance at 71.08-12 levels. Range for day seen as
70.75-71.10.
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