Globally, economic data continued to
be terrible as UK’s GDP contracted by 20% in month of May. GBP/USD pair fell to
its two weeks low of 1.2475. Cable came under further pressure amid the reports
that UK-EU trade negotiation might not extend beyond deadline. Chinese
industrial output increased by 4.4% in month of May against expectation of 5%.
On the domestic front, India released truncated CPI inflation numbers for second consecutive month, as “the price collection of Consumer Price Index (CPI) through personal visits of price collectors was suspended with effect from 19th March, 2020”. Food inflation remained elevated at 9.28% owing supply chain constraints in the economy. USDINR is pair is trading with a biddish bias at 75.80. USDINR pair has support near 75.60 and resistance near 76.10.
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