USD/INR Sinks to 5-Month Low, Cued by Poor U.S. Data -- Market Talk
7 September 2016, 04:52
0452 GMT [Dow Jones] USD/INR fell as low as 66.33 Wednesday, representing a five-month peak for the Indian rupee versus the greenback. The U.S. dollar plunged overnight, and remains soft throughout Asia today, after Tuesday's U.S. non-manufacturing PMI for August came in below forecasts and sharply under the previous month's reading. The disappointing data has watered down the market's expectations of when the next U.S. interest rate-rise might come. The odds for a rate-increase this year have fallen, data from the CME Federal Funds futures reveal. USD/INR is nearing the 66.26 base of the weekly Bollinger downtrend channel, an interim chart support that might prop up the dollar. If that gives, the round-figure trading barrier at 66.00 will be threatened. USD/INR is now 66.37 from its Tuesday closing of 66.53. (ewen.chew@wsj.com)
Editor: MNG
(END) Dow Jones Newswires
September 07, 2016 00:52 ET (04:52 GMT)
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