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ICICIdirect Research Posted on 09:41am 22-Sep-2022

The US dollar surged to a fresh two-decade high on Wednesday after the Federal Reserve raised interest rates by another 75 basis points

Currency Outlook

  • The US dollar surged to a fresh two-decade high on Wednesday after the Federal Reserve raised interest rates by another 75 basis points, as expected, and signalled larger increases at its upcoming meetings
  • The Euro depreciated almost 1.20% to 20 year’s low on Wednesday amid strong US dollar. Further, sharp drop in Germany 10 years bond yields pressurised the Euro
  • The pound dropped yesterday to levels last seen in March 1985 amid a sharp rise in the US dollar. Further, the sterling was pressurised after data showed Britain's budget deficit was bigger than expected in August. However, further downside was restricted as the British government said it would cap wholesale electricity and gas costs for businesses at less than half the market rate from next month

 

Bullion and Commodities Outlook

  • MCX gold prices rose on Wednesday as Russian President Vladimir Putin's move to mobilise more troops over the conflict in Ukraine drew investors to the safe haven asset
  • MCX copper prices fell on Wednesday as London Metal Exchange (LME) warehouses saw 11,200 tonnes of copper arrivals on Tuesday, the largest single-day warranting since June
  • Nymex crude oil prices tumbled almost 0.70% to a near two-week low in volatile trade on Wednesday, after the US Federal Reserve delivered another hefty rate hike to quell inflation that could reduce economic activity and demand for oil

 

Daily Recommendations

1) Copper

2) GBPINR

 

For details, click on the link below

https://www.icicidirect.com/mailimages/CurrencyCommodityDaily.pdf