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US Dollar Soars, CAD Slammed, China Risks Dictating Price Action
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USD Risks Remain to the Upside Despite Inflation Induced Dip
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Federal Reserve officials aren’t expected to signal a reduction in support for the U.S. economy when they meet this week, but will debate how to scale back massive bond purchases when the time comes.
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Pressure on Chair Jerome Powell to start the taper sooner rather than later has probably been eased by the recent slide in bond yields, as investors worry the spreading delta coronavirus variant could sap the recovery.
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The Indian rupee opened on a weaker note against the US dollar in early morning trade Monday as high oil prices and firm greenback continued to put pressure on the battered Asian currency.
The dollar to rupee conversion today rose to 74.255 against the U.S. currency, up from Friday’s close of 74.20. The rupee has lost over 160 paise so far this month and weakened about 35 paise last week.
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