Global Markets Shift Favorably Towards Major Currencies

The global markets are seeing a slight shift in favor of major currencies against the US Dollar. The decline in USDJPY, possibly due to intervention from the Bank of Japan, has led to this rally.

The Euro is expected to trade within the range of 1.1550-1.1650 in the near term, while the Aussie could rise towards 0.73. In contrast, EURINR has declined and may test 109 before attempting a rebound.

The Indian Rupee has strengthened offshore, with the RBI announcing $127mln FCNR deposits so far. This could lead to further Rupee strength, potentially reaching 94.50 or 94 before reversing.