The USD/INR is lower, tracking gains in the EUR/USD ahead of a decision by the German constitutional court Wednesday on the legality of the ESM bailout facility; the local pair is at 55.38 after touching 55.54 vs. 55.44 late Monday in Asia. A dealer with a state-run bank says the USD buying seen in the morning session gave way to selling on the Euro's rally and some inflows. But, the pair is supported by buying from oil importers on dips. He tips the pair to trade in a 55.30-55.50 near-term range with the German court ruling and the U.S. FOMC meeting Thursday likely to influence its trend. The Sensex ends +0.5%.
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The guys who I enjoy reading http://sentiment-trader.blogspot.com.au are saying this could be a non event and we must just keep watching the charts...which are obviously still bullish.
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