U.S. Dollar strengthened at the open across the board as the Nikkei slumped over 2% on concerns a trade dispute between the US and China could unravel into a trade war. Obama's speech on financial regulation was largely as expected and Fed speak from Yellen and Lacker offered little new in terms of exit strategy. US investors shrugged off the bad lead from Asia and US stocks ended higher sending the USD to fresh year lows against the Euro. Looking ahead, August Core Retail Sales forecast at 0.4% vs. -0.6% previously. Also released, August PPI forecast at 0.8% vs. -0.9% previously. Indian Rupee rose supported by the dollar's weakness against major currencies and higher Asian shares . Technically Indian unit has given a higher open and is expected to trade in the range of 48.48-48.80 levels. Good support is seen at 48.42 and key resistance remains at 48.88 levels for the day. Stochastic is seen trending down but crossovers are needed to confirm the trend.
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