USD/INR seesaws around 11-week low amid US-India headlines from G20

• Latest statements from G20 suggest receding trade tensions between the US and India going forward.
• US-China trade announcements will be the key to follow.

With the US and Indian leaders signaling likely positive talks at the G20, USD/INR trades near 11-week low while taking the rounds to 69.06 during early Friday.

While being at the global leaders’ meet at Japan (G20), the Indian Prime Minister (PM) Narendra Modi said that he will be discussing Iran, 5G, bilateral trade and defense issues with the US President Donald Trump.

Following that, the US leader lauded the chances of hearing positive and big announcements after their discussions. President Trump also mentioned that he will be Huawei issue with the Indian PM.

In addition to likely receding trade tension between the economies after India recently levied tariffs on some of the US products, sluggish data also please the pair sellers.

Moving on, actual results of the Trump-Modi meet and second-tier data like India’s Infrastructure Output, FX Reserve and Bank Loan Growth together with the US Personal Spending, Chicago Purchasing Managers’ Index (PMI) and Michigan Consumer Sentiment Index, will gain market attention.

It should, however, be noted that Saturday night’s post-dinner statements by the US and Chinese leaders will be the key for global financial markets after the trade relations between the world’s two largest economies have been sour off-late.

Technical Analysis

While 69.00 round-figure acts as immediate support, March month low of 68.34 shouldn’t be missed during the quote’s additional declines. On the upside, 68.82/85 confluence region comprising 100 and 200-day exponential moving averages (EMA) limit the pair’s near-term advances ahead of fuelling it to 50% Fibonacci retracement of February to March downside at 70.13.