● USD trades higher on the back of safe haven flows amid fears over slowing global growth.
● The US economy unexpectedly contracted by -1.4% in the first quarter of the year, annualised, this was down from 6.9% growth in the last quarter of 2021. The reading was well below the expectation of 1.1% growth.
● The slowdown was largely attributed to rising imports and lower inventories rather than consumer spending which actually rose.
● US PCE, which is the Fed’s preferred measure of inflation rose to 6.6% against the expectation of 6.3% and up from 6.4% in February.
● INR traded marginally higher against the USD amid currency inflows ahead of the nation’s largest IPO in upcoming week.
● The state-owned insurance behemoth Life Insurance Corporation of India will launch its initial public offering on 4th May and the issue will close on 9th May.
● Oil prices held steady as Russian supply concerns were offset by a weaker demand outlook as China’s COVID picture deteriorates.
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