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State Elections in India and its influence on the USD/INR Pair

The results of the mid-term state elections in India were released today to the chagrin of economic analysts around the world.  With the next national elections in India slated for some time in 2014, these state elections (as in the US midterm elections) were a prime time to show either a welling of support for the ruling party (The Congress) or a tide change towards the opposition.

Bobbys Corner-Open Market-May.3.2011

bob-slade-forex-trading-3-150x200Good Morning:

Commodities dropped for the 2nd day, equity markets are lower, and the USD rallied a bit overnight.
1 year US  Treasury yields fell to a record low-and US Futures are lower at this time.

After yesterday’s early knee jerk reaction to the death of Osama bin Laden, the markets are settling back in as they assess the impact of the May 1 death.  

India’s central bank rose interest rates .5%, which is higher than expected, as they look to tame inflation.
Japan was closed overnight for a public holiday.

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