WEEKLY FOREX TECHNICAL REPORT 13 Feb – 17 Feb 2017
Indian Rupee soared in the last week with its massive gains to end at a fresh 3 month highs against the greenback on constant selling by exporters and banks. Indian currency tested its highest closing after November 10 of last year. Robust dollar inflows into equities and easing Fed interest rate hike speculation largely kept forex market sentiment buoyant a day after the Reserve Bank of India (RBI) kept its policy rates on hold. In worldwide trade, the greenback was down a tad as lingering risk aversion pinned US bond yields near multi-week lows amid cooling Fed rate hike hopes.
- China’s trade surplus of 355 billion yuan in January expanded faster than expected from 275 billion yuan in December.
- UK consumers reined in their spending, last month sales fell by 0.6 percent as last year’s Brexit vote pushes up inflation.
- UK index of production for quarter 4 increased to 2.1 percent from previous 1.4 percent.
USDINR last week dragged and surpassed the important support levels on daily charts and closed on weak note. Bearishness may continue till it sustains below the mark of 67.0000. On lower side, important support so seen is of 66.5000 whereas 67.3000 is seen as major resistance.
EURINR last week showed successive downfall throughout and washed off all the gains so made in the previous few weeks. Now, further bears can drag it towards the support range of 71.0000-70.5000 whereas strength can be seen only if it sustains around the mark of 72.0000.
- China Services PMI Index at 52.2 in January fell from December’s 45-month high of 53.5 to indicate a moderate rate of expansion.
- Japan’s Leading Index Climbs To 18-Month High at 105.2 percent.
- US job openings was little changed at 5.5 million on the last business day of December.
- US unemployment adjusted initial claims was 234,000, a decrease of 12,000 from the previous week’s unrevised level of 246,000.
- UK house price growth remain robust continue to be supported by an ongoing shortage of property for sale.
- UK trade deficit narrowed to £8.6 billion in quarter 4.
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