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Market Outlook

The dollar inched higher on Thursday, with expectations of another Federal Reserve rate hike this year kept alive by a policy meeting that also pointed the way to a trimming of the huge emergency funds pumped into the economy since 2009.
The dollar inched higher on Thursday, with expectations of another Federal Reserve rate hike this year kept alive by a policy meeting that also pointed the way to a trimming of the huge emergency funds pumped into the economy since 2009.

Fundamental News

•    European Monetary Union Trade Balance s.a. below forecasts (€22.3B) in April: Actual (€19.6B).
•    Greece Unemployment Rate (QoQ) dipped from previous 23.6% to 23.3% in 1Q.
•    United Kingdom Retail Sales ex-Fuel (YoY) below forecasts (1.9%) in May: Actual (0.6%).

USDINR

USDINR again reverted from the support levels and hiked to close the session in green.
Now, if the currency pair surpasses the immediate resistance of 64.7000 then 65.0000 is seen as the next psychological mark while 64.3000 may continue to act as support.

1

EURINR

EURINR did not manage to attain higher marks and tested the near support levels.
Now, any closing below the mark of 72.0000 can further drag the counter while 72.6000 is seen as good resistance for it.

2

GBPINR

GBPINR jumped in the last moments of the session on back of economic data and closed strong.
On daily chart, 82.4000 had been acting as important resistance and closing above it can move the pair northwards whereas 82.0000 is seen as good support.

3

JPYINR

JPYINR opened gap up and managed to hold at higher levels closing the session on strong note.
It resisted near 58.9000 on daily chart and any closing above it can further ignite the bulls whereas 58.3500 may continue to act as key support.

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