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Market Outlook

Indian Rupee opened on strong note after snapping the three day losing streak on Thursday and also sustained on higher side on back of ADP Non Farm Employment data so released on previous data stating that Private sector employment increased by 173,000 jobs from April to May which was less than expectation resulting in dollar weakness.

The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor Statistics reported.

Fundamental News

  • Euro near 3-year low vs yen on bets of more ECB easing.
  • UK services growth picks up but remains subdued.
  • Eurozone economy remains on subdued growth path in May.
  • French Business activity growth accelerates to seven-month high.

USDINR

USDINR opened below the previous close and managed to sustain on lower side to close in red.

It has been constantly facing resistance around 67.6000-67.8000 while 67.4000 has been acting as critical support for the pair.

cur1

EURINR

EURINR opened gap down and sustained on lower side for the entire session.

The counter needs to hold above 75.7000 to again gain strength while 100 day EMA i.e. around 75.0500 is seen as key support.

cur2

GBPINR

GBPINR was unable to gain momentum and rise towards northwards direction rather closed in red.

On daily charts, it closed around the trend line coming from previous supports and fall below 97.2000 can result in further sell offs whereas 97.6000 is seen as immediate resistance.

cur2

JPYINR

JPYINR is hovering around the resistance since past two sessions and closed flat.

Proper breakout above 62.1000 can only result in further strength any closing below 61.7000 can be a weak signal for the pair.

jpb4

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