Market Outlook

The Indian Rupee weaken by 15 paise to open at 70.0075 and throughout the day swing around in the range of 70.6775 and 70.0050 against the US dollar as oil prices soared around 5% after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by OPEC that’s anticipated to result in a supply cut. On the flip side, dollar tumbled against major Asian peers after the US and China pulled back from escalating their trade war, sending market participants into risk-on mode and dampening safe haven demand for the U.S. currency.

Fundamental News

  • Austria Unemployment Rate: 7.6% (November) vs 7.3%.
  • Turkey Producer Price Index (MoM) dipped from previous 0.91% to -2.53% in November.
  • Indonesia Inflation (MoM) above forecasts 0.17% in November: Actual 0.27%.
  • Switzerland Real Retail Sales (YoY): 0.8% (October) vs -2.7%.

USDINR showed bullish movements after positive opening closed around its day high.
Now, 71.0000 is seen as strong resistance zone for the currency pair sustaining below this mark it may continue bearish movements.

EURINR after bullish rally showed sideways movements closed with gain.
If currency pair able to sustain below psychological level of 80.0000 then it may shows negative movements towards 79.7000 mark.

GBPINR showed correction from intraday higher level closed with positive note.
Sustaining above 90.0000 level may result in more positive movements and if breaks support of 89.7000 then drag towards next support of 89.5000.

JPYINR sustain above its strong resistance level and closed above it.
62.5000 is act as immediate resistance zone for the currency pair if trades above it in upcoming session then find next resistance around 63.0000.

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