EUROEuro/INR

Taking cues from expectations that the ECB may signal an easy monetary policy in its meeting on 7th Nov’13, the Euro came under pressure and declined around 0.3 percent yesterday. While signs of economic growth are seen in the Euro Zone, the EU (European Union) lowered its forecast for economic growth for next year and also said that unemployment could increase. GDP is expected to increase 1.1 percent in 2014 as against previous estimates of 1.2 percent.

 

Spanish Unemployment Change rose by 87000 in October as compared to a gain of 25600 in September. Euro Zone Producer Price Index (PPI) gained 0.1 percent in September.

Outlook

Data from the Euro Zone today is expected to come on a mixed note and this coupled with ongoing expectations of a cut in interest rates by the ECB will drive the Euro lower today. Also, forecasts of slow economic growth in the Euro region will also act as a negative factor.

Technical Outlook valid for November 6, 2013

 

Trend

 Support

Resistance

Euro/INRNov’13(NS/MCX-SX)

Sideways

83.40/83.20

83.90/84.20

 

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FOREX  MARKET Euro/INR TECHNICAL REPORT 06 NOVEMBER

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