GBP/INR

The Sterling Pound appreciated around 0.2 percent yesterday on the back of favorable manufacturing and industrial production data from the country. Further, weakness in the DX coupled with upbeat global market sentiments supported an upside in the Sterling Pound. The currency touched an intra-day high of 1.6117 and closed at 1.6079 on Wednesday.

UK’s Halifax HPI gained 0.7 percent in October as against a gain of 0.5 percent in September. Manufacturing Production gained 1.2 percent in October as against a decline of 1.2 percent in September. Industrial Production rose 0.9 percent in September as against a decline of 1.1 percent in August.

Outlook

From the intra-day perspective, we expect Pound to trade on a lower note on account of weak market sentiments coupled with strength in the DX. Further, investors need to keep a close watch on Bank of England (BOE) meet today and any announcement in the meeting will provide direction to the currency

JPY/INR

The Japanese Yen depreciated around 0.2 percent yesterday taking cues from upbeat global market sentiments that led to fall in demand for the low yielding currency.

The Yen touched an intra-day low of 98.75 and closed at 98.65 on Wednesday.

Outlook

Depreciation in the Yen is expected in today’s trade as a result of rise in risk aversion in market sentiments which will lead to rise in demand for the low yielding currency.

Technical Outlook valid for November 7, 2013

 

 Trend

 Support

Resistance

GBP/INR Nov’13 (NSE/MCX-SX)

Up

100.70/100.50

101.20/101.40

JPY/INR Nov’13 (NSE/MCX-SX)

Up

63.40/63.20

63.80/64.0

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Forex Market GBP/INR And JPY/INR Technical Report 07 November

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