52348395_ml_620x310

Market Outlook

The rupee opened nearly 5 paise down at 66.95 against dollar on Thursday on account of selling of the US currency by bank & exporters. The dollar broke an 11-day winning streak on Thursday, falling back against the euro, yen and the basket of currencies that measures its broader strength after hitting its highest in a month a day earlier. That all ran counter to signals from US Federal Reserve chief Janet Yellen, and a strong rise in January inflation numbers, which spoke for a rise in US interest rates within months.

Fundamental News

  • Italy Global Trade Balance: €5.798B (December) vs €4.203B.
  • Sweden Unemployment Rate increased to 7.3% in January from previous 6.5%.
  • South Africa Retail Sales (YoY) down to 0.9% in December from previous 3.8%.
  • France ILO Unemployment remains unchanged at 10% in 4Q.

USDINR

1

USDINR after sideways movement in first half gave trendline breakout and closed on higher levels. Now, if able to sustain above 67.1500 than more positive movements are expected towards next resistance level of 67.5000 whereas, 66.8500 is act as crucial support.

EURINR

22

EURINR open with positive bias and closed around its resistance level. Immediate resistance for the particular currency is seen near 71.6000 sustaining above which shows more positive movement. Psychological level of 71.0000 is support for it.

GBPINR

23

GBPINR showed continuous bullish rally in whole session and closed with positive bias. If able to sustain above 84.2000 than bulls may active and take it towards next resistance level of 84.5000-85.0000. On lower levels 83.7500 is act as support.

JPYINR

24

JPYINR opened gap up showed more positive movement in second half and closed around its resistance level. Opening is vital for the particular currency as trading near to its crucial resistance. If able to open above the resistance level then new rally expected in it.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *