The dollar slipped on Thursday as some investors squared positions before the annual global central bankers’ gathering in Jackson Hole, Wyoming, where Federal Reserve Chair Janet Yellen may offer new guidance on U.S. monetary policy. U.S. data on Thursday added to the bullish outlook on interest rates, with a 1.6 percent rise in U.S. durable goods orders for July and a fall in initial weekly jobless claims.
The UK GDP second estimate showed an increase of 0.6% q/q in the second quarter of 2016, up from 0.5% booked in the first quarter, while matching estimates of a rise of 0.6% in June quarter.
- Dollar dips in quiet market as Yellen dominates.
- UK economic growth meets expectations in Q2.
- Euro and pound find their sea legs as London enters the fray.
- European Monetary Union M3 Money Supply (YoY) fell from previous 5% to 4.8% in July.
USDINR opened on lower note but gradually show certain up move during the session.
It was able to sustain above 67.0000 mark and lower lows since last three sessions can correct the counter towards 67.2000 while 66.9000-66.8000 is seen as intraday support.
EURINR again found support on lower side for the second consecutive session and closed flat.
Strength can be seen till it holds above the level of 75.5000 whereas on higher side, 75.9000-76.0000 is seen as immediate resistance range.
GBPINR was not able to gain momentum on higher side on the second successive session and closed on flat note.
On higher side, major resistance is still maintained near 89.0000 mark while any closing below 88.2500 can be a weak sign for the counter.
JPYINR opened lower but soon climbed gradually and during the session.
On daily charts, the currency pair is sideways and breakout on either side can decide the trend further. On lower side, 66.5000 is key support while 66.9000 is resistance.
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