Most emerging Asian currencies slumped on Wednesday, as growing Brexit fears dampened risk appetite while investors were awaiting clues from the U.S. Federal Reserve on the timing of the next interest rate increase. Snapping a four-day losing streak, the Rupee moved up against the US dollar in early trade on Wednesday.
UK unemployment fell to 1.67 million in the February-to-April period, down 20,000 from the previous quarter, official figures show. The fall took the unemployment rate to 5%, the lowest rate since October 2005.
- Rupee snaps four-day losing streak.
- Asia FX weakens on Brexit jitters, Fed; yuan hits 5-year low.
- Negative bund yields pressure euro, Brexit vote looms, eyes on Fed.
- French Consumer prices increased by 0.4% in May 2016.
- UK unemployment falls to 1.67 million.
USDINR lost its shine after gains so shown since last four consecutive sessions and finally closed in red.
On lower side, 100 day EMA of 67.0500 is seen as crucial support for the counter while strength can be seen if it sustains above 67.5000.
EURINR opened down and remained on lower levels for the entire session.
On daily charts, a triangle pattern is seen according to which 75.3000 is seen as strong support from where reversals can be seen while 76.0000 is the near resistance.
GBPINR moved in the same range as of previous two sessions and closed on a flat note.
It has been observed that it is finding pull back from lower levels and so strength can be witnessed above 95.7000 while 95.1000 is still acting as stiff resistance.
JPYINR opened gap down and sell offs were majorly seen after continuous bull rally.
If correction on lower side continues then selling pressure can be seen below 63.0500 while 63.8000-64.0000 is still acting as resistance range.
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