Weekly Report on Forex Market –9th APR to 13th APR 2018
The Rupee opened on Monday at 65.2475 up by 11 paisa, made a high of 65.0250 and closed this week at 65.1000 up by 26 paisa vs previous close of 65.3600 due to increased demand for the US currency from foreign fund outflows and importers and banks. The deficit concern can keep the rupee under pressure from a long-term perspective and can limit gains in the currency. Last week the dollar index unable to sustain above 90 level and fell sharply to a low of 88.25. However, the index had managed to claw back from this low and is currently trading at 89.10.
- Two currencies sharply underperformed of Nordic in the last year due to collapse of house prices, despite predictions at the start of last year of Nordic currency strength.
- On the basis of trade war and a series of geopolitical and economic risks, The Turkish Lira fell to yet another historic low against the United States dollar on the morning of April 6.
- SAR Retail Sales of Hong Kong increased to 29.8% in February from previous 4.1%.
- United Kingdom PMI Construction below expectations (50.8) in March: Actual (47).
- Unemployment Italy below forecasts (11%) in Feb: Actual (10.9%).
- Industrial Production (YoY) of Greece declined to -2% in February from previous -1.7%.
- Net Change in Employment of Canada came in at 32.3K, above forecasts (20K) in March.
- US Consumer Credit Change below expectations ($15B) in February: Actual ($10.6B).
USDINR showed sideways movements throughout the week closed with negative bias and trades around its immediate support mark of 64.8000 below this it may show more bearish movements and may drag towards next support level of 64.3000. If able to show some strength on higher levels then 65.5000 is act as strong resistance level for the currency pair.
EURINR showed continuous downward movements last week, closed below its psychological support level of 80.0000 and looks more bearish if sustain below it for upcoming trading sessions and may find support around 79.0000. Contrary if give closing above resistance level of 80.2000 then it may again come in bullish phase.
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