Weekly Report on Forex Market –16th Oct to 20th Oct 2017
Indian rupee last week weakened further for the consecutive sessions to hit fresh six-month low against the US dollar after local equity markets declined for seventh consecutive sessions. The fall in the rupee was triggered by outflows from capital markets by foreign institutional investors (FIIs) on the worries of overshooting fiscal deficit and escalating tensions between North Korea and US. However, it strengthened on Friday for the second session against the US dollar as local equity markets gained after the government stick to its borrowing plan and also increased foreign investment limits in debt.
• Dollar set for best weekly gain in 2017; euro struggles.
• GBP/USD Re-Approaches 2-Week Lows After U.K. Data Disappoints.
• Australia, NZ dollars down, staring at worst weekly showing since April.
• Yuan set for 1st monthly loss in 5 as PBOC caution, dollar bounce tempers rally.
• German IFO Business Climate Index Edges Downwards.
• Eurozone flash CPI steadies at 1.5% in September, misses estimates.
• Conference Board Consumer Confidence Index Declined Slightly in September.
• Gain in U.S. Business Equipment Orders Shows Solid Investment.
• US Unemployment Insurance Weekly Claims was 272,000, an increase of 12,000 from the previous week.
• US Gross Domestic Product increased at an annual rate of 3.1 percent in the second quarter of 2017.
USDINR pair showed continuous downward movement in last week and closed on lower note around psychological level of 65.0000. Now, if it sustain below 65.0000 than more correction is expected up to 64.4000 on higher side immediate resistance is around 65.5000.
EURINR faced resistance and showed correction in last two trading session after positive movement in previous sessions. 76.8000 is immediate support for the currency pair if able to sustain above it than continue its bullish rally otherwise shows correction and may find support around 76.0000.
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