The Indian Rupee strengthens by 9 paise to open at 69.0025 and hovered in the range of 69.1925 and 68.9625 against the US dollar. However, strong demand of the American currency overseas restricted the rupee’s gains. On the flip side, the dollar stood little change against basket of currencies and market participants caution prevailed with US tarrif on Chinese goods taking effect. Morever, they are also turning attention towards US job report due later in the day.
- The euro surged up to its near three week highs bolstered by strong German data, he trade concerns will continue to dominate markets with the Fed minutes being the key data point.
- As the U.S. began collecting tariffs on $34 billion in Chinese goods, Yuvan sliped while the dollar was little changed. However, the yuan had retreated to the 11 month low amid trade concerns.
- Japan Foreign investment in Japan stocks up to ¥-299.8B in June 30 from previous ¥-483.5B.
- United Kingdom Markit Services PMI came in at 55.1, above expectations 54 in June.
- United Kingdom 10-y Bond Auction: 1.43% vs previous 1.61%.
- European Monetary Union Retail Sales (MoM) registered at 0%, below expectations 0.1% in May.
- European Monetary Union Unemployment Rate came in at 8.4%, below expectations 8.5% in May.
- Switzerland Foreign Currency Reserves increased to 749B in June from previous 741B
USDINR showed sideways to bullish movements closed above its psychological resistance level of 69.0000. If sustain above this level then it may continue positive rally and find next resistance around 69.5000. On downward side it has immediate support of 68.7000 below which correction can be seen in it.
EURINR showed positive movements after breakout of its resistance level last week, form strong consolidation on higher levels sustaining above which may take it towards resistance zone of 81.6000. On lower levels 80.6000 is act as strong support for the currency pair.
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