Weekly Currency Accurate Market Report

Market Outlook

On Friday, the rupee opened on a cautious note and fell 3 paise to 69.0825 against the US dollar in early trade on Friday amid rising crude oil prices and foreign fund outflows. The dollar hit its highest level in two months early Friday in Europe, resuming its upward trend against both the euro and sterling after unconvincing performances on Thursday from both the European Central Bank and the U.K.’s new Prime Minister.  

Fundamental News

  • The euro zone’s central bank indicated it could ease policy substantially in September but disappointed hopes for a modest 0.1% cut in its deposit rate.
  • Sterling has bumped along at multi-year lows since the prospect of a “N-Deal” Brexit under Johnson became the central case scenario two months ago.

Global Updates

  • Trump Denies Fed Threat, China Stimulus, QE Down Under.
  • Iran: Reported US cyber-attacks have not been successful.
  • Germany: HICP inflation to edge a tick lowers to 1.2% in June.
  • Indonesian central bank “allowing” Rupiah to strengthen, USD/IDR hits 2-month lows.
  • German yields hits new record low as bond rally continues.
  • Japan’s Inflation Slows in May as Pressure to Act Builds on BOJ.
  • Japan could rule to remove S. Korea from white list trade status as early as Aug 2nd.
  • Wall Street drifts back from record highs on dire global growth outlook

USDINR showed sideways movements throughout the week closed with flat note. Now, sustaining below its immediate support zone on daily charts currency pair showed bearish movements and find support around 68.0000 levels. On higher levels 69.5000 is act as strong resistance for it.

EURINR showed bearish movements after negative opening closed below its support levels. Now, 76.0000 is seen as strong support zone for the currency pair if shows bearish movements then find support around it, below which it is more bearish. On upward levels 77.5000 is seen as resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation

Leave a Reply