The Rupee recoverd some lost ground to open 14 paise higher at 67.3025 against the US Dollar. Along with this, the growing concerns over capital outflows and trade deficit worries due to rising crude prices kept forex sentiment highly volatile through the day. The dollar retreated from this year’s high after the U.S. released soft CPI data, but rose slightly against the rival currencies as sentiment boost up as investors trimmed expectations for four rate hikes.
- Canadian Dollar hits 3 week high as Oil prices remain at their highest level in 3-1/2 years, and this has boosted the Canadian currency, which is at its highest level since late April.
- The EUR/GBP has rallied extensively during the session on Thursday as the Bank of England held interest rates with a vote of 7 to 2, and a more dovish stand than recently thought.
- United Kingdom Industrial Production (MoM) registered at 0.1%, below expectations (0.2%) in March.
- Italy Industrial Output s.a. (MoM) registered at 1.2% above expectations (0.4%) in March.
- Japan Leading Economic Index came in at 105, below expectations (105.2) in March.
- Germany Current Account n.s.a. above expectations (€27B) in March: Actual (€29.1B).
- Monetary Union Sentix Investor Confidence of Europe registered at 19.2, below expectations (21.1) in May.
- Unemployment Rate of United States below forecasts (4%) in April: Actual (3.9%).
USDINR showed sideways to bullish movements able to sustain above its resistance level suggesting more bullish rally in currency pair towards next resistance i.e. around 68.0000. On lower levels 67.0000 is act as strong support zone for it below this only it may shows correction towards 66.7000 level.
EURINR showed negative movements throughout the week but in last trading session showed positive movements and closed with flat note, more bullish movements were seen if currency pair sustain above it immediate resistance mark of 80.7000. On downward side psychological level of 80.0000 is act as support for it.
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