On Friday, against the US dollar, the Indian Rupee weakened by 4 paise to open at 70.1800 and throughout the week it is traded in the range of 70.2650 -69.5825. The Rupee sentiments were hit due to increasing demand of dollar from banks and importers and strengthen of dollar against major Asian currencies. On the flip side, dollar slipped against basket of currencies as trade talks between the U.S. and China ended. Looking ahead, market participants focus will likely shift to the speech by Federal Reserve Chairman Jerome Powell to be held later today.
• Aussie rallied 1.4% following Prime Minister Malcolm confirmed his resignation earlier this morning and stated he will not stand for PM as the ruling Liberal Party voted 45-40 to hold a leadership ballot.
• Lira plunged 1% against greenback after Turkish President Spokesman accused the United States of waging “economic war”.
• European Monetary Union Markit PMI Composite below expectations 54.5 in August: Actual 54.4.
• United Kingdom CBI Industrial Trends Survey – Orders (MoM) came in at 7 below forecasts 9 in August.
• United Kingdom Public Sector Net Borrowing came in at £-2.872B below forecasts £-2.3B in July.
• European Monetary Union Construction Output s.a (MoM) in line with expectations 0.2% in June
• .Canada Foreign portfolio investment in Canadian securities registered at $11.55B above expectations $4.91B in June.
• Germany Gross Domestic Product (QoQ) meets expectations 0.5% in 2Q.
USDINR showed sideways movement throughout the week and closed on a flat note. On daily charts, 69.5000 is seen as strong support for the pair and any closing below it can further weaken it while if it is able to sustain above the mark of 70.0000 in coming week then it may move towards the resistance range of 70.5000-70.8000.
EURINR showed a good bounce from the previous week closing and closed this week on a strong note. The currency pair is now near to its immediate resistance range of 81.3000-81.6000 surpassing which may further strengthen it while falling may drag it towards the important support level of 80.3000.
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