Weekly Profitable Updates on Forex Market – 7th August to 11th August 2017
Indian rupee closed fresh two year high against the US dollar. Here are the reasons why the rupee has strengthened against the dollar.
1) Inflation: India’s inflation both at the consumer and retail levels are well with the central banks comfort zone.
2) Inflows: Indian economy is fastest growing sizeable economy. Growth attracts funds from across the world in the equity markets.
3) Oil prices and trade balance: Oil prices that have hovered at around the $50 per barrel mark have been the biggest reason that the country has managed to control its current account deficit from a high of 4.8% in 2013 to 0.6% in 2016.
• Eurozone retail sales growth hits four-month low.
• U.S. Factory Gauge Continues to Signal Solid Expansion in July.
• Bank of England stays on hold, hints again at 2018 rate rise.
• Marginal improvement in UK service sector growth.
• Caixin China General Manufacturing PMI improved in July.
• UK manufacturing boosted by near survey-record growth of new export orders.
• German Retail turnover in June 2017: +1.5% in real terms on June 2016.
• US ISM disappoints on growth, but some signs of pipeline price pressures.
• US Unemployment Insurance Weekly Claims was 241,750, a decrease of 2,500 from the previous week.
• ADP: Private Sector Employment Increased by 178,000 Jobs in July.
• UK Construction growth eases to 11-month low in July.
USDINR last week consecutively dragged surpassing the important support mark on daily chart. Closing below the mark of 64.0000 is a weak sign for the currency pair and it may further drop towards the next support of 63.5000 while 64.1000 is seen as crucial resistance for it.
EURINR last week moved mostly in range continued the up move since last three successive weeks. The currency pair had been hovering in a range and breakout on either side is necessary to decide the trend where 76.2000 is seen as resistance while 75.2500 as key support from current levels.
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