Weekly Report of Forex Market – 24 April to 28 April 2017
The Indian rupee on Thursday strengthened against the US dollar, tracking the gains in the Asian currencies markets. India’s retail inflation quickened to a five-month high of 3.85% in March on the back of higher fuel prices, erasing any hope of a rate cut by the central bank in the near future. Factory output surprisingly contracted 1.2% in February leaving economists perplexed.
In the global market, the dollar remained under pressure, with US President Donald Trump stating that he prefers a weaker US currency, hurting investing appetite for the greenback.
• Dollar set for weekly losses as tensions with Pyongyang rise.
• Yen hits multi-month highs as risk-off mood persists.
• Most Asian currencies rise as geopolitical concerns ease.
• Yuan eases against dollar, offshore level again weaker amid global tension.
• UK inflation stays at three-year high of 2.3%.
• Eurozone PMI hits fresh six-year high to signal strong start to second quarter.
• United Kingdom Retail Sales ex-Fuel (MoM) below forecasts (-0.4%) in March: Actual (-1.5%).
• Strong growth momentum in French private sector signalled in April.
• Unemployment Insurance Weekly Claims was 244,000, an increase of 10,000 from the previous week.
• Japan’s Merchandise Trade Surplus Narrows in March; Exports Surge 12%.
USDINR last week moved in a specific range and closed on a flat note. On higher side, 65.0000 is seen as strict resistance holding above which can lead to up move. On the other hand, bear trend may further be seen if it gives any closing below 64.3000.
EURINR last week showed consecutive bull rally with start of the week and closed in green territory. It faced stiff resistance on last trading session and fell down indicating resistance in range of 69.7000-70.0000. Whereas, 68.7000 is seen as immediate support below which it may further weaken.
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