DOLLAR-RUPEE
Dollar/rupee ended up on dollar buying by Nationalized banks
most likely on behalf of Reserve Bank of India, while the dollar index declined
to its lowest level in over 15 months after US manufacturing activity slowed by
more than expected, raising concerns over global economic health, waning
concerns of a Fed rate hike.
USD-INR remained in short term consolidation range of
66.55-66.95. On the daily chart, near term support is seen at 66.55 sustain
trade below only will expect to show correction towards 66.30-66.10, else
USDINR appear to set short term pullback towards 66.95 before any bearish move.
Thereby, any rise towards 66.90-67.00 is appearing to
set correction for the target 66.55-66.30 in days to come unless it gives a
closing above 67.30. A break above this resistance could result 67.55-67.80
upside move.
A break above this resistance could result 67.55-67.80
upside move.
EUR-RUPEE
Euro traded near five-month high Monday as dollar fell to
over eight-month low after weaker than expected US economic data reduced
prospects of a rate hike by Federal Reserve in the near term.
After breaching the resistance of 76.24 its previous swing
high, EURINR jumped 76.65 and settled at 76.60. Today, EURINR would
need to trade above 76.80 which is coincide with short term consolidation range
and after that pair may test 77.10-77.35 its next resistance level.
On the downside, immediate support is seen at 76.60 below it
will expect to test 76.30-76.10.
GBP-RUPEE
Pound traded up for third straight day Monday as dollar fell
to over eighth-month low following slew of weak economic data from the US
lowered fears of a near-term rate hike by the Federal Reserve.
GBPINR witnessed more than 0.25% recovery rally from the day
low 97.29 and tested 97.70 before closing at 97.69. Near term
resistance is seen at 97.80, and GBPINR would need to trade above these levels
in order to test 98.00-98.50, else failure of the break will create probability
for the correction from the every high of 97.35-97.50.
YEN-RUPEE
The currency jump over 18-month Monday as investors turned
risk-averse after series of weak data from the US raised concerns over global
economic health. Japanese markets will remain closed from Tuesday till Thursday
for various public holidays.
JPYINR continued its recent bullish trend and after
breaching 62.40 tested 62.66. On the EOD chart a long bullish candle
stick formation is indicating for bullishness in near future.
Further, JPYINR need to trade above 62.70 in order to test
63.00 and above.
Major Economic Data & Events Schedule today
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
All Day
|
JPY
|
Bank Holiday
|
-
|
-
|
-
|
7:15am
|
CNY
|
Caixin Manufacturing PMI
|
49.8
|
49.7
|
Positive
|
2:00pm
|
GBP
|
Manufacturing PMI
|
51.3
|
51
|
Positive
|
2:30pm
|
EUR
|
PPI m/m
|
0.10%
|
-0.70%
|
Positive
|
7:30pm
|
USD
|
IBD/TIPP Economic Optimism
|
46.6
|
46.3
|
Positive
|
8:00pm
|
USD
|
FOMC Member Mester Speaks
|
-
|
-
|
-
|
All Day
|
USD
|
Total Vehicle Sales
|
17.3M
|
16.6M
|
Positive
|
More will update soon!!
