Japanese Yen
JPY at fresh 21-month low of Y104.02/$1 and JPYINR gain more
than 2% trading above 64.00 after Bank of Japan refrains from further easing
U.S. Fed and BOJ Policy Update
US Federal Reserve kept its monetary policy unchanged and Bank
of Japan's reluctance in easing its monetary policy further
Federal Reserve Chair Janet Yellen left US interest rates
unchanged on Wednesday, citing slow jobs gains, tepid growth and low inflation
- and an impending vote in Britain on whether to quit the European Union.
The Bank of Japan kept monetary policy steady and stuck to its
optimistic view of the economy on Thursday, giving further strength to yen
which hurt Japanese stocks.
The Bank of Japan (BOJ) said it would continue to conduct money
market operations at a rate that kept the monetary base increasing at an annual
pace of 80 trillion yen ($760 billion) and kept deposit rate at -0.1%.
Technical, near term trend expect to remain bullish and JPYINR
may set new high in days to com and a break above 64.75 is expect to test
65.00-65.50.
On the downside, immediate support is seen at 63.80
sustain trade below only will expect to retrace towards 63.50-63.00.
Dollar/Rupee
Dollar/rupee trading almost flat and the dollar index fell
Thursday after the Federal Reserve voted against raising interest rates and
lowered projections for further rate hikes in next few years. Dollar fell
following the release of the Federal Reserve's highly anticipated announcement.
Technical, USDINR failed to gain further, and retraced more than
0.22% from the previous close of 67.4275. A sustain close below the 50%
Fibonacci Retracement levels and weakness in dollar index after Fed policy amid
hope of GST Bill may be passed in the Parliament may hold selling pressure in
the pair.
On the other hand, immediate resistance is seen at 67.55 and
pair would need to trade above 67.55 in order to test 67.75-67.90
EUR/Rupee
Euro traded higher Wednesday after economic data from the common
currency area showed a modest recovery and U.S. Fed and Bank of Japan hold it
policy unchanged.
The currency pair traded higher after the exports from the
euro-zone to the rest of the world jumped in the month of April, pushing the
traded surplus wider.
EURINR recovered from the day low 75.4325 and settled at 75.6325
levels. A hammer candle
stick formation on EOD chart is indicating for temporary recovery in EUIRNR,
but near term trend is expect to remain bearish following to the Brexit woes
and any rise towards 75.95-76.00 is expect to attract huge selling activities.
On the upside, strong resistance is seen at 76.10 and sustain
trade above only momentum upside move could expect towards 76.35-76.55 and
above.
Else, any rise towards 76.05-76.00 could attract selling
pressure for the target 75.75-75.45 again.
GBP/Rupee
Pound snapped a three-day fall Wednesday after unemployment rate
in UK fell to its lowest level. Also,
Bank of England will meet today for the last time before the Brexit vote to
discuss the monetary policy and is expected to maintain the status quo while a
falling currency tends to push up inflation because imported products become
more expensive.
GBPINR remained indecisive for third consecutive day and settled
almost flat. A formation of
third high wave candle stick on EOD chart is yet indicating for indecisive
trend in the pair.
Further, Bank of England policy later today and fear of Brexit
continued to hold bearishness in the pair. Hence, any rise towards 96.00-96.10
expects to attract huge selling pressure in days to come.
On the upside, strong resistance is seen at 96.20 and sustain
trade above only will expect to test 96.55-97.00 again.
Major
Economic Data & Events Schedule today
|
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
|
Tentative
|
JPY
|
Monetary Policy Statement
|
-
|
-
|
-
|
|
10:00am
|
CHF
|
SNB Financial Stability Report
|
-
|
-
|
-
|
|
11:15am
|
CHF
|
SECO Economic Forecasts
|
-
|
-
|
-
|
|
Tentative
|
JPY
|
BOJ Press Conference
|
-
|
-
|
-
|
|
1:00pm
|
CHF
|
Libor Rate
|
-0.75%
|
-0.75%
|
Neutral
|
|
CHF
|
SNB Monetary Policy Assessment
|
-
|
-
|
-
|
|
|
CHF
|
SNB Press Conference
|
-
|
-
|
-
|
|
|
1:30pm
|
EUR
|
ECB Economic Bulletin
|
-
|
-
|
-
|
|
2:00pm
|
GBP
|
Retail Sales m/m
|
0.30%
|
1.30%
|
Negative
|
|
2:30pm
|
EUR
|
Final CPI y/y
|
-0.10%
|
-0.10%
|
Neutral
|
|
EUR
|
Final Core CPI y/y
|
0.80%
|
0.80%
|
Neutral
|
|
|
Tentative
|
EUR
|
Spanish 10-y Bond Auction
|
-
|
1.50|1.5
|
-
|
|
All Day
|
EUR
|
Eurogroup Meetings
|
-
|
-
|
-
|
|
4:30pm
|
GBP
|
MPC Official Bank Rate Votes
|
0-0-9
|
0-0-9
|
Neutral
|
|
GBP
|
Monetary Policy Summary
|
-
|
-
|
-
|
|
|
GBP
|
Official Bank Rate
|
0.50%
|
0.50%
|
Neutral
|
|
|
GBP
|
Asset Purchase Facility
|
375B
|
375B
|
Neutral
|
|
|
GBP
|
MPC Asset Purchase Facility Votes
|
0-0-9
|
0-0-9
|
Neutral
|
|
|
6:00pm
|
USD
|
CPI m/m
|
0.30%
|
0.40%
|
Negative
|
|
USD
|
Core CPI m/m
|
0.20%
|
0.20%
|
Neutral
|
|
|
USD
|
Philly Fed Manufacturing Index
|
1.1
|
-1.8
|
Positive
|
|
|
USD
|
Unemployment Claims
|
267K
|
264K
|
Neutral
|
|
|
USD
|
Current Account
|
-125B
|
-125B
|
Neutral
|
|
|
7:30pm
|
USD
|
NAHB Housing Market Index
|
59
|
58
|
Positive
|
