Dollar/Rupee July Future
Dollar/rupee snapped two-day gains while the greenback weakened
against basket of six major currencies on profit taking tracking higher risk
appetite in global stocks.
Dollar/rupee drop towards 68.0825 compare to previous close of
68.2875 in earlier trade on Wednesday. Yesterday, Pair found support just above
the 50% Fibonacci retracement level of the 29 Feb-20 April fall from 69.5650 to
67.00.
The 61.8% retracement level at 68.46 will act as an near
term resistance level above which pair will expect to test 68.95 and above,
else consolidation is appear to take place around 68.00-68.30 before any big
move.
Dollar index little changed against a basket of six currencies
during early Asian trade Wednesday and traded at 96.11 compared to 96.05 at
close of New York time on Tuesday.
Immediate support is seen at 95.90 sustain trade below only will
expect to test 95.40-95.20.On the other hand, resistance is seen at 96.20-96.55.
EUR/INR July Future
Euro snapped a two-day fall Tuesday on short covering amid weakness in dollar. The currency pair traded higher as investors made a rush for Brexit-bashed assets which were hammered by some of the biggest falls amid weakness in the greenback. EURINR failed to break below 75.25 and rebounded from 75.2550, settled at 75.73 levels. Intraday price action resulted in formation of bullish piercing line pattern which is indicating for short term pullback towards 75.80-76.00 in days to come. On the other hand, crucial support is seen at 75.25 and sustain trade below only will expect to test 74.80-74.65.
GBP/INR JULY Future
Pound rebounded from its 31-year low Tuesday as investors
covered their short positions in pound amid uncertainty over impact of Brexit
on United Kingdom's Economy. Pound
fell sharply as investors expect both the UK and Eurozone economies to
experience further slowdown after Brexit.
GBPINR witnessed more than 1% recovery rally on Tuesday, and
settled at 91.35 levels. intraday price action resulted in formation of bullish
harami cross pattern which is indicating for short term pullback in
GBPINR.
Crucial support will intact at 90.75 and fresh correction
is expected to come below 90.75 for the target 90.20-90.00
JPY/INR July Future
Yen retraced more than 0.80% yesterday on lack of fresh triggers following the sharp fall in the currency pair after Brexit. JPYINR retraced more than 0.75% yesterday and settled at 66.7275 levels. Buy strategy given around 66.80-66.90 has been initiated. Near term trend is expect to remain bullish following to the strong breakout of short term consolidation and any dip towards 66.20-66.00 is expect to attract near term buying activities.
Major
Economic Data & Events Schedule today
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
4:30am
|
USD
|
FOMC Member Powell Speaks
|
-
|
-
|
-
|
5:20am
|
JPY
|
Retail Sales y/y
|
-1.60%
|
-0.90%
|
Negative
|
11:30am
|
EUR
|
GfK German Consumer Climate
|
9.8
|
9.8
|
Neutral
|
All Day
|
EUR
|
Italian Bank Holiday
|
-
|
-
|
-
|
11:30am
|
GBP
|
Nationwide HPI m/m
|
0.10%
|
0.20%
|
Negative
|
All Day
|
EUR
|
German Prelim CPI m/m
|
0.10%
|
0.30%
|
Negative
|
12:30pm
|
EUR
|
Spanish Flash CPI y/y
|
-0.90%
|
-1.00%
|
Neutral
|
2:00pm
|
GBP
|
Net Lending to Individuals m/m
|
2.9B
|
1.6B
|
Positive
|
GBP
|
M4 Money Supply m/m
|
0.10%
|
-0.10%
|
Positive
|
|
GBP
|
Mortgage Approvals
|
65K
|
66K
|
Negative
|
|
Day 2
|
EUR
|
EU Economic Summit
|
-
|
-
|
-
|
6:00pm
|
USD
|
Core PCE Price Index m/m
|
0.20%
|
0.20%
|
Neutral
|
USD
|
Personal Spending m/m
|
0.30%
|
1.00%
|
Negative
|
|
USD
|
Personal Income m/m
|
0.30%
|
0.40%
|
Negative
|
|
7:30pm
|
USD
|
Pending Home Sales m/m
|
-0.90%
|
5.10%
|
Negative
|
