Dollar/Rupee August Future
Dollar/rupee ended up Wednesday as importers demanded dollars for their month-end payment commitments, while the dollar index traded little changed during early Asian trade Thursday with investors mostly prefering to stay on the sidelines ahead of the US Federal Reserve's annual Jackson Hole meeting, set to start later in the day.
Technical, USDINR was unable to break its support 67.06, and consolidated around 67.15 levels yesterday. On the EOD chart USDINR trading on verge of its previous swing trend line and further correction is expect to come below 67.06, else positive consolidation is appear to take place for the level 67.25-67.35 for the short term perspective.
On the upside, massive resistance is seen at 67.40 sustain trade close only will expect to test 67.65-67.85.
EUR-INR August Future
Euro traded little changed Wednesday as investors awaited comments from the Federal Reserve Chairperson, Janet Yellen later this week.
EURINR has stalled its recent bullish trend, and retraced towards 75.69 compare to previous close of 76.0625 levels. A long bearish candle stick formation on EOD chart is indicating for bearishness in EURINR and pair may test 75.40-75.10 again.
Further, pair would need to trade above 76.10 in order to test 76.35-76.65.
GBP-INR August Future
Pound traded up Wednesday after as survey conducted by CBI showed export order books have reached a two-year high, suggesting that the depreciation of sterling since the end of last year may be feeding through to stronger overseas demand.
GBPINR extended its recent bullish trend and after breaching the resistance 88.70 tested 88.9750 before closing at 88.91 levels. Buy strategy given above 88.12 since 19 August was successful.
In near term GBPINR is expect to remain bullish following to long bullish candle stick formation on EOD chart.
But, pair would need to trade above 89.00 in order to test 89.45-89.70.
Immediate support is seen at 88.70 below will expect to test 88.30-88.00.
JPY-INR August Future
Yen traded higher Wednesday as investors moved away from safe-haven yen to the greenback post better than expected US home sales data.
JPYINR traded in between small range and settled at 66.99 almost flat. A formation of Doji candle stick is indicating for indecisive trend among JPYINR traders.
However, pair yet trading above its medium term trend line support which is creating probability for the upside move towards 67.50-67.75.
Buy around 66.65-66.70 Target 67.10, above 67.10 will expect to test 67.50 Stop loss below 66.50.
§ Major Economic Data & Events Schedule today
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
5:20am
|
JPY
|
SPPI y/y
|
0.10%
|
0.20%
|
Negative
|
1:30pm
|
EUR
|
German Ifo Business Climate
|
108.5
|
108.3
|
Positive
|
3:30pm
|
GBP
|
CBI Realized Sales
|
-5
|
-14
|
Negative
|
6:00pm
|
USD
|
Core Durable Goods Orders m/m
|
0.40%
|
-0.40%
|
Positive
|
USD
|
Unemployment Claims
|
265K
|
262K
|
Negative
| |
USD
|
Durable Goods Orders m/m
|
3.40%
|
-3.90%
|
Positive
| |
7:15pm
|
USD
|
Flash Services PMI
|
51.90
|
51.40
|
Positive
|
8:00pm
|
USD
|
Natural Gas Storage
|
22B
|
22B
|
Neutral
|
All Day
|
ALL
|
Jackson Hole Symposium
|
-
|
-
|
-
|
