Dollar/Rupee August Future
Dollar/rupee ended little changed on likely overseas funds outflow from local stocks amid selling by foreign banks even as Reserve Bank of India maintained status-quo in its third Bi-monthly Monetary Policy meeting earlier Tuesday.
Technical, USDINR retraced from the day high 67.1950, and settled at 67.0525 almost flat. In near term USDINR expect to trade in between 66.95-67.25 levels unless it give either side break of short term consolidation that started since 1 August 2016. A closing below 66.95 only could result downside move towards 66.55 and below.
Sell around 67.10-67.15 Target 66.80-66.65. Stop loss above 67.25
EUR/INR August Future
Euro traded little changed during afternoon trades Tuesday as investors have no clear direction on lack of fresh cues.
Meanwhile, German exports edged higher in June after an unexpected month-on-month decline in May as weak global growth continued to prove a drag on Europe's leading economy.
On the month, exports rose 0.3%, below consensus forecasts for a 1% rebound after a 1.8% decline in May, according to Federal Statistical Office figures. Imports rose 1%, beating the 0.6% consensus forecast, and well up on May's 0.1% month-on-month growth rate.
Also, France's state budget deficit widened to 61.8 billion euros ($68.6 billion) in June from the EUR58.5 billion recorded a year earlier, the budget ministry said Tuesday.
After hitting a low 74.10, EURINR consolidated around 74.30 and settled t74.3250. Intraday price action resulted in formation of high wave candle stick, while pair remained below 23.8% Fibonacci Retracement which is indicating for weakness in the pair.
Further, massive resistance is seen at 74.70 and pair would need to trade above this level in order to test 75.00-75.25.
GBP-INR August Future
Pound fell for the fifth-straight session Tuesday after lower than expected UK manufacturing production and trade data for June. The currency pair extended fall after the UK industrial production and trade data for the month of June came slightly worse than the economists’ expectations.
GBPINR retraced from the day high 87.3775 and tested 87.05. Short term trend still looks bearish following to bearish pennant break down on EOD chart, and any rise towards 87.80-87.90 is expect to attract huge selling activities. Stop loss above 88.10.
JPY/INR August Future
Yen traded little changed during Asian trades Tuesday as investors have no clear direction on lack of fresh cues.
The dollar fell against the yen on Wednesday as retreating Tokyo stocks drove safe-haven bids for the yen, while bargain hunting helped the battered pound crawl away from its one-month low.
JPYINR has stalled its recent bearish trend and settled at 65.6350, up 0.14%. ON the EOD chart pair took the near term trend line support which is indicating for upside move in JPYINR.
On the other hand, further correction is expected to come below 65.25 for the target 64.80-64.55.
On the other hand, a break above 66.10 Target 66.35/66.60. Stop loss below 65.98.
Major Economic Data & Events Schedule today
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
5:20am
|
JPY
|
Core Machinery Orders m/m
|
3.40%
|
-1.40%
|
Positive
|
JPY
|
PPI y/y
|
-4.00%
|
-4.20%
|
Negative
| |
10:00am
|
JPY
|
Tertiary Industry Activity m/m
|
0.30%
|
-0.70%
|
Positive
|
12:15pm
|
EUR
|
French Industrial Production m/m
|
0.30%
|
-0.50%
|
Positive
|
Tentative
|
EUR
|
German 10-y Bond Auction
|
-
|
-0.05|1.2
|
-
|
7:30pm
|
USD
|
JOLTS Job Openings
|
5.52M
|
5.50M
|
Positive
|
10th-12th
|
USD
|
Mortgage Delinquencies
|
-
|
4.77%
|
-
|
10:31pm
|
USD
|
10-y Bond Auction
|
-
|
1.52|2.3
|
-
|
11:30pm
|
USD
|
Federal Budget Balance
|
-129.9B
|
6.3B
|
Negative
|
