Dollar index maintaining its 108+ status, EURUSD made new low of 0.9952
Dollar Index New high 108.58; EURUSD breached parity made low of 0.9998; USDINR new high 80.235 and USDJPY made high of 139.40.
After 13th july data market has gone in a frenzy; a stamped starts with slight disturbance and yesterday evening it was there; today again may happen; as important retail sale data is to be announced from US side.
Now there is only two things to notice i) US economic data ii) interest rate parity of USD Vs other currency; which are correlated. Until this flow of USD towards US is not halting things will remain same; pace may vary, sometime fast ; some time slow.
Important levels for respective pair are:
USDINR: 79.953, +0.076, (+0.10%): Todays trade balance and forex data may give movement to USDINR along with retail sale data from US but both are after 17:00; only those have access to overseas markets can take advantage; and move is expected in favor of USD only; USDINR will again shoot to 80+ levels;
Trading range: 78.90-80.70… longer range: 77.70-81.30
EURINR: 80.1660, +0.1480, (+0.18%)nothing new to mention; but yes todays US data may prove fatal to EURUSD, wait for that. 21st july meeting is now being awaited by EURO well wishers; only near term event that can elevate its level.
Technical range is 78.50-80.70
GBPINR: 94.595, +0.149, (+0.16%)
Current trading range is 93.00-96.70
USDJPY: 138.96, +0.06, (+0.04%)
There is nothing bad happened with Japan still JPY making new lows daily in row against USD; because interest rate differential is going to be increased after bad USA CPI numbers; today again important number of Retail sales will be there from US; may hit again
Trading range: 136.50-141-70
Notable Value points:
Dollar Index : 108.51, -0.04, (-0.03%)
US Bond Yield (10 Y) : 2.947, -0.012, (-0.42%)
Gold : 1,708.00, +2.20, (+0.13%)
Brent Crude : 99.96, +0.86, (+0.87%)
SGX NIFTY : 15,987.00, +22.75, (+0.14%)
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