Paradigm Currency Update 22nd July 2022 (Things may take a lateral trend):
14 July 2022 was the day when majority currency pairs and benchmarks made their highs;
USDINR high 80.235,
Dollar Index 109.29,
EURUSD 0.9952,
USDJPY 139.40,
GBPUSD 1.175
Giving a message that market has discounted bad news/events for time being; until get a fresh interpretation worst than discounted or a new event worst than what have happened.
Its true for other side of coin as no major retreat of clause happened i.e pairs/benchmarks did not make new highs/lows but same time did not improve to mark as an improvement. And that is being stated by markets lul response to ECB’s more than expected rate hike of 50 BPS; may break the honor on Italy’s head for the same but fact will remain same; market did not react to ECB;s stance as it was expected.
Now focus of all will be towards FED rate hike dates 26/27 july; to state market have discounted that too;
SO what will be next ignition for markets to move; we believe that will be now economic numbers from respective nation; until significant deviation (on either side) happen; things may take a lateral trend.
On Indian front FIIs changed stance i.e. +ve flow after a long period will support ; and currently is the only supportive factor; today RBI will announce our forex reserve expected to be downside revision only.
Important levels for respective pair are (All values are FOREX SPOT):
USDINR: 79.881, +0.103, (+0.13%) (no change in range compare to yesterdays levels)
Scalping Range: 79.80/70 to 80.15/20
Trading range: 78.90-80.70… longer range: 77.70-81.30
EURINR: 81.4510, -0.2200, (-0.27%):
Technical trading range: 80.90-82.90/83.20
GBPINR: 95.670, -0.094, (-0.10%):.
Current trading range is 94.00-96.70
USDJPY: 137.62, +0.24, (+0.18%):
Short trading Range: 136.50-138.10
Long Trading range: 136.50-141.70
Notable Value points:
Dollar Index : 106.86, -0.05, (-0.04%)
US Bond Yield (10 Y) : 2.901, -0.007 (-0.26%)
Gold : 1,714.85, +1.45, (+0.08%)
Brent Crude : 105.31, +1.45, dol(+1.40%)
NIFTY SGX : 16,628.50, -65.00, (-0.39%)
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