At present all currencies are getting valued according to situation in USA more than their own performance, and same was being testified yesterday when Dow rallied and JPY faded to 1998 levels against USD with no news/event on home ground. Japans’ stance of not increasing interest rate was again interpreted negative last day when US market rallied. USDJPY is trading at 136.13 while writing this note.
Like yesterday to also no big economic calendar event except FED Chairman’s Testimony at 19:00, so leaving JPY all other pairs against INR are expected to be in lateral movements.
Important levels for respective pair are:
USDINR: indicative 78.19, holding its multiple top support of 77.90 on closing basis, tested yesterday to the levels of 77.92 but bounced back. Now major hope for INR is softening of Crude prices. Technical trend is still bearish for INR and current support resistance are 77.90/70-78.35/40 respectively.
As advised importers are not expected to experiment any adventure, exporters can hold dollar with view to hedge is value close below 77.90/70 ranges.
EURINR: indicative; 82.17; trading range 81.10-83.10; trend sideways;
GBPINR: indicative; 95.73;trading range 94.70-96.90; trend sideways ;
USDJPY: indicative; 136.13; trading range has been breached ; trading at two decade low value; technically negative divergence on chart; bears for JPY should stay active now and recommended to take profit home. wait for further signal on chart or move from Japanese government for further clearance.
Notable Value points:
Dollar Index: 104.61 (+0.17, 0.16%)
US Bond Yield (10 Y): 3.260 (-0.045, -1.37%)
Gold: 1829.35 (-9.30, -0.49%)
Brent Crude: 110.62 (-4.08, -3.57%)
No Comment! Be the first one.