Currency Weekly News for Big Profits

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Weekly Currency Report from 23 April to 27 April

Market Outlook

The Rupee opened at 68.2975 up by 6 paisa against the US Dollar on account of increased selling of the greenback by exporters and banks amid a firm domestic equity market. The dollar stepped down against rival currencies after US President Donald Trump scrapped a summit meeting with North Korean leader Kim Jong and as traders booked profits following the greenback’s recent rally.

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Fundamental News

  •  Against the US dollar, Japanese Yen (JPY) slipped from two week high after President Donald Trump cancelled a planned summit with North Korea’s Kim Jong Un.
  •  Canadian dollar dip as Trump has launched an investigation on on imposing new tariffs on imported cars in order to pressure Mexico to accept a NAFTA deal.

Global Updates

• United Kingdom Retail Sales (MoM) came in at 1.6%, above forecasts (0.7%) in April.
• European Monetary Union Markit Manufacturing PMI came in at 55.5 below forecasts (56) in May.
• Sweden Unemployment Rate came in at 6.8%, above forecasts (6.6%) in April.
• Japan Adjusted Merchandise Trade Balance came in at ¥550B, above forecasts (¥-37.1B) in April.
• United Kingdom Public Sector Net Borrowing came in at £6.23B below forecasts (£7.1B) in April.
• Japan Tokyo Consumer Price Index (YoY) below expectations (0.5%) in May: Actual (0.4%)

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USDINR

USDINR showed sideways to bullish movements, but in last trading session showed correction and closed around its strong support level of 67.6000, if continue negative movements in ucoming week and closed support as mention than it may drag towards next support zone of 67.1000-66.7000.

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EURINR 

EURINR continue its bearish movements last week broke strong trendline acting as support and closed below it. Now, 79.2000 is act as immediate support for it below which it may shows more negative movements and find support around 78.7000. On higher level psychological level of 80.0000 is resistance zone.

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