Currency Weekly News for Big Profits

8

Market Outlook

Against the US Dollar, the Indian Rupee appreciated by 9 paise to open at 67.9500 on account of increased selling of American currency by exporters and banks. However, the dollar slipped from an 11-month peak against other currencies due to the Philadelphia Fed’s manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May, as investors took profits also bolstered the rupee sentiment 1

23Fundamental News
• The Yuvan plunged to one year low after The People’s Bank of China (PBOC) weakened the fixing by 0.9% to 6.7671 per dollar.
• The dollar is stabalized for a second straight week of gains and has gained more than 5 percent in the past three months on expectations the U.S. central bank will keep raising interest rates in the coming months.

Global Update

• Switzerland Trade Balance registered at 2591M, below expectations 3220M in June.
• United States API Weekly Crude Oil Stock rose from previous -6.796M to 0.629M.
• United Kingdom Average Earnings including Bonus (3Mo/Yr) in line with expectations 2.5% in May.
• United Kingdom ILO Unemployment Rate (3M) meets expectations 4.2% in May.
• India WPI Inflation above expectations 4.93% in June: Actual 5.77%.
• European Monetary Union Current Account s.a below forecasts €27.2B in May: Actual €4.6B

4

USDINR

showed positive movements and form strong consolidation around its all time high of 69.3350. Sustaining above which bulls are again active and take it towards new higher levels. On lower level 68.3000 is seen as strong resistance for it below which it may shows some correction towards 68.0000 level.

5

EURINR 

showed sideways to positive movements able to close near to its resistance level. Now, 80.6500 is strong resistance for it trading above which may continue bullish rally towards 81.2000. On downward side it has strong support of 79.8000.

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