Currency Weekly News for Big Profits

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Weekly Currency Report from 23 April to 27 April

Market Outlook

The Rupee opened on Monday depreciated by 11 at 65.4000, made a fresh 13th month low on Friday and close above it. Rupee closed this week at 66.1325 down by 85 paisa due to Strengthening of dollar against other currencies overseas and increased demand for the dollar from importers also put pressure on the domestic unit The dollar was higher against basket of currencies on account of the U.S treasury notes rose to February levels and interest rate expectations offset trade war worries.

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Fundamental News

  • Bond yields spiked, while the Rupee dropped to its lowest in more than a year after minutes of the monetary policy committee’s last meeting suggested it was likely to take a more hawkish stance.
  • GBPUSD tumbled on account of soft UK data and Cautious Carney pressure Sterling. Apart from this, Market pricing for a May rate hike fall to as 50-50 chance from over 80%.

Global Updates

  • Budget Balance of Turkey down to -20.2B in March from prev. -1.9B.
  • Industrial Production (YoY) of Turkey fell from previous 12% to 9.9% in February.
  • Industrial Output (YoY) of Mexico registered (-0.4%) in December: Actual (-0.9%).
  • Bank of China set the Yuan reference rate at 6.3320 vs. Friday’s fix of 6.3340.
  • Current Account Balance OF Portugal declined to €-0.766B in February from previous €-0.552B.
  • United Kingdom Retail Price Index (YoY) came in at 3.3% below forecasts (3.6%) in March.

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USDINR

USDINR broke its strong resistance level on daily charts also closed above it. Now, immediate resistance for the currency pair is seen around 66.5000 above which it may shows more bullish movements and may find resistance near 66.8000. Downward side 65.8000 is support mark for it.

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EURINR 

EURINR showed sideways to bullish movements but in last trading session it dragged down and closed around its support. If continue its correction phase then it may find next support near 80.7000 below which it will come in bearish zone. On higher levels 81.6000 is act as major resistance zone for it.

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