Weekly Currency News

Market Outlook

On Friday, the rupee opened on flat note at 72.0300 against US dollar on improved investor sentiment after China and the US said they would resume trade talks in early October. China and the US have agreed to hold the next round of trade negotiations in Washington in early October to end the bruising trade war. The dollar was higher against haven currencies and lower against higher-yielders, holding gains made Thursday in broad rally in risk assets after signs of robust job creation in the U.S. last month.

Fundamental News

  • The pound tumbled in Friday after the high court in London ruled that U.K. Prime Minister Boris Johnson’s move to suspend parliament was legal
  • Encouraging U.S. economic data gave the dollar an edge over its peers, arresting a recent flight from the greenback.

Global Updates

  • Australian trade balance: AUD 7.268bn vs the expected AUD7.4 bn surplus.
  • US-German two-year yield spread hits lowest since October 2017.
  • Australia: Annual growth at a 10 year low.
  • India’s Gold imports hit three-year lows in August.
  • China urges US to stop blacklisting Chinese nuclear firms.
  • Australia: First current account surplus since 1975Q2.
  • BOJ reduces purchases of 10-25-year JGBs.

USDINR after positive opening in first session of the week currency pair unable to hold on higher levels showed correction and closed below its short term support zone of 72.0000. Sustaining below this mark it may shows more correction towards 71.0000 and on higher levels 72.6000 is act as strong resistance for it.

EURINR showed sideways movements throughout the week and closed around its support zone. Now, breakout below 79.0000 mark currency pair shows bearish movements and finds next support around 78.5000 below which it is more bearish. On higher levels psychological level of 80.0000 is seen as resistance.

(Click to submit your details) Just one step to get the best trading tips and Recommendation.

Summary
Review Date
Reviewed Item
Facebook Likes
Author Rating
51star1star1star1star1star