Weekly Currency News

Market Outlook
On Friday, against the US dollar, the Indian rupee opened flat at 70.3650 and throughout the week it hovered in the range of 69.5775 and 70.6975 on robust foreign fund outflows amid rising trade deficit worries. Moreover, a weakening American currency and positive opening of the domestic equity market bolstered the sentiment of Indian rupee. On the macro front, India’s service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains, data released today showed.

Fundamental News

  • The Australian and New Zealand dollars celebrated a remarkable comeback on their U.S. counterpart on Friday, as dismal economic data stoked speculation of a U-turn on U.S. interest rates.
  • The Yen weakened on hopes upcoming U.S.-China trade talks would make some progress, but broader market confidence remained weak amid worries over slowing global growth.

Global Updates

  • India Infrastructure Output (YoY) down to 3.5% in November from previous 4.8%.
  • India Federal Fiscal Deficit, INR climbed from previous 6485.8B to 7166.25B in November.
  • European Monetary Union M3 Money Supply (YoY) below expectations 3.8% in November: Actual 3.7%
  • Slower rise in commercial work weighs on construction growth in UK at the end of 2018.
  • Indonesia Inflation (YoY) declined to 3.13% in December from previous 3.23%.
  • Singapore Gross Domestic Product (QoQ) dipped from previous 3% to 1.6% in 4Q.

USDINR after correction unable to sustain on higher levels showed bearish movements and closed around its immediate support of 69.7000. Now, sustaining below this mark it may drag towards its next support zone of 69.0000, on higher levels 70.8000 is act as strong resistance for it.

EURINR showed sideways to bearish movements throughout the week and form strong consolidation around its support on daily charts, breakout below this mark may result in more negative movements in particular currency pair and find next support around 79.0000.

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

Summary
Review Date
Reviewed Item
Facebook Likes
Author Rating
51star1star1star1star1star