Weekly Currency Market Updates 18 Sept to 22 Sept 2017
Indian Rupee lost its shine gradually against the greenback during the week although on Friday it was trading marginally higher against the US dollar in mid-day trading session on account of buying in American currency by banks and importers amid persistent foreign capital outflows. Most emerging Asian currencies strengthened on Friday as the dollar lost ground against a basket of major currencies after North Korea fired another missile over Japan into the Pacific Ocean. The latest missile launch further stewed tensions after Pyongyang’s recent test of its most powerful nuclear bomb.
- UK consumer price inflation was 2.7% in August 2017, up from 2.6% in July 2017.
- In August 2017, French consumer prices rose by 0.5% over a month and by 0.9% year on year.
- England Bank Rate held at 0.25%, government bond purchases at £435bn and corporate bond purchases at £10bn.
- US Unemployment Insurance Weekly Claims was 284,000, a decrease of 14,000 from the previous week.
- German Consumer prices in August 2017: +1.8% on August 2016.
- Swiss total index of producer and import prices rose by 0.3 percent in August 2017.
USDINR last week reversed from lower levels and gradually moved northwards during the week. Now, if the currency pair sustains above the level of 64.3000 then it may further move towards next resistance of 64.4000 while 64.0000 may continue to act as strong support.
EURINR last week dropped from resistance levels and closed the week in red terrain. The currency pair needs to sustain above the mark of 77.0000 to move towards the next resistance of 77.5000 while 76.0000 is seen as important support for the pair.
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