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Asian Currencies Steady Ahead of US Economic Data - HDFC Securities
* Asian currencies are changed ahead of U.S. retail sales and industrial production data later in the day that may signal how aggressive the Federal Reserve could be in cutting rates. A gauge of regional stocks fell for the first time in five days while bonds were mostly higher.
* Indian Rupee opened at 68.54 from yesterday’s 68.55.
* India’s benchmark 10 year bond yield fell to 6.41, weakest level after Feb.2017 indicating interest rate cut by central bank in coming meetings.
* Trade deficit narrowed to $15.3b last month from $15.4b in May. Export fell 9.70% YoY to $25.0b, imports dropped 9.1% YoY to $40.3b.
* India’s first issue of overseas sovereign bonds may be around $3-$4 billion with a maturity of 20 years.
* Foreign fund remained net seller in domestic equity market since start of the month as govt. levied surcharge on FPI.
* Dollar index climbed, helped by a falling pound and stronger than anticipated US New York manufacturing data.
* Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi are hashing out details of a debt limit deal that both sides say should include an agreement on a two-year budget deal.
* The pound hit a two-year low against the dollar this month and has suffered a record run of weekly losses versus the euro. Seasonal patterns show it has fallen against the greenback for the past five years in August and against the common currency for four of those
USDINR JULY FUT. TECHNICAL OUTLOOK
USDINR JULY FUT. :
USDINR July futures formed inside bar on daily chart.
The pair has been consolidating in small range of 68.80 to 68.50.
Momentum indicators are showing sign of positivity indicating near term short covering. However, the trend remains bearish until it closes above 69.20
Near term resistance is placed at 69.10 and support at 68.30.
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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