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Dollar Falls after FOMC - HDFC Securities
* Indian rupee gains after the Federal Reserve left interest rates steady and signaled it would keep policy “somewhat accommodative.” The dollar nursed its steepest losses in weeks on Thursday, after the US Federal Reserve’s benign inflation outlook hosed down expectations for a rate hike any time soon.
* Rupee gained for the sixth day in row to close at 70.84 a dollar. We believe current rally will continue for today as well amid risk on sentiments. Technically, spot USDINR is poised to test November low (70.55) after closing below 100-DMA support before approaching 200- DMA at 70.29.
* Indian bonds may extend losses ahead of a report that’s likely to show inflation quickened in November. Yields surged to the highest in more than two months after S&P Global Ratings warned of a downgrade.
* Yields on benchmark 10-year bonds surged 6bps on Wednesday to 6.77%.
CPI probably rose 5.3% in November y/y, the fastest pace since July 2016 due at 5:30pm
* Pound was up 0.2% to 1.3225, it dropped earlier by as much as 0.4% to 1.3108 after YouGov’s MRP poll, which correctly predicted the 2017 election outcome, showed the Conservative lead narrowing to 28 seats, from 68 predicted two weeks ago.
* US President Donald Trump is expected to meet with top advisers on Thursday about the tariff deadline.
USDINR DECEMBER FUT. :
* USDINR December futures formed Doji candlestick pattern indicating indecisiveness among traders near previous bottom. However, the trend remains bearish with view of sell on bounce.
* Momentum oscillator, RSI continued downward spree and about to enter oversold zone.
* Now, the crucial support seen in the range of 70.50 while resistance at 71.50.
USDINR DEC. FUT. DAILY CHARTS
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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