Published on 12/07/2017 11:16:26 AM | Source: GEPLCapital Ltd

Dollar dips on Trump Jr. email chain released, Yellen testimony due today - GEPL

Posted in Currency Report | #GEPLCapital Ltd #Currency Tips


Dollar dips on Trump Jr. email chain released, Yellen testimony due today

Market Commentary

* The dollar wobbled in early Asian trading on Wednesday as investors, already wary ahead Federal Reserve Chair Janet Yellen's testimony, digested emails released by President Donald Trump's eldest son suggesting he welcomed Russia's help in last year's election campaign. • The dollar index, which measures the U.S. currency against a basket of six major rivals, was slightly lower on the day at 95.641.

* Against its Japanese counterpart, the dollar slipped 0.2 percent to 113.675 yen, moving away from a four-month high of 114.495 yen marked on Tuesday.

* While the dollar was buffeted by the political headlines on Tuesday, it remains underpinned against the yen by divergent monetary policy expectations for the Federal Reserve and the Bank of Japan, he said.

* The euro added 0.1 percent to 1.1473, within sight of the previous session's 14-month high of 1.1480.

* Indian rupee opened strong against dollar at 64.4450 against previous close of 64.52. Rupee snapped three-day gain on Tuesday on buying by nationalised banks likely for the Reserve Bank of India amid oil importers while investors await the release of Federal Reserve Chair Janet Yellen's testimony. We expect the pair to trade in the range of 64.40-64.65 for the day.

 

USDINR Fut Technical Outlook

Observations:

* Prices have pulled back and closed inside the range 64.30 and 64.83

* And prices closed below 5(64.7789) and 3(64.7437) EMA

 

Inferences:

* Trend is sideways

* If prices sustain below 64.83 we might see prices testing 64.30

 

EURINR Fut Technical Outlook

Observations:

* Prices are trading in the range 73.5796 and 74.5032

* And prices closed below 5(73.8141) and 3(73.8277)EMA

 

Inferences:

* Trend is sideways

* If prices break below 73.57, we might see prices testing 73.10 levels

 

GBPINR Fut Technical Outlook

Observations:

* Prices break below the downward sloping trend line and closed above the 83.30 support

* And closed below 5(83.6735) and 3(83.6227) EMA

 

Inferences:

* Trend is bearish

* If prices convincingly break below 83.30, prices might test 82.90 levels 

 

JPYINR Fut Technical Outlook

Observations:

* Prices have closed below the support placed at 56.73

* And closed below 5(56.9875) and 3(56.8333) EMA

 

Inferences:

* Trend is bearish

* If prices sustain below 56.73, we might see prices testing 56.48 levels 

 

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