Published on 19/05/2017 10:18:49 AM | Source: GEPLCapital Ltd

Positive US data pulls dollar up from 6 month lows - GEPL

Posted in Currency Report | #GEPLCapital Ltd #Currency Tips


Positive US data pulls dollar up from 6 month lows

Market Commentary

* The dollar traded above six-month lows against a basket of six major peers on Friday, having gained some reprieve as solid U.S. economic data helped temper a sell-off triggered by political turmoil in Washington.

* Dollar last traded at 97.814 against the index having climbing from Wednesday's trough at 97.333, its lowest level since Nov. 9. The dollar index is down more than 1.4 percent so far this week, putting it on track for its biggest weekly slide since July 2016.

* The dollar eased 0.1 percent to 111.39 against Yen that was still well above Thursday's low of 110.24 yen, the dollar's lowest level since late April.

* The euro fell to 1.1095, 0.55 percent against dollar. Sterling fell 0.25 percent against dollar, to 1.2931.

* The rupee yesterday fell by a massive 69 paise to end at more than one-month low of 64.84 against the US dollar amid heightened global volatility. This was the biggest single-day slump for the domestic currency since July 26, 2016. Local currency is expected to trade in the range of 64.70-65.10 for the day. 

 

USDINR Fut Technical Outlook

Observations:

* Prices closed above the range 64.85 and 64.20 with high volume

* And prices closed above 5(64.5136) and 3(64.5934) EMA

 

Inferences:

* Trend is sideways

* If prices sustain above 64.85, we might see prices testing 65.25 

 

EURINR Fut Technical Outlook

Observations:

* Prices have closed above downward sloping trend line with high volume

* And closed above 5(71.3597) and 3(71.6906) EMA

 

Inferences:

* Trend is bullish

* If prices sustain above the trend line, we might see prices 73 levels tested 

 

GBPINR Fut Technical Outlook

Observations:

* Prices are near the downward sloping trend line

* And closed above 5(83.6434)and 3(83.8861) EMA

 

Inferences:

* Trend is bullish

* If prices sustain above 84.70, prices might test 85.10 levels

 

 

JPYINR Fut Technical Outlook

Observations:

* Prices closed above the resistance placed at 57.10 with high volume

* And closed above 5(57.4910) and 3(57.8053) EMA

 

Inferences:

* Trend is bullish

* Prices might test 59.10 levels 

 

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