Published on 19/05/2017 10:33:59 AM | Source: LKP Securities Ltd

We expect JPYINR to trade sideways to up with support at 58.10/57.80 - LKP Sec

Posted in Currency Report| #Currency Tips #LKP Securities Ltd


News & Analysis

* USDINR traded up with gap up openings on weak Indian equities despite weaker dollar on US political risk. Prices ended higher at 64.93 for the day.

* The dollar last traded at 97.814 against the index .DXY of six major peers, 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.

* We expect prices to trade sideways to up witnessing some correction in early trade with Support at 64.70/64.45, resistance 65/65.20.



News & Analysis

* EURINR traded higher against weaker dollar on US political risk ended positive at 72.33 for the day.

* At international pair, the euro was trading higher at $1.161 near a six-month high on positive data and weaker dollar against major currencies.

* We expect prices to trade sideways to up with resistance at 72.40/72.60 while important support lies at 71.70/71.50.



News & Analysis

* GBPINR traded higher rallied almost 1% on positive data eases Brexit worries while global risk sentiment also supported prices to trade up on weaker dollar. Prices ended positive at 84.62 for the day.

* Sterling rose towards $1.40, with positive UK data and with figures showing that speculators have cut bearish bets on the currency by the most in more than a year.

* GBPINR has important resistance at 84.30/84.60. We expect prices to trade sideways to up witnessing correction with support at 83.70/83.50.



News & Analysis

* JPYINR traded higher witnessing gap up openings with rallying more than 2%. Prices ended positive at 58.73 on safe haven buying against dollar.

* The dollar fell to a three-week low of 110.53 yen before bouncing back a tad to 111.09 yen JPY=, up 0.3 percent from late U.S. levels, on Japanese bargain-hunting.

* JPYINR has important resistance at 58.40/59.20. We expect JPYINR to trade sideways to up with support at 58.10/57.80.


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