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Published on 19/09/2019 10:31:10 AM | Source: Geojit Financial Services Ltd

Euro traded steady while UK's pound waited cues from the bank of England policy meeting - Geojit Financial

Posted in Currency Report| #Currency Tips #Geojit Financial Services Ltd

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News Box

* Rupee closed at 71.24 a dollar yesterday, up 54 paise against its previous close of 71.78.

* FBIL set reference rate for dollar at 71.8196 and euro at 78.9613.

* Global Funds Sell Net INR9.59b of India Stocks Wednesday: NSE; Foreign Investors Sell Net INR6.81B of India Equities on Sept. 17.

* Yield on 7.26% bonds maturing Jan 2029 at 6.62% on Sept. 18.

* US dollar edged higher after FOMC decision and waited cues from US-China trade talks.

* Fed reduced key interest rates as expected but deny to give clear idea on further rate cuts.

* On the data side, initial and continuing jobless claims are due today.

* Euro traded steady while UK's pound waited cues from the bank of England policy meeting.

* BoE is set to meet for its policy meeting today.

* Japan’s yen traded near a seven-week low as markets await a BOJ decision after the Fed cut rates.

* BoJ began its policy meeting yesterday while outcome expected today.

* PBOC has set the Yuan reference rate at 7.0732 versus Wednesday's fix of 7.0728.

 

Traders' Corner

Easing oil prices helped the domestic currency to snap its two day losing streak, which closed higher by 54 paise. However, the continued capital outflows restricted more uptrend. Local unit yesterday opened at 71.47 a dollar and made an intraday high of 71.17 before settling the day at 71.24 against its previous close of 71.18. In the previous two day, Rupee lost 86 paise.

Oil prices stabilized after Saudi Arabia said that its partially restored its daily crude oil production and will return to full production soon. US central bank yesterday released its policy statement and FOMC reduced its interest rates by 25bps as expected by the markets. Fed in its meeting but prevented to give a clear idea on next rate cut based on current economic outlook. Now BoJ will deliver its policy meeting details today followed by BoE later in the day. Investors around the globe will also look into US-China trade discussions slated today.

For USDINR pair, 71.51 and 71.86 will be the major levels on the upside. Conversely if 71.15 level breaks, then 70.98 level will be in play.

 

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