Euro is likely to remain under pressure as dovish comments form the European central bank has raised doubts over further rate hike in this year - ICICI Direct
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Currency Outlook
Rupee Outlook
* Rupee is expected to depreciate today amid strong rebound in dollar. Better than expected US advance GDP numbers and resilient labor market has increased the probability of rate hike scenario in US. Meanwhile, expectation of drop in US Core PCE data could limit the gains the dollar. The focus now turns to the Bank of Japan policy outcome, where the central bank is expected to tweak its yield curve control policy later the day.
* US$INR is likely to break the initial resistance of 20 day SMA at 82.10 and rise towards 82.25. A move above 82.25 would open the doors for the next key resistance at 82.50. On the downside 81.80 holds major support to the pair
Euro and Pound Outlook
* Euro is likely to remain under pressure as dovish comments form the European central bank has raised doubts over further rate hike in this year. Further, slow growth in loan demand and disappointing purchasing manager index data could hurt the Euro to slide towards 1.0920. EURINR is expected to weaken towards 90.20, as long as it trades under the 10 day SMA at 91.00 level
* Pound is expected to weaken towards 1.2750 mark amid strong dollar. The pair has breached the 20 day EMA support at 1.2870, suggesting weaker bias. Further, reversal in the RSI could also weigh on the pair. GBPINR is likely to weaken towards 105.00, as long as it remains under the 106.00 level.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
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