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News / Other data

* The dollar rose on Thursday, climbing for a second straight session, as investors bet on another strong U.S. nonfarm payrolls report that should keep the Federal Reserve on an aggressive tightening path for some time.

* Brazil's real is set for a bumpy ride ahead of the country's election runoff later this month, as political tensions simmer following a surprisingly good performance by President Jair Bolsonaro in the first round, a Reuters poll showed.

* The Canadian dollar is set to fall short of a September forecast for the coming year following sharp losses in recent weeks and as interest rate hikes by the Bank of Canada threaten to push the domestic economy into recession, a Reuters poll showed.

* The dollar rose in early trade in Europe on Thursday, after a top Federal Reserve official warned that the U.S. central bank isn't close to ending its cycle of interest rate hikes yet.

* Analysts' positions on most emerging Asian currencies firmed deep in bear territory, a Reuters poll found, as a resilient dollar, a coerced yuan, a decisively hawkish U.S. Federal Reserve, and global economic headwinds shroud the outlook.

* Most Asian currencies recovered from recent losses on Thursday as pressure from the dollar and Treasury yields eased slightly, although hawkish signals from the Federal Reserve kept gains muted.

Data inference

* 'Actual' greater than 'Forecast' is good for currency

Chart for the day

Observation

* On looking at Daily chart of JPYINR, we can spot that the overall trend Was on the downside while prices forming Lower Low, Lower High Formation.

* Prices after making a base around the multiple touch point level (Support) around 55.65 gave a breakout, indicated a reversal of trend to the upside.

* The 20 EMA which was acting as a resistances in the downtrend have changed its polarity to the variable support.

* RSI on the Daily Timeframe has shown a range shift Indicates rising momentum in the prices.

Inference

* Buy at 57.02 Target 57.80 Sl 56.68

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