IGI Logo

News / Other data

* After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

* Russia estimates the new cut-off price for its budget rule that diverts excess oil revenues into its wealth fund at $62-$63 per barrel and may resume foreign currency purchases as early as this year, Finance Minister Anton Siluanov said on Wednesday.

* Taiwan's central bank said on Wednesday it will not adopt foreign exchange control measures and that foreign exchange management measures are enough to maintain financial market stability.

* Sterling fell more than 1% against the dollar and euro on Wednesday after the Bank of England said it would step in to calm the UK's frenzied bond markets.

* China's central bank said on Wednesday that stabilising the foreign exchange market is the top priority, after the yuan weakened to its lowest level since the global financial crisis of 2008.

* China's onshore yuan extended losses on Wednesday to end the domestic session at its lowest level against the dollar since the global financial crisis of 2008, while the offshore yuan hit a record low, pressured by expectations of more U.S. rate hikes.

Data inference

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

Observation

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

* Prices post the breakout from Double top pattern have retested the neckline and have created a Downward gap (which remains unfilled), indicating Continuation in downtrend.

* Prices are currently trading below 20 Days EMA, which is acted as a variable resistance for shorter term price swing.

* RSI is moving in sync with the trend which confirms the down move in the trend.

Inference

* Sell Below 78.30 Target 77.50 SL 78.60

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://geplcapital.com/term-disclaimer

SEBI Registration number is INH000000081.

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer