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News / Other data

* The U.S. dollar fell on Tuesday against a basket of major currencies but did not drift far from a two-month peak, after a deal over the U.S. debt ceiling lifted risk sentiment, although the agreement could face a rocky path through Congress. The dollar index, which measures the U.S. currency against six major peers, slipped 0.125% to 104.17, easing away from the two-month high of 104.42 it touched on Friday. The index is set to end the month with a gain of 2.5%.

* Turkey's lira hit fresh record lows against the dollar on Monday, though stocks rallied, after President Tayyip Erdogan secured victory in Sunday's presidential election, extending his increasingly authoritarian rule into a third decade. Erdogan prevailed despite years of economic turmoil that critics blame on his unorthodox economic policies, which the opposition had pledged to reverse.

* The dollar nudged down on Monday, pulling back from six-month peaks against the yen as a U.S. debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal. U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote.

* The surging euro may be the European Central Bank's best friend for a change. Unlike much of the past 15 years, euro strength is on the ECB's side as it meets on Thursday. And it is unlikely to restrain the central bank from tightening further.With so much focus on the dollar's recoil from last year's 20-year high, with U.S. interest rates seemingly cresting, it is easy to overlook the mounting independent strength of the euro.

Data inference

* No Major Event

Currency Daily Outlook

Chart for the day

USDINR (HOURLY) - 82.5575

Observation

* The Currency pair of USDINR has started to get into formation of Lower High, Lower Low.

* The breakout of the Head & Shoulder pattern, signaling the beginning of downtrend.

* The Moving Averages of 20 & 66 Days EMA have shown a Negative crossover, which confirms beginning of the trend to the upside.

* The Relative Strength Index (RSI) momentum indicator has shown a steady fall and is currently below 50, indicating a lack of positive momentum in the prices.

Inference:

* Sell below 82.5000 Target 82.2000 SL 82.7000

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