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News / Other data

* The pound steadied Tuesday after plunging to a record-low a day earlier, but the respite is likely to run out of steam as some doubt whether a jumbo-sized rate raise including emergency hikes will save the beleaguered currency.

* The Chinese yuan slumped to its weakest level since the 2008 financial crisis on Wednesday, as a flurry of hawkish comments from Federal Reserve officials and deepening concerns over the Chinese economy battered the currency.

* The U.K. government's new package of unfunded tax cuts will most likely require higher interest rates, a top Bank of England official said on Wednesday.

* The Reserve Bank of India may have to resort to tried and tested measures to shore up its foreign exchange reserves, including encouraging non-resident Indians to deposit more funds, as it looks to stabilise a steadily declining rupee, economists said.

* The Asian Development Bank (ADB) is ready to provide further financial support to Sri Lanka, a top official of the regional lender said on Tuesday, as the Indian Ocean nation battles its worst economic crisis in more than seven decades.

* Bitcoin is struggling to go green, with the cryptocurrency making only slim gains in its usage of sustainable energy in the year to January, research by Cambridge university showed on Tuesday.

Data inference

* 'Actual' greater 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 have given a breakdown from the Head and Shoulder pattern on 26th September 2022, which indicates the beginning of the trend on the downside.

* 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 78.59 Target 78 SL 78.90

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