Euro slipped by 0.16%yesterday amid strong dollar and risk-off sentimentsinglobal markets - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupeeappreciatedmarginally yesterday supportedbydollar sales fromforeignbanks.Meanwhile,sharpgainswerepreventedonweak globalmarketsentimentsandsteadydollar.
• Rupee is likely to trade with positive bias amid expectation of correction indollar andUS treasuryyields. Dollar is likely tomove southasdatashowedUSManufacturingPMI contracted further in December and US job openings fell for 3rd consecutive month, signalingeasing labormarket conditions.Moreover, FOMCmeeting minutesshowedofficialswereconvinced that inflationwascoming under control but failedtoprovideanyclear cut cuesonwhenFed couldbegincutting rates. USDINR Janwill facehurdlenear 83.45 levelsandslipbacktowards83.25levels.
Euro and Pound Outlook
• Euro slipped by 0.16%yesterday amid strong dollar and risk-off sentimentsinglobalmarkets.Further,economicconcernsweighedon singlecurrency.For today,EURUSDis likelytoholdthesupportnear 1.0890levelandrisebacktowards1.0960levelsamidexpectationof correctionindollar.Meanwhile, investorswillremaincautiousaheadof economicdatafromeurozonetogaugeeconomichealthofthecountry andgetcueson interest rateoutlook. EURINRJanmayrisetowards 91.50levelaslongasittradesabove90.90levels.
• Poundisexpectedtorisefurthertowards1.2730levelsonexpectation of correction indollarandforecastof improvedeconomicdatafrom Britain.GBPINRJan is likely tomovenorthtowards106.00 level as longasitstaysabove105.20levels.
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