The Euro rallied to its 2-month highs on Tuesday amid correction in the dollar - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee hovered near the 83.30 mark on Monday, as traders remained cautious ahead of the key CPI numbers from US. Rupee settled near 83.33 as likely intervention from RBI checked its downside
• Rupee is expected to appreciate amid correction in the dollar. The cooling US CPI numbers has increased the probability that the Fed has done with the rate hike cycle. The CME fed-watch tool suggests more than 94% probability of Fed pause in its next meeting. Meanwhile, investor will eye on key PPI and retail sales numbers from US today. USDINR is likely to hit 83.00 mark. Only move below 83.00 it would open the doors towards 82.80
Euro and Pound Outlook
The Euro rallied to its 2-month highs on Tuesday amid correction in the dollar. Also, stronger than expected German investor confidence data pushed the pair beyond 1.0850.The pair is likely to find support near 1.0820 and move higher towards 1.0920 amid softness in the dollar. However, weaker industrial production numbers could restrict the upside in the pair. EURINR is likely to move towards 90.80 as long as remained above 89.80.
• Pound hit the 1.25 mark on Tuesday amid correction in the dollar. Further, better than expected jobs data has strengthened the pair. The pair is expected to rise towards 1.2540 as long as it holds above 1.2420. GBPINR is expected to hold 103 and move higher towards 104. Only close above 104 it would open the doors towards 104.50.
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