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Swastika Investmart Ltd

Published on 4/05/2021 11:22:54 AM

News in headline

* Dollar wobbles after manufacturing miss as traders look to payrolls

* EURUSD Price May Continue a Bearish Movement After Pullback

* China’s Tech Giants Push For Digital Yuan Adoption

 

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HDFC Securities

Published on 4/05/2021 10:48:19 AM

USDINR

USDINR May futures.

 

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HDFC Securities

Published on 4/05/2021 10:47:28 AM

Steady start following overseas trend  

Indian rupee joined the party with other Asian currencies with gaining 15 paise to 73.93 a dollar on back of rebound in risk-sentiments, weakness in dollar index, better than expected manufacturing activities in April and slower virus case counts. The number of confirmed Covid-19 cases in India slowed for a second day to a total of 19.93 million. New infections of 368,147 reported on Monday were the lowest in five days.

The manufacturing sector stayed robust across much of Asia in April, with the PMIs of several economies hitting multi-year highs. The strength came despite a flareup of the virus in some parts of the region. India’s Markit manufacturing PMI for April came at 55.5 from previous 55.4 .

USDINR near-term forward premiums surged on Monday amid a glut of dollars in the banking system, with traders citing inflows related to PowerGrid InvIT IPO for which foreign funds may have sold dollars in spot and taken a contrary position in forwards. USDINR 1-month annualized forward premia up 240 bps to 8.4350% and 3-month up 110bps to 6.4295%

Technically, spot USDINR is having support at 73.70, the 200 DMA and resistance at 74.30.

The 10-year bond yields fell 3bps to 6%, yields dropped after the reported deals segment showed 31b rupees of 10-year changed hands, leading traders to suspect RBI intervention.

The dollar lagged all its Group-of-10 currency peers as Treasury 10-year yields slipped following a report showing U.S. factory growth eased in April. The pound led gains, while the euro rose by the most in over a week. However, Inflation risks continue to haunt U.S. dollar rate curves, even though Jerome Powell and Janet Yellen have both played down the risks as being transient.

 

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Swastika Investmart Ltd

Published on 4/05/2021 10:41:49 AM

BUY USDINR (27 MAY) @74.36-74.32 SL 74.20 TGT 74.55

 

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Kedia Commodities

Published on 4/05/2021 10:33:26 AM

JPYINR

JPYINR trading range for the day is 67.72-68.28.

JPY dropped driven lower by a dovish outlook by the Bank of Japan, while worries over rising COVID-19 cases also sapped sentimentv

The au Jibun Bank Japan Manufacturing PMI rose to 53.6 in April, the 3rd straight month of growth and the strongest since April 2018

While the consumer confidence index decreased by 1.4 points from the previous month to 34.7.

 

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Kedia Commodities

Published on 4/05/2021 10:33:14 AM

GBPINR

GBPINR trading range for the day is 102.8-103.44.v

GBP dropped with traders holding off major bets before the Bank of England's policy meeting.

Britain's government borrowed 303.1 billion pounds ($420.1 billion) in the financial year which ended last month

UK house prices increased at the fastest pace since 2004 after the extension of the stamp duty holiday

 

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Kedia Commodities

Published on 4/05/2021 10:33:02 AM

EURINR

EURINR trading range for the day is 89.42-89.96.

Euro dropped as the dollar clung to a recent bounce with central bank meetings and big-ticket U.S. economic data

ECB Bundesbank's Weidmann: Money supply increases won't spur sustained high inflation.

ECB Bundesbank's Weidmann: Huge stimulus might make the ECB's price stability goals more difficult to achieve.

 

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Kedia Commodities

Published on 4/05/2021 10:32:51 AM

USDINR

USDINR trading range for the day is 74.06-74.82.v

USDINR remained in range as investors also weighed growing calls to curb economic activity to check a surge in COVID-19 infections.

India April trade deficit at $15.24 bln -trade ministry

S&P Global Ratings said the second wave of COVID infections poses downside risks to India's GDP and heightens the possibility of business disruptions.

 

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Geojit Financial Services Ltd.

Published on 4/05/2021 10:32:00 AM

OUTLOOK - USDINR

Rupee opened 18 paise lower at 74.25, from its previous close against the US dollar and it finally closed 14 paise higher at 73.93 yesterday. USDINR had gained as far as the intraday high of 73.91 and fell to an intraday low of 74.33. The dollar index which compares the strength of the dollar against 6 major currencies fell 0.36% and closed at 90.97. Brent crude futures rose 1.27% to trade at $68.18/barrel. USDINR near futures are at 74.3350 with the next support seen at 74.2000 and next resistance seen at 74.5775 ahead of market opening today.

 

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Geojit Financial Services Ltd.

Published on 4/05/2021 10:31:48 AM

News Box

* USDINR closed 14 paise higher at 73.93 yesterday

* FBIL set the reference rate for USDINR at 74.7672 and Euro at 90.5087

* Unexpected slowdown in US manufacturing growth has weakened dollar, payrolls in focus now

* ECB can start phasing out emergency stimulus when vaccination picks up: ECB vice president

* RBA expected to maintain accomodative monetary policy and keep rates steady: Standard Chartered

 

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