Forex Market News

BUY USDINR Strategy 67.42 – 67.39

US dollar index is trading at 95.57 , depreciating marginally on a low volume day as the US and UK markets remained shut yesterday . Focus continues to remain on the expectations for rate hike and markets would be closely watching the non – farm payrolls data this Friday.
Pair opened the past session with a positive gap an d ended maintaining the same. However, close was with doji candle so it’s less likely that prices will sustain at higher levels. Daily MACD is quite close to its sig nal line and rollover to the sell side can trigger selling i n the counter.
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Zinc Gains 1.06% On Diminishing Inventories

Zinc prices rose by 1.06 per cent on Tuesday due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2300 metric tonnes to 380700 metric tonnes as on May 31, 2016.
Zinc futures for May 2016 contract, at MCX, were trading at Rs 129.10 per kg, up by 1.06 per cent after opening at Rs. 127.85 against the previous closing price of Rs. 127.75. It touched the intra-day high of Rs.129.20 till the trading.
Prices also rose as speculators raised positions in the midst of a strong trend globally. Besides, high demand in domestic spot markets fueled the uptrend. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
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Euro Appreciating Against The US Dollar

Euro is trading at 1 . 1147 , appreciating against the US dollar in yesterday’s trade . There was no major market moving data that was reported and low volumes fuelled volatility in the pair . Key economic data is scheduled to be reported with the German unemployment and Euro area CPI expected to show marginally improvement.
Pair on the daily chart has formed a morning star candlestick pattern which is a bullish reversal pat tern that too after a straight decline of 77 to 75. Ho wever, follow through buying above 75.45 is required in or der to confirm the bullish pattern.
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Rupee Is Likely To Trade Positive

The American currency traded on a flat note yesterday with the US markets closed on account of Memorial Day. In yesterday’s speech, St. Louis Federal Reserve President James Bullard commented on how the global markets appeared to be “well – prepared” for a summer interest rate hike from the Fed. Moreover, hawkish statement by Federal Reserve Chair Janet Yelle n further boosted the sentiment with regards to mid – June rate hike.
She said that an interest rate hike is “probably” appropriate in the coming months if economic data improve. Robust release of durable goods, pending home sales and unemployment claims dat a from the nation led to further gains. From macro – view, America’s Prelim GDP data lacked lackluster however, it came better than the previous month which prompted the tracers to place fresh bets. US Dollar Index made an intraday high of 95.96 and closed at 95.50 on Monday.
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Rupee Opens Flat At 67.15 Per Dollar

The Indian rupee opened flat at 67.15 per dollar on Tuesday against previous close of 67.16. Ashutosh Raina of HDFC Bank said, “The continued hawkish Fed speak seems to be preparing the markets for a possible Fed hike soon.
The USD-INR pair has been trading in the 67-67.50/dollar range with prospects of a good monsoon and possibility of GST bill getting passed in Monsoon session of Parliament helping the pair.” “We expect the pair to continue trading in this range in the near term,” he added.
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Rupee Is Likely To Trade Depreciate

The American currency traded higher by 0.2 percent in the last week. The week started with a positive note with the robust release of durable goods, pending home sales and unemployment claims data from the nation.
America’s Prelim GDP data lacks lackl uster however, it came better than the previous month which prompted the tracers to place fresh bets. Hawkish comment by St. Louis Federal Reserve President James Bullard and US Fed Chairwoman Yellen gave further boost to the currency.
Federal Reserve Cha ir Janet Yellen gave a statement in the last week that an interest rate hike is “probably” appropriate in the coming months if economic data improve. US Dollar Index made a weekly high of 94.93 and closed at 95.50 on Friday.
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GBPINR Is Negative

GBPINR following the bearish engulfing candlestick pattern opened the Friday’s session with negative gap and ended with doji candlestick. We expect that pair will decline further in the upcoming trading sessions.
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