Forex Market News

Buy USDINR; Target Of 68.70

The pair has shown breakout of its horizontal channel at 67.50 levels on daily chart and price has retested its breakout trend line at 67.40 levels. On daily chart price has taken support of its 61.80% Fib- onacci retracement levels.
Moreover, prices have been trading above its 50 DEMA which gives the sign of bullishness in the prices. A momentum indicator RSI has been trading above 40 levels, which suggest further positive momentum can be seen in the prices. In addition, momentum indicator MACD has shown positive crossover on hourly chart. So for trading perspective, one could buy USDINR in range 68.15 with SL of 67.90 for target of 68.70.
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The Indian Rupee Appreciated By 0.43 Percent

The Indian Rupee appreciated by 0.43 percent yesterday owing to sustained selling of the American currency by exporters and banks amid lower DX in the overseas markets. Moreover, markets discount the statement made by India’s Finance Minister who underlined the need to have globally compatible tax rates to broad-base the economy.
This boosted the market confidence and dragged the Indian Rupee higher. Domestic markets i.e. Sensex and Nifty ended on a lower note as investors book profits ahead of the monthly futures and options (F&O) contract expiry amid a mixed trend overseas.
traded higher after the finance minister of India For the month of December 2016, FII outflows in equities totaled at Rs. 5204.92 crores ($765.67 million) as on 26th Dec’16. Year to date basis, net capital inflows in equities stood at Rs. 23537.55 crores ($3606.14 million) as on 26th Dec’16.
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Sterling Pound Traded Higher

Sterling pound traded higher by 0.27 percent yesterday as recent weakness in the currency prompted the traders to place fresh bets. However, light trading during the Christmas and New Year holidays has kept the Sterling Pound on the decline as investor focus upon the fact that the triggering of Article 50 is near.
There is fear in the minds of investors that UK would ultimately lose access to the EU’s single market. Despite the robust release of consumer confidence data from the nation, the Sterling Pound was unable to recover from its downtrend.
There are concerns that this uptick in confidence could be short-lived, with consumers likely bringing forward spending in anticipation of inflation rising further in 2017. Sterling Pound is expected to trade lower as the on-going Christmas and New Year holidays will keep the Sterling Pound on the decline as investor focus upon the fact that the triggering of Article 50 is near.
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Euro Currency Traded Higher By 0.8 Percent

Euro currency traded higher by 0.8 percent yesterday as weak US Dollar Index boosted the demand for the shared currency. Moreover, increased money supply in the Euro area further acted as a positive factor.
In the last week, the debt-ridden nation i.e. Greece had raised significant concerns regarding the country’s bailout commitments among its creditors with plans to pay out a Christmas bonus for pensioners and keep lower value added tax on some islands.
This did not go down well with the international creditors who decided to suspend a short-term debt relief deal for Athens, which would reduce its public debt by 20 percentage points of GDP by 2060. However, now the Euro-zone finance ministers have agreed to unblock the now suspended short-term debt relief measures for Greece in January’17 after Athens reassured Euro-zone lenders it would honor its bailout commitments.
The Euro currency is expected to trade lower as lack of important economic datasets from the nation will keep the trading volumes light. However, the Euro-zone finance ministers have agreed to unblock the previously suspended short-term debt relief measures for Greece in January’17 which will boost the markets sentiments.
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Us Dollar Index (USD)

In spite of the robust release of unemployment claims data form the nation, US Dollar Index traded lower by 0.52 percent yesterday. Reason behind this could be attributed to thin trading volumes on account of New Year holidays that prompted the traders to book yearly profits.
In the last week, traders digested the robust release of real GDP data that increased at an annual rate of 3.5 percent in the third quarter of 2016 from 3.2 percent underlining the view that the American economy is strong enough to warrant further interest rate hikes in 2017.
Furthermore, the hawkish comment by the US Fed Chair acted as a positive factor. She said that the US job market was at its strongest point since 2008 financial crisis and there were signs that workers will start to see the benefits in their paychecks.
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Rupee Opens At 67.95 Per Dollar; Gains 15 Paise

The Indian rupee gained in the early trade on Friday. It has opened higher by 15 paise at 67.95 per dollar versus 68.10 Thursday. Bhaskar Panda of HDFC Bank said, “Festive fervour is the theme right now across the world. The dollar index has given up some of the recent gains and is trading below 103. EM currencies are still under cloud.
USD-INR is expected to trade within 67.80-68.10/dollar range,” he added. The US dollar slipped against the yen and the euro as traders use the quiet holiday period to take profits on the dollar’s recent gains, while a drop in US treasury yields on waning risk appetite reduced the greenback’s appeal.
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Japanese Yen Appreciated

Japanese Yen appreciated by 0.13 percent yesterday as markets indulge in year-end profit booking. In the recent BoJ Monetary Policy Meeting, the committee raised its assessment of the economy for the first time since May 2015, closing a turbulent year on a positive note, but stood pat on monetary policy.
BoJ maintained the 10-year JGB yield target around zero pct and said that Japan’s economy will continue to recover moderately as a trend. Moreover, the risk to Japan’s outlook from impact of US monetary policy on global markets is minimal. The BoJ governor Haruhiko Kuroda showed support for the recent yen weakness.
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