Forex Market News

Pound Depreciated By 0.20 Percent

Pound depreciated by 0.20 percent in yesterday’s trading session on the back of strong dollar and concern over another possible Scottish independence vote. In intraday Pound touched a low of 1.2382 and closed at 1.2442 against Dollar.
Pound is expected to trade with negative bias on the back of strong dollar and divergence in monetary policy. Further, worries over another possible Scottish independence vote may hurt pound. Report said UK Prime Minister may agree to new Scottish independence referendum vote to be held in March.
The Scottish government is confident it can win a new independence referendum. It is expected that Referendum may happen after UK exits EU. Traders will remain careful ahead of debate in parliament over Brexit and U.S. President Donald Trump speech. Trump is expected to give some details on infrastructure spending and tax plans. GBPINR March expected to trade in a range between 82.50 on lower side and 83.50 on higher side with downward trend.
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Japanese Yen Depreciated By 0.42 Percent

Japanese Yen depreciated by 0.42 percent in yesterday’s trading session on the back of strong dollar and divergence in monetary policy. However, sharp downside was prevented as demand for safe haven improved on worries over political uncertainty in Europe and Greece bailout and fear of new Scottish independence referendum vote. In intraday Yen touched a low of 112.83 and closed at 112.67 against Dollar.
Yen is expected to trade with positive bias as the demand for safe haven may increase on political uncertainty in Europe ahead of French Election in April and German in September and concern over Greece bailout. Further, demand for safe haven may improve on worries over British exit from EU, new Scottish independence referendum vote, fears over global economic slowdown, and volatility in crude oil prices.
Traders will remain careful ahead of debate in parliament over Brexit and U.S. President Donald Trump speech. Trump is expected to give some details on infrastructure spending and tax plans. However, sharp gain may be prevented on the back of strong dollar and disappointing economic data from Japan. Japan Prelim Industrial Production declined by 0.8 percent in January compared to 0.7 percent rise in December. JPYINR March expected to trade in a range between 59.40 on lower side and 59.90 on higher side with sideways trend.
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Buy USDINR; Target Of 67.15 – 67.25

The rupee rose against the US$ as stronger inflows buoyed by gains in domestic equities continued to extend gains in the rupee as the US$ remains in consolidation mode ahead of the US President’s testimony The US dollar index posted mild gains ahead of the US President’s congressional testimony.
The Japanese Yen tumbled sharply as the pair remains most immune among majors tostrength in the US$. More than expected details on stimulus could send the US$ ahead. March interest rate hike has risen to 50% ahead of presidential testimony .
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Buy USDINR; Target Of 67.15 – 67.25

The rupee rose against the US$ as stronger inflows buoyed by gains in domestic equities continued to extend gains in the rupee as the US$ remains in consolidation mode ahead of the US President’s testimony The US dollar index posted mild gains ahead of the US President’s congressional testimony.
The Japanese Yen tumbled sharply as the pair remains most immune among majors tostrength in the US$. More than expected details on stimulus could send the US$ ahead. March interest rate hike has risen to 50% ahead of presidential testimony .
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EURINR Traded Lower By 1.06 Percent

German deputy finance minister commented on not granting bailout deal to Greece as that would involve creditors taking a loss on their loans. The European negotiating team, in practice led by Germany, argue that the problem is not the size of Greece’s debts but the country’s slow growth and failure to reform.
The Opinionway poll showed the anti-Europe, anti-immigrant candidate Le Pen getting 26 percent of vote in the 1st round of French presidential election followed by Macron 22 percent and Fillon 21 percent.
From a weekly perspective, EURINR spot (CMP-70.51) is expected to trade lower towards 69.50 mark as Brexit negotiation month looms closer. Moreover, the ECB bond buying programme committing to shorter duration where the supply of eligible bonds is shrinking will add to the woes.
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Rupee – Ways2Capital

The Fed officials expressed their concerns on Trump’s fiscal stimulus plans which could pose as a problem for the American currency. The discussion of a rate hike “fairly soon” was tempered by other comments that indicated little concern about near-term inflation risks.
On the domestic front, foreign institutional investors have bought $1.28 billion and $580.70 million from local equity and debt markets which helped the Indian Rupee to stand strong.
This week, USDINR spot (CMP-66.71) is expected to appreciate and move towards 66.45 mark as lack of clarity over Trump’s economic plan and his issuance of new changes in immigration bill could weigh on US Dollar thereby boosting the demand for rupee.
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Rupee Opens Lower At 66.74 Per Dollar

The Indian rupee opened marginally lower at 66.74 per dollar on Tuesday versus previous close 66.70. Bhaskar Panda of HDFC Bank said, “US pending home sales data for January was disappointing. The markets are also awaiting details of President Trump’s tax related declarations. As a result, the dollar index has been below the 101 mark.
The USD-INR pair is expected to trade within a range of 66.60-66.80/dollar,” he added. The dollar was slightly weaker against a basket of currencies as investors worried that a speech by US President Donald Trump would not provide many details on his economic agenda.
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