Forex Market News

JPYINR Trading Range For The Day Is 58.37-59.19. – Ways2Capital

JPYINR trading range for the day is 58.37-59.19. JPY gained with the dollar on the back-foot over a widening drop in faith that President Donald Trump can carry through an aggressive economic set of policies.
Japan posted a merchandise trade surplus of 418.8 billion yen in July, the Ministry of Finance said – down 17.0 percent on year.
Japan’s industrial production rebounded more than initially estimated in June, final data from the Ministry of Economy, Trade and Industry showed.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 82.49-83.25.GBP remained in range after data showing that British retail sales slowed in July but still beat expectations.
Retail sales rose 0.3% in July the Office for National Statistics reported, above forecasts for an increase of 0.2% but down from 0.6% in June.
British exporters continued to log solid performance but they were concerned about economic factors, the latest data showed.
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EURINR – Ways2Capital

EURINR trading range for the day is 75.14-75.74. Euro dropped as dollar seen some pressure hampered by renewed investor concerns over the Trump administration’s ability to push forward its economic policy agenda.
European Central Bank policymakers raised concern over the appreciation of the euro in July, pointing out the risk of the exchange rate overshooting in the future .German producer prices rose at the slowest pace so far this year in July, data from Destatis showed.
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USDINR – Ways2Capital

USDINR trading range for the day is 64.07-64.37. Rupee traded in range on likely buying by foreign banks and on value buying by nationalised banks and foreign investors amid fall in US Treasury yields.
RBI’s monetary policy committee members said easing consumer inflation had supported the need for a rate cut at its August meeting. India’s consumer price index-based inflation accelerated to 2.36% in July compared with downwardly revised record low of 1.46% hit in June.
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Indian Rupee Opens Higher At 64.07 Per Dollar

The Indian rupee gained in the early trade on Monday. It has opened higher by 7 paise at 64.07 per dollar versus 64.14 Friday.
Pramit Brahmbhatt of Veracity said, “The ongoing correction in domestic equity market and FII outflows will force the rupee southwards. We expect the USD-INR pair to trade in a range of 64-64.50 for the day.
The dollar index, which measures the US currency against a basket of currencies is lower – amid political uncertainty and growing doubts over the prospects for another rate hike by the Federal Reserve this year. However, against the yen, the dollar edged up versus level seen last Friday.
Ajay Manglunia of Edelweiss said, “The buying momentum on Friday was not very strong and it is unlikely that gilts will move definitively in either direction in the absence of near-term triggers. The 10-year benchmark yield is expected to trade in a narrow range of 6.48-6.53 percent today.
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EURINR – Ways2Capital

On a daily chart, the price has found support of its rising channel pattern. Moreover, 100 DMA and 200 DMA has entered into a positive crossover. Price has moved above 61.80% of the previous fall from 76.05 to 74.59 which signifies reversal of the previous trend.
On a daily chart momentum oscillator, RSI is coming up from it previous trough which suggests positive outlook for the near term.A momentum indicator MACD has shown positive crossover on the hourly chart. For now, we can expect prices should move higher towards the 76.95 levels in the coming trading session.
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GBPINR – WaysCapital

On a daily chart, the price has been trading within a rising the wedge. price has remained below its 21 EMA, which suggest short term trend looks down.
Moreover, momentum indicator MACD has given negative crossover on a daily chart, which gives the sign of bearishness in the prices.
A momentum indicator RSI has moved below 50 levels on a daily chart, which support our bearish view on the pair.For now, we expect prices should move lower towards 82.00 levels in the coming trading sessions.
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