FX MORNING UPDATE

USDINR opened at 69.53 y’day and the pair traded in the 69.19-69.54 range. Spot USDINR closed at 69.26, loss of 43 ps for USD as against prior close of 69.69. RBI reference rate was fixed at 69.80 on Friday. June USD/INR closed at 69.42, loss of 45 ps for USD as compared to prior day’s close of 69.87. June Euro/INR closed at 77.83, GBP/INR at 87.87 and Yen/INR at 64.13.

FII’S have nett bought  Rs 8832 Cr of Indian Equities in May . FII’S have nett bought Rs 76891 Cr of Indian Equities in this calendar Year till date. FII’S have nett bought Rs 1868 Cr of Indian debt securities in May. FII’S have nett bought Rs 758 Cr of Indian debt in this calendar year till date.

Benchmark Nifty climbed 1.39% y’day. DOW climbed 4 points (0.04%) y’day. Nikkei declined 0.92% and Hang seng declined 0.03 % y’day.

Euro is now at 1.1246 ,Pound at 1.2662,Yen at 107.89.    

Commodities: Gold is now at USD 1330 and WT1Crude at USD 53.10/Brent at USD 61.10.

Interest rates: USD 10 Yr yield is at 2.08% and 3 m libor closed at 2.61%. Indian 10 yr benchmark yield closed at 6.98%.        

Economic news:   RBI is expected to cut rates by 25 bps on June 6 th.   ISM Manufacturing Index dropped to 52.1 in May, down from 52.8 and missed expectation of 53.0.                

Data highlights : – US ISM (mfrg) dipped to 52.1, Prices paid component climbed to 53.2 and construction spending was flat m/m.

-EU PMI(mfrg) is at 47.7 and UK PMI(mfrg) contracted to 49.4.                          

Tuesday’s calendar: – US factory orders

-EU CPI and unemployment rate

-UK PMI(construction)

USD/INR   69.54 69.19
EUR/USD 1.1246 1.1264 1.1159
GBP/USD 1.2662 1.2677 1.2611
USD/JPY 107.89 108.45 107.89

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.1223 1.1287 1.1328 1.1391 1.1182 1.1118 1.1078
GBP/USD 1.2651 1.2691 1.2717 1.2757 1.2625 1.2585 1.2559
USD/JPY 108.12

 

108.35 108.68 108.92

 

107.79 107.56 107.23

 

USD/INR 69.33 69.47 69.68   69.12 68.98  

 

MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.1110/1.0970/1.0840 1.1265/1.1325 DN UP>1.1325
GBP/USD 1.2480 1.2770/1.2865/1.3175 DN UP>1.30
USD/JPY 108.50/107.50 109/110.65 DN UP>110.85
USD/INR 69.35/69.20 70.52/70.80 UP DN<69.35
USD/CHF 0.9950 1.0125 SIDE  UP >1.0125

Technicals: Spot closed below major moving averages. 20 day moving average is at 69.85. 50 day moving average is at 69.48.200 day moving average is at 70.80. Daily MACD is in sell zone, implying top at 70.54. Next support is at 68.85. Important resistance is at 70.50 and later at 70.80 .Spot closed below its average level of the day.  

Intra day supports and resistances for June contract are:

PP: 69.54,S1:69.22, S2:69.02, R1:69.74, R2:70.06.                                                         

Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.

CROSS CURRENCY TECHNICALS:

EURO/USD: The pair is below all major moving averages. Next Major resistance is at 1.1265. Major support is at 1.1110 and later at 1.0970. Daily MACD is in sell zone, implying an important top at 1.1265. Weekly MACD is in sell zone, implying important top at 1.1570.

GBP/USD: The pair is bearish and is trading below major moving averages.Daily MACD  is in sell zone, implying important top at 1.3175 and weekly MACD is  in sell zone, implying important top at 1.3385. Important resistance is at 1.2775 and later at 1.2865. Important support is at 1.2480

USD/YEN: The pair is below  major moving averages. Daily MACD is in sell zone, implying important top at 112.40. Next important resistance is at 110.70 and later at 112.40. Important support is at 108.50 and later at 107.75.

Leave a reply:

Your email address will not be published.

Site Footer

© 2018 GOODWILL - ALL RIGHTS RESERVED