08/06/2018
USDINR opened at 66.93 y’day and the pair traded in the 66.93-67.13 range. Spot USDINR closed at 67.12, gain of 20 ps for USD as against prior close of 66.92.RBI reference rate was fixed at 67.02. June USD/INR closed at 67.26, gain of 19 ps for USD as compared to prior day’s close of 67.07. June Euro/INR closed at 79.56, GBP/INR at 90.28 and Yen/INR at 61.18. FII’S sold Rs 8081 Cr of Indian Equities in May till date. FII’S also sold 17400 Cr of Indian debt securities in May. On a cumulative basis, FII’S have bought Rupees 334 Cr of Indian Equities till date for this calendar year and have sold Rupees 31172 Cr of Indian debt in this calendar year till date.
Benchmark Nifty climbed 0.78% Y’day. DOW climbed 346 points (1.40%) Y’day.Nikkei climbed 0.87% and Hang seng climbed 0.81% y’day.
Euro is now at 1.1795, Pound at 1.3414,Yen at 109.76.
Commodities: Gold is now at USD 1300 and WT1Crude at USD 66.03.
Interest rates: USD 10 Yr yield is at 2.97% and 3 m libor closed at 2.36%. Indian 10 yr benchmark yield closed at 7.99%.
Economic news: Eurozone GDP was finalized at 0.4% QoQ in Q1, unrevised. Euro climbed on the expectation that ECB could announce the end of asset purchase program in its upcoming meeting. G-7 summit is taking place this week against the backdrop of unilateral trade protectionist measures by US.
Data Highlights:
- US weekly jobless claims were reported at 222k.
- German factory orders declined -2.5% m/m.
Friday’s calendar: –
German industrial production
|
USD/INR |
67.13 |
66.93 |
|
|
EUR/USD |
1.1795 |
1.1840 |
1.1781 |
|
GBP/USD |
1.3414 |
1.3445 |
1.3383 |
|
USD/JPY |
109.76 |
110.22 |
109.48 |
Daily Support/Resistance table
|
currency pairs |
Pivot |
R1 |
R2 |
R3 |
S1 |
S2 |
S3 |
|
EURO/USD |
1.1805 |
1.1829 |
1.1864 |
1.1888 |
1.1770 |
1.1746 |
1.1711 |
|
GBP/USD |
1.3420 |
1.3467 |
1.3519 |
1.3566 |
1.3368 |
1.3321 |
1.3269 |
|
USD/JPY |
109.81 |
110.14 |
110.55 |
110.88 |
109.40 |
109.07 |
108.66 |
|
USD/INR |
67.06 |
67.19 |
67.26 |
66.99 |
66.86 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
|
Currency Pair |
Supports |
Resistances |
Trend |
Remarks |
|
EURO/USD |
1.1508 |
1.1820/1.1960 |
DN |
SIDE>1.1960 |
|
GBP/USD |
1.3050 |
1.3450/1.3550 |
DN |
SIDE>1.3450 |
|
USD/JPY |
108.10/107.78 |
111.40/113.75 |
SIDE |
DN<108.10 |
|
USD/INR |
66.50 |
67.22/67.98 |
SIDE |
UP>67.22 |
|
USD/CHF |
0.9650 |
1.0060 |
UP |
DN <0.9575 |
Technicals: Spot closed above 100 and 200 day major moving averages. 20 day moving
is at 67.63. 50 day moving average is at 66.58. 200 day moving average is at 64.66. Daily
MACD is in sell zone, implying top at 68.42 . Important support zone is at 66.50. Important resistance is at 67.22 and later at 67.98. Spot closed above its average level of the day.
Intraday supports and resistances for June contract are:
PP: 67.18,S1:67.09, S2:66.92, R1:67.35, R2:67.44
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 1.1820 and later at 1.1960. Major support is at 1.1508. Daily MACD is in buy zone, implying an important bottom at 1.1508. Weekly MACD is in sell zone, implying important top at 1.2560.
GBP/USD: Trend is bearish in the daily chart. Daily MACD is in the buy zone, implying important bottom at 1.3205 and weekly MACD is in sell zone, implying important top at 1.4375. The pair is trading below all major moving averages. Important resistance is at 1.3450 and later at 1.3550. Important support is at 1.3205 and later at 1.3050.
USD/YEN: The pair is below 200 day major moving average, but above 20 and 100 day moving averages. Daily MACD is in sell zone, implying important top at 111.40. Important support is at 108.10. Important resistance is 111.40 and later at 113.75.
