USDINR opened at 75.75 y’day and the pair traded in the 75.57-75.78 range. Spot USDINR closed at 75.66 , loss of 6 ps for USD as against prior close of 75.72. RBI reference rate was fixed at 75.63 y’day. June USD/INR closed at 75.64, unchanged for USD as compared to prior day’s close of 75.64. June Euro/INR closed at 84.82, GBP/INR at 94.15 and Yen/INR at 70.51.
FII’S have nett bought Rs 21428 Cr of Indian Equities in June . FII’S have nett sold Rs 3123 Cr of Indian debt securities in June. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty declined 0.20% y’day. DOW climbed 299 points (1.18%) y’day. Nikkei declined 1.22% and Hang seng declined 0.50% y’ day.
Euro is now at 1.1215,Pound at 1.2415,Yen at 107.19.
Commodities: Gold is now at USD 1760 and WT1Crude at USD 39/Brent at USD 41.40.
Interest rates: USD 10 Yr yield is at 0.684% and 3 m libor closed at 0.31%. Indian 10 yr benchmark yield closed at 5.89%.
Economic news: :- IMF predicted Indian economy to contract by 4.5% following a longer lockdown period and slower recovery than anticipated in April. It also expects global output to shrink 4.9% this year, much sharper than the 3% contraction predicted in April. However, Equity investors are betting on strong growth rebound in Q3 and Q4. FPI’S have invested Rs 23000 Cr in Indian Equity segment in June alone.
Data highlights : US Weekly jobless claims was more than expected at 1480k and durables order surged 15.8% m/m.
Friday’s calendar: – US personal income, spending and Core PCE index
| USD/INR | 75.78 | 75.57 | |
| EUR/USD | 1.1215 | 1.1260 | 1.1191 |
| GBP/USD | 1.2415 | 1.2465 | 1.2390 |
| USD/JPY | 107.19 | 107.46 | 107.04 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1223 | 1.1255 | 1.1293 | 1.1325 | 1.1186 | 1.1153 | 1.1116 |
| GBP/USD | 1.2426 | 1.2462 | 1.2501 | 1.2537 | 1.2387 | 1.2351 | 1.2312 |
| USD/JPY | 107.22
|
107.40 | 107.64 | 107.82 | 106.98 | 106.80 | 106.56
|
| USD/INR | 75.67 | 75.77 | 75.88 | 75.56 | 75.46 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1020 | 1.1425 | SIDE | DN<1.0950 |
| GBP/USD | 1.2250/1.2075 | 1.2810 | DN | UP>1.2810 |
| USD/JPY | 106 | 108.45/109.85 | DN | UP>108.45 |
| USD/INR | 75.40/75.25/75 | 76.30 | SIDE | UP>76.30 |
| USD/CHF | 0.94 | 0.9675/0.9775 | DN | UP>0.98 |
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.78. 50 day moving average is at 75.87.200 day moving average is at 72.70. Daily MACD is in sell zone, implying top at 76.30. Important support is at 75.40/75.25. Spot closed below its average level of the day.
Intra day supports and resistances for June contract are:
PP:75.66,S1:75.52, S2:75.41, R1:75.77, R2: 75.91
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above 50 and 200 day major moving average. Next Major resistance is at 1.1425. Major support is at 1.1020. Daily MACD is in sell zone, implying an important top at 1.1425. Weekly MACD is in buy zone, implying important bottom at 1.0650.
GBP/USD: The pair has turned bearish and is below 200 day major moving average.Daily MACD is in sell zone, implying important top at 1.2810 and weekly MACD is in buy zone, implying important bottom at 1.2275. Important resistance is at 1.2810. Important support is at 1.2250 and later at 1.2075.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 110. Next important resistance is at 108.45. Important support is at 106.
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