USDINR opened at 74.64 y’day and the pair traded in the 74.60-74.87 range. Spot USDINR closed at 74.76 , unchanged for USD as against prior close of 74.76. RBI reference rate was fixed at 74.75 y’day. July USD/INR closed at 74.84, gain of 21 ps for USD as compared to prior day’s close of 74.63. July Euro/INR closed at 86.65, GBP/INR at 95.05 and Yen/INR at 69.82.
FII’S have nett sold Rs 2877 sold Cr of Indian Equities in July . FII’S have nett bought Rs 1410 Cr of Indian debt securities in July. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.74% y’day. DOW declined 353 points (1.31%) y’day.Nikkei declined 0.58% and Hang seng climbed 0.73% y’day.
Euro is now at 1.1576,Pound at 1.2736,Yen at 107.12.
Commodities: Gold is now at USD 1884 and WT1Crude at USD 41.16/Brent at USD 43.40.
Interest rates: USD 10 Yr yield is at 0.60% and 3 m libor closed at 0.27%. Indian 10 yr benchmark yield closed at 5.80%.
Economic news: US and India inched closer to a trade agreement. Markets ignored worries over climbing infections. Reliance led the rally in Equity markets on news of potential limited stake sale by Reliance retail to Amazon. On the global front, markets await US stimulus package, presently being debated in US Congress.
Data highlights : US weekly jobless claims climbed to 1416k.
-EU Consumer confidence declined to -15.
Friday’s calendar: – US new home sales
-EU PMI(mfrg) and PMI(services)
-UK PMI(mfrg) and retail sales
| USD/INR | 74.87 | 74.73 | |
| EUR/USD | 1.1576 | 1.1601 | 1.1507 |
| GBP/USD | 1.2736 | 1.2744 | 1.2644 |
| USD/JPY | 107.12 | 107.29 | 106.71 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1588 | 1.1635 | 1.1674 | 1.1721 | 1.1549 | 1.1502 | 1.1463 |
| GBP/USD | 1.2721 | 1.2769 | 1.2808 | 1.2856 | 1.2682 | 1.2634 | 1.2594 |
| USD/JPY | 106.93
|
107.15 | 107.45 | 107.67 | 106.62 | 106.41 | 106.10
|
| USD/INR | 74.74 | 74.88 | 75.01 | 74.61 | 74.47 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1165/1.1020 | 1.15 | SIDE | DN<1.1165 |
| GBP/USD | 1.2250/1.2075 | 1.2670/1.2810 | SIDE | UP>1.27 |
| USD/JPY | 106 | 108.10/109.85 | SIDE | UP>108.10 |
| USD/INR | 74.50 | 75.50 | DN | UP>75.50 |
| USD/CHF | 0.9320/0.92 | 0.95 | DN | UP>0.97 |
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.10. 50 day moving average is at 75.50.200 day moving average is at 73.15. Daily MACD is in sell zone, implying top at 75.50. Important support is at 74.50. Spot closed above its average level of the day.
Intra day supports and resistances for July contract are:
PP:74.78,S1:74.67, S2:74.50, R1:74.95, R2: 75.06
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 1.145. Major support is at 1.1165 and later at 1.1020. Daily MACD is in buy zone, implying an important bottom at 1.1165. Weekly MACD is in buy zone, implying important bottom at 1.0650.
GBP/USD: The pair has turned sideways and is below 200 day major moving average.Daily MACD is in buy zone, implying important bottom at 1.2250 and weekly MACD is in buy zone, implying important bottom at 1.14. Important resistance is at 1.2670 and later 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 108.15. Next important resistance is at 108.15. Important support is at 106.
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