USDINR opened at 74.77 y’day and the pair traded in the 74.77-74.93 range. Spot USDINR closed at 74.82 , gain of 4 ps for USD as against prior close of 74.78. RBI reference rate was fixed at 74.82 y’day. Aug USD/INR closed at 74.90, gain of 11 ps for USD as compared to prior day’s close of 74.79. Aug Euro/INR closed at 88.08, GBP/INR at 97.55 and Yen/INR at 70.08.
FII’S have nett bought Rs 390 Cr of Indian Equities in August till date . FII’S have nett bought Rs 587 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 declined 0.12% y’day. DOW climbed 189 points (1.05%) y’day.Nikkei climbed 0.41% and Hang seng climbed 1.42% y’day.
Euro is now at 1.1812,Pound at 1.3064,Yen at 106.67.
Commodities: Gold is now at USD 1949 and WT1Crude at USD 42.59/Brent at USD 45.34.
Interest rates: USD 10 Yr yield is at 0.664% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.88%.
Economic news: Indian IIP climbed in July as compared to June, but still -16% down y/y. Consumer non durables grew by 14% due to rural demand. Gold corrected 10% in last 2 sessions due to risk on mode in Equities and better than expected economic data.
UK GDP climbed 8.7% m/m.
Data highlights : – US CPI climbed 0.6% m/m.
-EU Industrial production climbed 9.1% m/m.
-UK industrial and manufacturing production climbed 9.3% and 11% m/m.
Thursday’s calendar: – US Weekly jobless claims.
| USD/INR | 74.93 | 74.77 | |
| EUR/USD | 1.1812 | 1.1814 | 1.1711 |
| GBP/USD | 1.3064 | 1.3068 | 1.3006 |
| USD/JPY | 106.67 | 107.01 | 106.46 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1773 | 1.1835 | 1.1876 | 1.1938 | 1.1732 | 1.1670 | 1.1629 |
| GBP/USD | 1.3040 | 1.3074 | 1.3102 | 1.3136 | 1.3012 | 1.2978 | 1.2950 |
| USD/JPY | 106.77
|
107.08 | 107.33 | 107.64 | 106.53 | 106.21 | 105.97
|
| USD/INR | 74.84 | 74.91 | 75 | 74.75 | 74.68 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.17/1.1540 | 1.19/1.21 | UP | SIDE<1.17 |
| GBP/USD | 1.2980/1.2850/1.2670 | 1.32 | UP | SIDE<1.2670 |
| USD/JPY | 104.10 | 106.60/107.45 | DN | UP>106.65 |
| USD/INR | 74.50 | 75.50 | DN | UP>75.50 |
| USD/CHF | 0.9050 | 0.9350 | DN | UP>0.9350 |
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 74.90. 50 day moving average is at 75.27.200 day moving average is at 73.35. Daily MACD is in buy zone, implying bottom at 74.50. Important support is at 74.50 and important resistance is at 75.50. Spot closed below its average level of the day.
Intra day supports and resistances for Aug contract are:
PP:74.92,S1:74.79, S2:74.68, R1:75.03, R2: 75.16
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 1.21. Major support is at 1.1420 with first support at 1.17. 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 bullish and is above major major moving averages.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 support is at 1.2850 and later at 1.2670. Important resistance is at 1.32.
USD/YEN: The pair is below major moving averages. Daily MACD is in buy zone, implying important bottom at 104.10. Next important resistance is at 106 and later at 106.65. Important support is at 104.10.
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