USDINR opened at 73.02 y’day and the pair traded in the 72.92-73.05 range. Spot USDINR closed at 72.96 , loss of 7 ps for USD as against the prior close of 73.03. The RBI reference rate was fixed at 73.01 on 01/02. Feb USD/INR closed at 73.22, a loss of 9 ps for USD as compared to the prior day’s close of 73.31. Feb Euro/INR closed at 88.15, GBP/INR at 100.09 and Yen/INR at 69.78.
FII’S nett bought Rs 18855 Cr of Indian Equities in Jan . FII’S nett sold Rs 3473 Cr of Indian debt securities in Jan . In this financial year, FII’S have nett bought Rs 230647 Cr of Equities and have sold Rs 25262 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 2.57% y’day. DOW climbed 475 points(1.57%).Nikkei climbed 0.97% and Hang seng climbed 1.23% .
Euro is now at 1.2049,Pound at 1.3679,Yen at 104.94.
Commodities: Gold is now at USD 1841 and WT1Crude at USD 55/Brent at USD 57.80.
Interest rates: USD 10 Yr yield is at 1.11% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 6.06%.
Economic news: Exports climbed 5.7% in Jan to USD 27.24 bn. Imports climbed 2% to USD 42 bn. The trade deficit stands at USD 14.76 bn.
Eurozone GDP contracted -0.7% qoq in Q4, smaller than an expectation of -1.8% qoq. Over the year, GDP contracted -6.8% yoy.
Data highlights: – – No major data.
Wednesday’s calendar: US ISM(services)
-EU PMI(services), CPI and PPI, and UK PMI(services)
| USD/INR | 73.05 | 72.92 | |
| EUR/USD | 1.2049 | 1.2088 | 1.2011 |
| GBP/USD | 1.3679 | 1.3710 | 1.3612 |
| USD/JPY | 104.94 | 105.18 | 104.83 |
Daily Support/Resistance table
| Currency Pairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2045 | 1.2079 | 1.2122 | 1.2157 | 1.2002 | 1.1968 | 1.1925 |
| GBP/USD | 1.3660 | 1.3708 | 1.3759 | 1.3807 | 1.3610 | 1.3561 | 1.3511 |
| USD/JPY | 105.01
|
105.19 | 105.36 | 105.53 | 104.84 | 104.66
|
104.50
|
| USD/INR | 72.97 | 73.03 | 73.11 | 72.89 | 72.83 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Currency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.2050/1.1950 | 1.2220 | SIDE | UP>1.2235 |
| GBP/USD | 1.3450 | 1.3760 | UP | DN<1.3450 |
| USD/JPY | 102.60 | 105.70 | UP | DN<103.95 |
| USD/INR | 72.75 | 73.50/73.65 | DN | SIDE>73.95 |
| USD/CHF | 0.8755 | 0.8990/0.9030 | DN | UP>0.9030 |
Technicals: Spot closed below 100 and 200 days moving average. A 20-day moving average is 73.10. The 50-day moving average is at 73.43.200 day moving average is at 74.45. Daily MACD is in the sell zone, implying top at 73.50. Important support is at 72.75 and important resistance is at 73.50. Spot closed above its average level of the day.
Intraday supports and resistances for the Feb contract are:
PP:73.21,S1:73.13, S2:73.03, R1:73.30, R2: 73.39.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is below 20 moving average, but still above 50 and 200 days moving average. The major resistance is at 1.2225/1.2345. The major support is at 1,2050/1.1950. Daily MACD is in the sell zone, implying an important top at 1.2345. Weekly MACD is in the buy zone, implying important bottom at 1.1610.
GBP/USD: The pair is above major moving averages. Daily MACD is in the buy zone, implying important bottom at 1.3450 and weekly MACD is in the buy zone, implying the important bottom at 1.2675. The important support is at 1.3450/1.3330 . The important resistance is at 1.3760.
USD/YEN: The pair is above 50-day major moving average, but still below 200 days moving average. Daily MACD is in the buy zone, implying important bottom at 102.60. The next important resistance is at 105.70. The important support is at 102.60.
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