WEEKLY FOREX REPORT FOR INVESTMENT – 26TH FEB TO 03RD MARCH 2018
The rupee was down by 8 paise lower at 65.25 against the dollar after fiscal deficit for this fiscal overshot the target. The US dollar was set to end the week on a positive note after Fed Chair Jerome Powell testified twice and other Fed speakers signaled a hawkish view on the economy. The USD had appreciated on a weekly basis up until Thursday when President Donald Trump announced a 25 percent tariff on steel and 10 percent on aluminum imports. The decision turned a USD on the rise against major pairs into a mixed bag.
- The U.S. dollar was trading at six-week highs against other major currencies on Thursday, as hawkish remarks by Federal Reserve Chairman Jerome Powell continued to boost demand for the greenback.
- The Indian economy gave a positive surprise as it grew at a rate of 7.2 percent in October-December 2017.
- United Kingdom Market Manufacturing PMI above expectations (55) in February: Actual (55.2).
- Italy Unemployment above expectations (10.8%) in January: Actual (11.1%).
- France 10-y Bond Auction declined to 0.9% from previous 0.98%.
- European Monetary Union Markit Manufacturing PMI came in at 58.6, above expectations (58.5) in February.
- Germany Markit Manufacturing PMI above forecasts (60.3) in February: Actual (60.6).
- Japan Consumer Confidence Index came in at 44.3 below forecasts (44.9) in February.
USDINR pair has given upside breakout and continue its northward journey, closed the week near to its important resistance level of 65.5000. For upcoming week if it manages to hold above this mark then it can further move towards next resistance level of 65.9000. On the downside it has a crucial support level of 64.9000 if it sustains below this mark then correction can be expected till next support level of 64.4000.
EURINR pair last week was unable to manage its upper level and drag down due to profit booking and settled the week with the weak note. For upcoming sessions, if it sustains below its major support level of 79.5000 then more correction may be expected towards next support zone of 79.0000. On the higher side, it has the resistance level of 80.2000 above this it can continue its upside movement towards resistance level of 80.6000.
(Click to submit your details) Just one step to get best trading tips and Recommendation.