Rising for the third consecutive days, The Indian Rupee surged by 17 paise to open at 68.5525 against the US dollar. Throughout the day it hovered in the range of 68.6450 and 68.4150 on account of steep fall in crude oil prices and easing food prices. Against basket of currencies, the dollar traded near a 10 day peak after the US consumer data showed a build-up of inflation pressure.The other factors like favorable performance of US economy and Treasury yield have risen boosted the dollar.
• The British pound reached to lowest level since July3, as market participants remained on edge about resignation of two key euroseptic ministers.
• The euro droped to a nine-day low after data released a record Chinese trade surplus stirred worries about a deeper United States-China trade conflict.
• Greece Unemployment Rate (MoM) rose from previous 20.1% to 20.2% in April
• European Monetary Union Industrial Production s.a. (MoM) above expectations 1.2% in May: Actual 1.3%.
• European Monetary Union ZEW Survey – Economic Sentiment came in at -18.7, below expectations -13.2 in July.• South Korea Money Supply Growth up to 6.7% in May from previous 6.1%.
• Switzerland Unemployment Rate s.a (MoM) came in at 2.6%, above expectations 2.5% in June.
• Japan Capacity Utilization below expectations -1.2% in May: Actual -2.1%.
USDINR showed correction in last week retrace towards its 38.2% level and found support around it. If sustain above this zone then it may continue bullish movements and find resistance near 69.3000 above which bulls are more active. On downward side it has strong support of 68.4000.
EURINR unable to sustain on higher levels showed sharp down fall and closed below its psychological level. For upcoming week if continue to trades below it then more correction can be seen in it and may find support around 79.2000 level. Above 80.5000 it will again come in bullish zone.
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