Weekly Currency Report and Information

Market Outlook
The rupee strengthened 64 paise to 64.68 against dollar in last day of week after international rating agency Moody’s Investors Service upgraded India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook to stable from positive. In its biggest single-day surge in six weeks and settled the day with a solid 31 paise gain. The dollar remained moderately lower against other major currencies on Friday, as ongoing uncertainty over the fate of a major U.S. tax reform plan.

USDINR

Fundamental News

• The U.S. House of Representatives on Thursday approved a broad package of tax cuts, which will now be debated by the Senate.
• FOMC said in a statement, Janet Yellen will testify on the economic outlook before the congressional Joint Economic Committee at 1 on Nov. 29th.
• CFTC Commitments of Traders: JPY shorts at the largest level .

Global Updates

• European Monetary Union Construction Output (MoM) up to 0.1%
In Sep from previous -0.2%.
• European Monetary Union Construction Output w.d.a (YoY) increased to 3.1 in September from previous 1.6%.
• European Monetary Union Current Account s.a came in at €37.8B, above forecasts (€30.2B) in September
• United Kingdom Industrial Production (YoY) above expectations (1.9%) in September: Actual (2.5%).
• Atlanta Fed’s GDPNow rises to 3.4% from 3.2% for Q4.
• United States CFTC USD NC net positions up to $ $152.6K from previous $147.1K

USDINR

USDINR pair was in steep fall but in last day of the week it was bounce back after testing its support level which indicates further upside movement in upcoming week. 65.2000 is major resistance level if its price manages to hold above this then good break out can be seen . 64.7000 act as a crucial support zone.

EURINR

EURINR pair showed good upside movement in the starting of the week and came down due to profit booking from its higher level. For upcoming week if it manages to hold above its major resistance level of 77.2000 then further bull rally can be seen. 76.5000 is crucial support level below this some correction may expected.

(Click to submit your details) Just one step to get best trading tips and Recommendation

Leave a Reply

Your email address will not be published. Required fields are marked *