Weekly Forex Report for Investment – 26th JAN to 01st JAN 2018
The rupee set aside its spate of declines and opened 9 paise up at 64.95 against the US dollar, buoyed by a rise in local equities. . The rupee was in a tight spot on Thursday as it plunged 28 paise to a new three-month low of 65.04. The weakness followed US Fed minutes that showed policymakers getting more confident of hiking rates more aggressively. The dollar edged higher against a basket of major currencies, extending its recovery from a three-year low last week.
- The euro slipped on Friday and is set to post its second-biggest weekly loss in nearly four months as investors trim positions before a big week for global currency markets from a European politics perspective.
- The Federal Reserve gave little hint in its latest report to Congress that it’s prepared to raise U.S. interest rates more aggressively in 2018.
- Singapore Consumer Price Index (YoY) down to 0 in January from previous 0.6.
- Japan Corporate Service Price (YoY) below forecasts (0.8%) in December: Actual (0.7%).
- Japan National Consumer Price Index (YoY) above forecasts (1.3%) in January: Actual (1.4%).
- United States 7-Year Note Auction increased to 2.839% from previous 2.565%.
- Italy Consumer Price Index (MoM) below forecasts (0.4%) in January: Actual (0.3%).
- United Kingdom Total Business Investment (QoQ) registered at 0%, below expectations (0.5%) in 4Q.
USDINR pair last week has given health recovery from its lower level but in last two trading session it was unable to hold its higher level and came down due to profit booking. For upcoming week if it manages to hold above its important resistance level of 65.4000 then upside breakout may be witnessed towards next resistance level of 65.9000.On southern side it has crucial support zone of 64.7000 below this mark down side correction can be seen towards next support level of 64.0000.
EURINR pair unable to hold its higher level and came down due to profit booking and closed near to its immediate support level. For upcoming week if it sustain below its crucial support level of 79.9000 then it can pull down towards next support level of 79.2000.On upward side it has major resistance level of 80.4000 above this mark it may continue its northward journey and test its next resistance level of 81.0000.
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