Weekly Forex Market Update

Weekly Forex Report for Investment – 15th JAN  to 19th JAN 2018

Market Outlook

The rupee moved up 7 paise to 63.59 against the dollar in the early session on Friday, helped by selling of the American currency by banks and exporters.  The dollar slumped against rivals on Friday on the back of weak factory inflation data, while the euro enjoyed solid support after the European Central Bank hinted that it could be gearing up to trim its massive monetary stimulus

Fundamental News

  • The dollar was hovering near four-month lows against other major currencies on Friday, as for Thursday’s downbeat U.S. economic reports still weighed and investors eyed the release of key U.S. retail sales and inflation data due later in the day.
  • The euro rallied against the greenback on Thursday after the European Central Bank said it could revisit its communication stance in early 2018.

Global Updates

  • China Trade Balance USD came in at $54.69B, above forecasts ($37B) in December.
  • China Exports (YoY) registered at 10.9% above expectations (9.1%) in December
  • China Imports (YoY) below expectations (13%) in December: Actual (4.5%).
  • Japan Current Account n.s.a. below expectations (¥1836.1B) in November: Actual (¥1347.3B).

USDINR

USDINR pair last week has given recovery from its support level but unable to retain higher level and continue its downward journey. For upcoming week, if it sustain below 63.4000 then more selling towards deeper support can seen. On higher side it has taking resistance of 64.0000 above this mark buying can be witness.

EURINR

EURINR pair was in weak trend in starting of the week but it bounced back from its lower level. For upcoming week, if it manages to hold above 77.5000 mark then upside breakout can be seen towards next resistance level where as 76.5000 is act as support level below this correction can be seen.

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