Weekly Forex Report for Secure Investment

Weekly Forex Report for Investment – 09th Oct  to 13 Oct 2017

Market Outlook

The rupee spurted 12 paise to 64.80 against the US currency after a rush of dollar supply. This was mostly because banks and exporters increasingly unwound their dollar bets. Stock markets opening firm also supported the rupee.
The dollar was hovering at a fresh one-month low against other major currencies in quiet trade on Friday, as the minutes of the Federal Reserve’s latest policy meeting continued to dampen demand for the greenback.

Fundamental News

•    The dollar edged up 0.1 percent against the yen to 111.33 JPY=, pulling away from  two-month low of 111.07 yen, though it was still down 0.6 percent for the week.
•    The euro hit a six-week high against the dollar on Friday, with investors optimistic about the strength of the euro zone’s recovery after strong economic data this week.

Global Updates

•    China’s FinMin said that will cut import tariffs on some consumer products from Dec. 1.
•    Japan Nikkei Manufacturing PMI above forecasts (52.6) in November: Actual (53.8).
•    European Monetary Union Market PMI Composite above forecasts (56) in November: Actual (57.5).
•    United Kingdom Public Sector Net Borrowing came in at £7.464B, above forecasts (£6.6B) in October.
•    European Monetary Union Market Services PMI registered at 56.2 above expectations (55.1) in November.
•    Switzerland Industrial Production (QoQ) up to 8.6% in 3Q from previous 2.9%.

USDINR

USDINR pair has given trend line break out and sustain below it, which indicate further down side movement. For upcoming session if its breach its crucial support level of 64.4000 then further down side movement towards deeper support level can expected. 65.0000 act as a major resistance level, if it close above it then some correction may be seen.

EURINR

EURINR pair bounces back after testing its important support level and closed near to its resistance level of 77.0000. For upcoming week if it manages to hold above this level then northward break out might be witness.  76.0000 is good support zone below this some correction may be expected.

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