Weekly Forex Report for Investment – 09th Oct to 13 Oct 2017
Indian rupee last week weakened further for the consecutive sessions to hit fresh six-month low against the US dollar after local equity markets declined for seventh consecutive sessions. The fall in the rupee was triggered by outflows from capital markets by foreign institutional investors (FIIs) on the worries of overshooting fiscal deficit and escalating tensions between North Korea and US. However, it strengthened on Friday for the second session against the US dollar as local equity markets gained after the government stick to its borrowing plan and also increased foreign investment limits in debt.
• Dollar set for best weekly gain in 2017; euro struggles.
• GBP/USD Re-Approaches 2-Week Lows After U.K. Data Disappoints.
• Australia, NZ dollars down, staring at worst weekly showing since April.
• Yuan set for 1st monthly loss in 5 as PBOC caution, dollar bounce tempers rally.
• German IFO Business Climate Index Edges Downwards.
• Eurozone flash CPI steadies at 1.5% in September, misses estimates.
• Conference Board Consumer Confidence Index Declined Slightly in September.
• Gain in U.S. Business Equipment Orders Shows Solid Investment.
• US Unemployment Insurance Weekly Claims was 272,000, an increase of 12,000 from the previous week.
• US Gross Domestic Product increased at an annual rate of 3.1 percent in the second quarter of 2017.
USDINR pair last week came down due to profit booking from its higher level and recover it’s lose in last two trading session. Buy on dips strategy may be seen in upcoming week. 65.7000 is immediate resistance level above this upside movement can be seen. 65.0000 is major support level.
EURINR last week given trend line and sustain below it, which indicate further down ward correction. 76.4000 is crucial support level if it sustain below this mark then it can pull down towards next support zone, whereas 77.0000 is seen as resistance level above this good pull back can seen.
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