Weekly Forex Updates and Analysis – 31th July to 4th August 2017
In last week, Indian rupee on Wednesday closed near 6-week high against the US dollar after local equity markets gained over 240 points. So far this year, the rupee has gained 5.58%, while foreign investors bought $8.50 billion and $16.34 billion in local equity and debt markets, respectively. Asian currencies were trading lower ahead of the European Central Bank’s (ECB) policy meeting Thursday while traded higher on Friday as the dollar took a beating amid concern that investigators are widening a probe into US President Donald Trump.
• Dollar down, euro up as U.S. GDP data fails to sway market.
• Swiss franc set for biggest weekly drop in nearly 2 years.
• Japanese Core Inflation Rises 0.4% in June; Household Spending Rises 2.6%.
• Japanese Retail Sales Rise 2.1% in June vs. 2.3% Expected.
• French GDP increased by 0.5% in Q2 2017.
• German Consumer prices in July 2017: rise of 1.7% on July 2016 expected.
• UK Consumer Confidence decreases a further two points in July – back to post Brexit low of July 2016.
• French Household consumption expenditure on goods withdrew in June 2017.
• French July data points to further robust increases in output and employment.
• U.S. home sales stumble as prices hit record high.
• US GDP growth at 2.6% with the consumer bouncing back.
• U.S. jobless claims climb 10,000 to 244,000.
USDINR last week moved in the same range as of previous week and so closed on a flat note. The currency pair had been stuck in a specific range which needs a breakout on either way to decide the trend. On higher side, 64.6000 is seen as important resistance whereas 64.0000 as key support.
EURINR last week witnessed sideways to bullish movement and closed on strong note. Strength may continue till it sustains above the mark of 75.0000 and buy on dips can be seen whereas any closing below 74.8000 can be a weak sign for the pair.
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