Weekly Forex Updates and Secure Trading – 04th Sep to 08th Sep 2017
The Rupee on Friday weakened over one week low against the US dollar after India’s economic growth slowed down unexpectedly to 3 yr low. Bond yields reacted after the data and fell to one month low as analyst expects that the fall in gross domestic product may give further room to Reserve Bank of India to cut rates. India’s economic growth unexpectedly slowed to 5.7% in the June quarter, the slowest pace in three years, underlining the disruption caused by the uncertainty related to the rollout of the goods and services tax (GST) even as the Indian economy is struggling to recover from a shock demonetization.
• Rupee off 3-week high, down 12 paise on GDP concerns.
• Euro steadies after 6 months of gains; cbank in focus.
• China’s yuan hits fresh 14-month high after best month.
• U.S. goods trade deficit widens in July; retail inventories fall.
• Japan July household spending unexpectedly falls despite tight job market.
• UK manufacturing beats forecasts with strong growth in August.
• US Total nonfarm payroll employment increased by 156,000 in August, and the unemployment rate was little changed at 4.4 percent.
• US PMI at 58.8%; August Manufacturing ISM Report On Business.
• Spanish New order growth eases to slowest for a year.
• US Pending Home Sales Lessen 0.8 Percent in July.
• US Unemployment Insurance Weekly Claims was 236,000, an increase of 1,000 from the previous week.
• ADP: US Private Sector Employment Increased by 237,000 Jobs in August.
USDINR last week showed strong pull back from lower levels and consolidated in the last four trading sessions. Any closing above the upper consolidation of 64.2500 can strengthen the currency pair further whereas 63.9000 may continue to act as strong support for it
EURINR last week found support at lower levels and surpassed the key resistance mark of 76.2000 on daily chart and finally settled on a strong note. Closing indicates that buy on dips can occur where 77.5000 is seen as important resistance whereas 75.3000 as major support for the week.
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