TECHNICAL VIEW--->
USD INR (JAN– Expiry)
US dollar is looking strong on charts hence buying is recommended in USD.
Buy around 54.6000 with a SL 54.4500 possible targets of 54.8900/54.9900/55.1400.
OR
Sell AROUND 54.8025 with a SL 54.9800 possible targets of 54.5500/54.4525/54.3200.
EUR INR (JAN – Expiry)
Euro might fall further as technically looking weak.
Sell below 72.6125 with a SL 72.7100 possible targets of 72.5000/72.4025/72.2800.
OR
Buy above 72.7100 with a SL 72.6125 possible targets of 72.8225/72.9600/73.1000.
Currency Headlines
Yuan futures recover on Chinese economic strength.
Yuan might cap the recent fall as the Chinese GDP figures might given strength to their currency. Economic growth quickened to 7.8 percent in the three months ended Dec. 31, from a three-year low of 7.4 percent in the previous period which might support their currency as well. The yuan was steady at 6.2174 per dollar, from yesterday’s 6.2165, according to the China Foreign Exchange Trade System. The People’s Bank of China cut the reference rate by 0.04 percent to 6.2767 per dollar today. The spot is allowed to trade as much as 1 percent on either side of the fixing. Twelve-month non-deliverable forwards rose 0.14 percent to 6.2798 per dollar, a 0.99 percent discount to the onshore spot rate. The yuan climbed 0.11 percent to 6.1858 versus the greenback in the offshore market.
USD INR (JAN– Expiry)
US dollar is looking strong on charts hence buying is recommended in USD.
Buy around 54.6000 with a SL 54.4500 possible targets of 54.8900/54.9900/55.1400.
OR
Sell AROUND 54.8025 with a SL 54.9800 possible targets of 54.5500/54.4525/54.3200.
EUR INR (JAN – Expiry)
Euro might fall further as technically looking weak.
Sell below 72.6125 with a SL 72.7100 possible targets of 72.5000/72.4025/72.2800.
OR
Buy above 72.7100 with a SL 72.6125 possible targets of 72.8225/72.9600/73.1000.
Currency Headlines
Yuan futures recover on Chinese economic strength.
Yuan might cap the recent fall as the Chinese GDP figures might given strength to their currency. Economic growth quickened to 7.8 percent in the three months ended Dec. 31, from a three-year low of 7.4 percent in the previous period which might support their currency as well. The yuan was steady at 6.2174 per dollar, from yesterday’s 6.2165, according to the China Foreign Exchange Trade System. The People’s Bank of China cut the reference rate by 0.04 percent to 6.2767 per dollar today. The spot is allowed to trade as much as 1 percent on either side of the fixing. Twelve-month non-deliverable forwards rose 0.14 percent to 6.2798 per dollar, a 0.99 percent discount to the onshore spot rate. The yuan climbed 0.11 percent to 6.1858 versus the greenback in the offshore market.
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