Currency Headlines
Yen Weakens After Suga Calls For Easing
The yen fell against the dollar, snapping a two-day gain, as Prime Minister Shinzo Abe met central bank governor Masaaki Shirakawa and said he wants the Bank of Japan (8301) to double its inflation goal to 2 percent.
Japan’s currency weakened at least 0.2 percent versus all its 16 major counterparts after Shirakawa said the BOJ was in close contact with the government, adding to speculation policy makers will boost stimulus that tends to debase the currency. The euro rose toward the strongest level since July 2011 versus the yen before the European Central Bank meets tomorrow to decide on interest rates.
“There are rumors that the BOJ will be open to changing the inflation target and this is something that weakens the yen,” said Antje Praefcke, a senior currency strategist at Commerzbank AG in Frankfurt. “The trend for yen weakness should continue.”
Thai Bonds, Baht Advance as Central Bank Holds Interest Rates
Thailand’s government bonds and the baht rose as the central bank held borrowing costs at the lowest level since 2011 to support the economy.
The Bank of Thailand left its one-day bond repurchase rate at 2.75 percent today, a move predicted by all 22 analysts surveyed by Bloomberg. Global investors bought $1.1 billion more of the nation’s sovereign debt than they sold this month through yesterday, Thai Bond Market Association data show.
Ruble Retreats, Paring Biggest Gain to Basket in 4 Months
The ruble weakened, paring the biggest gain in four months against the Russian central bank’s euro-dollar target basket.
The ruble depreciated 0.5 percent against the basket to 34.6260 as of 11:13 a.m. in Moscow after a 1.1 percent climb yesterday. The ruble lost 0.7 percent against the dollar to 30.4140 and 0.3 percent against the euro to 39.7860.
The currency of the world’s biggest energy exporter rallied on the first trading day of 2013 yesterday as it caught up with a commodity rally at the start of the year after U.S. lawmakers agreed to a deal to avert automatic spending cuts and tax increases. Crude, Russia’s biggest export, fell 0.3 percent today to $92.89 a barrel.
TECHNICAL INSIGHT
USD INR (Jan 13 – Expiry)
USDINR has shown weakness in past 2 sessions. The pair is looking weak, though it may find support at lower levels. The pair can be traded both sides
Sell near 55.25 SL 55.35 TGT 55.1/54.90/54.65 OR Buy near 54.65 SL 54.45 TGT 54.79/55
EUR INR (Jan 13– Expiry)
The pair can be considered Sell on rise.
Sell near 72.01 SL 72.15 TGT 71.78/71.57/71.25
GBP INR (Jan 13 – Expiry)
GBP is in downtrend, can be considered on SELL side.
Sell near 88.60 SL 88.73 TGT 88.20/87.80
JPY INR (Jan 13 – Expiry)
Yen has shown strength against currencies, globally. In India also it has given strong bounce. However, its trend is decided by the move in USDINR. Positions can be taken, after watching 1st hour movement in USDINR.
Yen Weakens After Suga Calls For Easing
The yen fell against the dollar, snapping a two-day gain, as Prime Minister Shinzo Abe met central bank governor Masaaki Shirakawa and said he wants the Bank of Japan (8301) to double its inflation goal to 2 percent.
Japan’s currency weakened at least 0.2 percent versus all its 16 major counterparts after Shirakawa said the BOJ was in close contact with the government, adding to speculation policy makers will boost stimulus that tends to debase the currency. The euro rose toward the strongest level since July 2011 versus the yen before the European Central Bank meets tomorrow to decide on interest rates.
“There are rumors that the BOJ will be open to changing the inflation target and this is something that weakens the yen,” said Antje Praefcke, a senior currency strategist at Commerzbank AG in Frankfurt. “The trend for yen weakness should continue.”
Thai Bonds, Baht Advance as Central Bank Holds Interest Rates
Thailand’s government bonds and the baht rose as the central bank held borrowing costs at the lowest level since 2011 to support the economy.
The Bank of Thailand left its one-day bond repurchase rate at 2.75 percent today, a move predicted by all 22 analysts surveyed by Bloomberg. Global investors bought $1.1 billion more of the nation’s sovereign debt than they sold this month through yesterday, Thai Bond Market Association data show.
Ruble Retreats, Paring Biggest Gain to Basket in 4 Months
The ruble weakened, paring the biggest gain in four months against the Russian central bank’s euro-dollar target basket.
The ruble depreciated 0.5 percent against the basket to 34.6260 as of 11:13 a.m. in Moscow after a 1.1 percent climb yesterday. The ruble lost 0.7 percent against the dollar to 30.4140 and 0.3 percent against the euro to 39.7860.
The currency of the world’s biggest energy exporter rallied on the first trading day of 2013 yesterday as it caught up with a commodity rally at the start of the year after U.S. lawmakers agreed to a deal to avert automatic spending cuts and tax increases. Crude, Russia’s biggest export, fell 0.3 percent today to $92.89 a barrel.
TECHNICAL INSIGHT
USD INR (Jan 13 – Expiry)
USDINR has shown weakness in past 2 sessions. The pair is looking weak, though it may find support at lower levels. The pair can be traded both sides
Sell near 55.25 SL 55.35 TGT 55.1/54.90/54.65 OR Buy near 54.65 SL 54.45 TGT 54.79/55
EUR INR (Jan 13– Expiry)
The pair can be considered Sell on rise.
Sell near 72.01 SL 72.15 TGT 71.78/71.57/71.25
GBP INR (Jan 13 – Expiry)
GBP is in downtrend, can be considered on SELL side.
Sell near 88.60 SL 88.73 TGT 88.20/87.80
JPY INR (Jan 13 – Expiry)
Yen has shown strength against currencies, globally. In India also it has given strong bounce. However, its trend is decided by the move in USDINR. Positions can be taken, after watching 1st hour movement in USDINR.
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