USDINR Trading Strategy : 13.13Pm - 02.08.2016
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Debt market
• Government bonds extended their record rally, rising for a third session, as investors stepped up purchases amid expectations the GST bill could be approved in the current Parliament session
• The benchmark 7.59% bond maturing in 2026 ended at | 103.05, the highest level since its issuance against the previous close of | 102.89
• The benchmark 7.59% 2026 bond yiel d ended at 7.14%, down 2 bps from previous close. Forex (US$/INR)
• The rupee rose to a near two-month high against the dollar, as weaker- than-expected US economic growth data diminished chances of an imminent interest rate hi ke by the Federal Reserve
• The dollar index against six major currencies ended at 95.71, up 0.19% from the previous close of 95.53.
USDINR : Trend Down
USDINR Pair opened the past session with huge negative gap and violated the medium- term rising support line but managed to end above the same. Now, yesterday’s low that is 66.97 is the crucial support below which vertical decline can take place. Daily MACD has rolled over to the sell side in the negative zone same.
USDINR US dollar index is trading at 95 . 73 , appreciating in the US session despite weaker than expected economic data being reported . Manufacturing PMI data from the US was weak but comments from FOMC member stating that a September hike should not be ruled out helped prop the dollar higher.
GBPINR : Trend UP
GBPINR in the past session tested the falling resistance line and ended below the rising support line of the triangular chart pattern. Follow through selling below the yesterdays low i.e. 88.35 will confirm the breakdown and sharp decline can be seen after the same.
EURINR : Trend UP
EURINR tested the flat resistance line pegged at 75 and turned its direction to end with bearish candle. Ho wever, 75.5 levels is more stiff and crucial then 75 level s. Thus, if prices succeed in surpassing the 75 mark then 75.5 is likely. Daily MACD is als o sustaining well above the signal line.
EURINR Euro is trading at 1.1170 , with no change in yesterday’s session . Manufacturing PMI from Germany and EU were reported better than expected and with no economic data scheduled to be reported today, we can expect range bound trading for the day and until the US nonfarm payrolls data on Friday.
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Debt market
• Government bonds extended their record rally, rising for a third session, as investors stepped up purchases amid expectations the GST bill could be approved in the current Parliament session
• The benchmark 7.59% bond maturing in 2026 ended at | 103.05, the highest level since its issuance against the previous close of | 102.89
• The benchmark 7.59% 2026 bond yiel d ended at 7.14%, down 2 bps from previous close. Forex (US$/INR)
• The rupee rose to a near two-month high against the dollar, as weaker- than-expected US economic growth data diminished chances of an imminent interest rate hi ke by the Federal Reserve
• The dollar index against six major currencies ended at 95.71, up 0.19% from the previous close of 95.53.
USDINR : Trend Down
USDINR Pair opened the past session with huge negative gap and violated the medium- term rising support line but managed to end above the same. Now, yesterday’s low that is 66.97 is the crucial support below which vertical decline can take place. Daily MACD has rolled over to the sell side in the negative zone same.
USDINR US dollar index is trading at 95 . 73 , appreciating in the US session despite weaker than expected economic data being reported . Manufacturing PMI data from the US was weak but comments from FOMC member stating that a September hike should not be ruled out helped prop the dollar higher.
GBPINR in the past session tested the falling resistance line and ended below the rising support line of the triangular chart pattern. Follow through selling below the yesterdays low i.e. 88.35 will confirm the breakdown and sharp decline can be seen after the same.
EURINR : Trend UP
EURINR tested the flat resistance line pegged at 75 and turned its direction to end with bearish candle. Ho wever, 75.5 levels is more stiff and crucial then 75 level s. Thus, if prices succeed in surpassing the 75 mark then 75.5 is likely. Daily MACD is als o sustaining well above the signal line.
EURINR Euro is trading at 1.1170 , with no change in yesterday’s session . Manufacturing PMI from Germany and EU were reported better than expected and with no economic data scheduled to be reported today, we can expect range bound trading for the day and until the US nonfarm payrolls data on Friday.