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Thursday, December 15, 2016

EUR/USD TECHNICAL OUTLOOK : 16.12.2016

EUR/USD TECHNICAL OUTLOOK : 16.12.2016
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EUR/USD. Pair after opening at 1.0475 Made a high of 1.0510 and saw the pair trading with some side hovering near 1.0480 and in last hour we have seen the pair violated the 1.0470 mark and started trending on the down side the pair had a strong support of 1.05 and that has been violated so will see strong selling coming in the pair in coming days so sell any rise for a medium term target of 1.0340.

Fundamental Overview

Euro is trading at 1.0430, continuing to remain weak as the US dollar rally continued yesterday. Economic data from the EU, though positive did little to halt the fall in euro. Euro touched a low of 1.0367, last seen in 2003. We see no respite for the Euro for the time being and expect further weakness in Euro.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
15:30:00 EUR Core CPI (YoY) (Nov) 0.80% 0.80%
15:30:00 EUR CPI (YoY) (Nov) 0.60% 0.60%
15:30:00 EUR CPI (MoM) (Nov) -0.10% 0.20%

USDINR TECHNICAL OUTLOOK : 16.15.2016

USDINR TECHNICAL OUTLOOK : 16.15.2016
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USDINR, the pair after opening at 67.77 and made a high of 67.93 and saw some buying after a gap up opening from the last day the pair had taken supports from the lower levels of 67.50 and that’s holding in the pair ,but the pair having supply near 68 mark so likely to trade side wise with positive bias.

Fundamental Overview

US dollar index is trading at 103.08, as the US dollar advanced further in yesterday’s trade. After the fed’s hawkish statement, dollar bulls found no reason to turn back and would continue to remain aggressive until there is any bad news from the US or a run for profit booking. Economic data was positive with the Manufacturing indices showing stellar improvement. Housing starts and building permits data to be reported today and we expect a continued dollar rally to test 104 in the near term.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
19:00:00 USD Building Permits (MoM) (Nov) 0.029
19:00:00 USD Building Permits (Nov) 1.240M 1.260M
19:00:00 USD Housing Starts (MoM) (Nov) 0.255
19:00:00 USD Housing Starts (Nov) 1.230M 1.323M
23:30:00 USD U.S. Baker Hughes Oil Rig Count 498

See rupee in 67.90-68.30/$ range, yield seen at 6.60% : 16.12.2016

See rupee in 67.90-68.30/$ range, yield seen at 6.60% : 16.12.2016
HDFC Bank says US Federal Reserve delivered as per market expectations. Hawkish undertone has pushed Dollar index to 14-year high.
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HDFC Bank says US Federal Reserve delivered as per market expectations. Hawkish undertone has pushed Dollar index to 14-year high. This will impact USD-INR pair as well, he feels. He expects a range of 67.90-68.30 against the US dollar. Panda says the 10-year bond yield benchmark is expected to be under pressure. He expects the yield to move towards 6.60 percent.