USDINR TECHNICAL OUTLOOK : 3.3.2017
NIFTY FUT TREND : SELL ZONE
BANKNIFTY FUT TREND : SELL ZONE
Fundamental Overview
US dollar index is trading at 102.10, continuing to remain upbeat as bets for a March rate hike continue to prop up the dollar. Initial jobless claims were reported lower than expected and traders reacted to the improving employment conditions. Non-manufacturing PMI data to be published today but the key focus would be on the FED member speeches and we predict that the tone would continue to remain hawkish, further increasing the odds for a rate hike in March and thus helping the dollar to surge higher.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
5:30 USD FOMC Member Mester Speaks
20:15 USD Markit Composite PMI (Feb) 54.3
20:15 USD Services PMI (Feb) 53.9 53.9
20:30 USD ISM Non-Manufacturing Employment (Feb) 54.7
20:30 USD ISM Non-Manufacturing PMI (Feb) 56.5 56.5
20:45 USD FOMC Member Lacker Speaks
22:45 USD FOMC Member Powell Speaks
23:30 USD U.S. Baker Hughes Oil Rig Count 602
23:30 USD Fed Chair Yellen Speaks
NIFTY FUT TREND : SELL ZONE
BANKNIFTY FUT TREND : SELL ZONE
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USDINR, Opening at 66.95 pair made a low of 66.87 and saw the pair trading side wise despite dollar strength internationally, but the pair is having a strong base at 66.60 on spot basis and today likely to gap up more than 10 paisa if able to maintain above 66.90 spot then can expect the pair to test the levels of 67 spot levels and beyond so intraday traders shall utilize any dips to buy the pair.Fundamental Overview
US dollar index is trading at 102.10, continuing to remain upbeat as bets for a March rate hike continue to prop up the dollar. Initial jobless claims were reported lower than expected and traders reacted to the improving employment conditions. Non-manufacturing PMI data to be published today but the key focus would be on the FED member speeches and we predict that the tone would continue to remain hawkish, further increasing the odds for a rate hike in March and thus helping the dollar to surge higher.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
5:30 USD FOMC Member Mester Speaks
20:15 USD Markit Composite PMI (Feb) 54.3
20:15 USD Services PMI (Feb) 53.9 53.9
20:30 USD ISM Non-Manufacturing Employment (Feb) 54.7
20:30 USD ISM Non-Manufacturing PMI (Feb) 56.5 56.5
20:45 USD FOMC Member Lacker Speaks
22:45 USD FOMC Member Powell Speaks
23:30 USD U.S. Baker Hughes Oil Rig Count 602
23:30 USD Fed Chair Yellen Speaks