USDINR TECHNICAL OUTLOOK ; 6.3.2017
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
Fundamental Overview
US dollar index is trading at 101.42, reversing from a seven week high of 102.26 due to profit booking. We have seen US dollar loosing upward movement after comments from FED chair Yellen on Friday saying a hike could be appropriate if the economy evolves as expected. She also said current conditions do support the Fed's dot plot forecast for three tightening’s this year. Economic data which was reported in the previous week was negative with ISM manufacturing data being reported better than expectations. With March hike being on table and Nonfarm payroll data being reported this week, expect US dollar to trade on sideways. The markets would be looking on to the US unemployment rate later this week, as the figures would add on to the confirmation on the rate hike decision.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
20:30 US Factory Orders(MoM0 (Jan) 1.0% 1.3%
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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USDINR, Opening at 66.05 pair made a low of 66.98 and saw the pair trading side wise was waiting for yellan optimistic speech where see gave a hint of future rate high and today likely to open on mildly negative and we can see 66.60spot will act as strong support and resistance comes at 67.00 levels so until the pair breaks out from the consolidation zone likely to see some side wise.Fundamental Overview
US dollar index is trading at 101.42, reversing from a seven week high of 102.26 due to profit booking. We have seen US dollar loosing upward movement after comments from FED chair Yellen on Friday saying a hike could be appropriate if the economy evolves as expected. She also said current conditions do support the Fed's dot plot forecast for three tightening’s this year. Economic data which was reported in the previous week was negative with ISM manufacturing data being reported better than expectations. With March hike being on table and Nonfarm payroll data being reported this week, expect US dollar to trade on sideways. The markets would be looking on to the US unemployment rate later this week, as the figures would add on to the confirmation on the rate hike decision.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
20:30 US Factory Orders(MoM0 (Jan) 1.0% 1.3%