USDINR TECHNICAL OUTLOOK : 8.3.2017
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
Fundamental Overview
US dollar index is trading at 101.75, reversing from the higher levels of 101.92 in yesterdays session. US Trade Balance data which was reported was at expectations. We expect upside to be limited in US dollar as markets have already priced in a March rate hike with focus now shifting towards how many times Fed would hike the interest rates. Today’s key focus would be on ADP Nonfarm Employment Changes report, as this can help the markets to predict Nonfarm payrolls and unemployment changes which are due on this Friday.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
18:45 USD ADP Nonfarm Employment Change (Feb) 190K 246K
19:00 USD Nonfarm Productivity (QoQ) (Q4) 1.50% 1.30%
19:00 USD Unit Labor Costs (QoQ) (Q4) 1.60% 1.70%
23:30 USD 10-Year Note Auction 2.33%
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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USDINR, Opening at 66.85 pair made a low of 66.75 and saw the pair trading side wise, during the day after making a high of 66.86, on spot the pair has been trading in the range of 66.50- 66.95 for many weeks and the on going trend likely to continue until the pair breakout of the consolidation, with major support at 66.50.Fundamental Overview
US dollar index is trading at 101.75, reversing from the higher levels of 101.92 in yesterdays session. US Trade Balance data which was reported was at expectations. We expect upside to be limited in US dollar as markets have already priced in a March rate hike with focus now shifting towards how many times Fed would hike the interest rates. Today’s key focus would be on ADP Nonfarm Employment Changes report, as this can help the markets to predict Nonfarm payrolls and unemployment changes which are due on this Friday.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
18:45 USD ADP Nonfarm Employment Change (Feb) 190K 246K
19:00 USD Nonfarm Productivity (QoQ) (Q4) 1.50% 1.30%
19:00 USD Unit Labor Costs (QoQ) (Q4) 1.60% 1.70%
23:30 USD 10-Year Note Auction 2.33%