USDINR TECHNICAL OUTLOOK : 03.02.2017
NIFTY FUT TREND : SELL ZONE
BANKNIFTY FUT TREND : SELL ZONE
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USDINR, the pair after opening at 67.61 made a high of 67.68 and reversed and continued its short term trend, the pair after violating the supports of 67.70 fall to 67.20 but now will see some consolidation in the pair to try to trade the consolidation with some positive bias so for the day utilize the dips to enter the pair.
Fundamental Overview
US dollar index is trading at 99.80, bouncing from the lows near 99.20 that were seen yesterday. Uncertainty fueled from inaction by Trump in the fiscal spending front has pushed the dollar lower to near the November levels. A higher than expected drop in the weekly jobless claims gave some confidence to the markets before the non-farm payrolls data today. Expectations for a strong print remain high and that has to be coupled with a strong hourly wage growth for the dollar to break the 100 level and beyond.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
19:00 USD Average Hourly Earnings (MoM) (Jan) 0.30% 0.40%
19:00 USD Nonfarm Payrolls (Jan) 175K 156K
19:00 USD Participation Rate (Jan) 62.70%
19:00 USD Private Nonfarm Payrolls (Jan) 169K 144K
19:00 USD Unemployment Rate (Jan) 4.70% 4.70%
20:15 USD Markit Composite PMI (Jan) 55.4
20:15 USD Services PMI (Jan) 55.1 55.1
20:30 USD Factory Orders (MoM) (Dec) 1.00% -2.40%
20:30 USD ISM Non-Manufacturing Employment (Jan) 52.7
20:30 USD ISM Non-Manufacturing PMI (Jan) 57 56.6
23:30 USD U.S. Baker Hughes Oil Rig Count 566
