Weekly Report of Forex Market
Weekly Forex Market Research Reports
The rupee opened last day of week 22 paise down at 64.53 against dollar ahead India’s gross domestic product (GDP) grew to 6.3 percent in quarter ended September 2017, from 5.7 percent recorded in the previous quarter ended June 2017.The dollar was steady against its major trading partners on Friday morning as the market remained anxiously awaiting a final vote on a US tax reform bill. Prior to market opening on Friday, the People’s Bank of China set the midpoint rate at 6.6067 per dollar, 33 pips or 0.05 per cent weaker than the previous.
• The US Dollar came under pressure after ex-US National Security Agency Chief Michael Flynn pleaded guilty to charges that he lied to the FBI about talking with the Russian ambassador.
• Euro is trading up flat at around $1.190 against the US Dollar after jumping up to $1.1940 as Eurozone PMI confirmed solid economic expansion.
- United Kingdom Market Manufacturing PMI came in at 58.2, above forecasts (56.5) in November.
- Germany Market Manufacturing PMI meets expectations (62.5) in November.
- Italy Market Manufacturing PMI registered at 58.3, below the expectations (58.5) in November.
- Australia RBA Commodity Index SDR (YoY) declined to -3.3% in November from previous 9.1%.
- China Caixin Manufacturing PMI came in at 50.8, below the expectations (50.9) in November.
- Japan Capital Spending came in at 4.2%, above forecasts (3.3%) in 3Q.
- French manufacturing PMI hits a seven-year high of 57.5 in Nov.
OUR PREVIOUS CALLS UPDATE
USDINR pair has bounce back from its lower level and given recovery. For upcoming week if it manages to hold above 64.9000 resistance level then it may continue its upward journey. On southern side it has crucial support zone of 64.4000 if it sustain below it then some correction may be seen towards deeper support.
EURINR pair drag down from its higher level but not able to breach its upward slopping trend line and closed near to it. For upcoming if it sustains below this then downside movement can seen. 77.000 is an important resistance level above this some correction can be seen.
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