It remains to be seen how long the rupee does not get affected by US dollar gains. In case the US dollar continues to gain after Friday’s release of US nonfarm payrolls then there will be temporary two percent to three percent weakness in the short term. Imported inflation will be lower in India in August due to subdued global prices and a stable rupee. More rains in September (if any) can reduce damage to crops and can help in stabilizing rural demand. Urban and rural demand stabilization will be the key for India in the near term. India does not need a period where higher demand arrives around festivals and thereafter a period of lower demand. First demand pattern has to stabilize and thereafter a period of slow and steady growth. The wounds inflicted to the Indian economy by the previous government will take a lot of time to heal. India is also preparing for global challenges. India also has to deal with expansionist neighbor China and a near nuclear failed state Pakistan. Doing a balancing act will not be easy. There will be periods where the Reserve bank of India will not intervene.
Usd/inr September 2014: It needs to fall below 60.74 or break and trade over 61.05 for direction. A consolidated break of 61.05 will result in 61.22 and 61.56
Euro/inr September 2014: A consolidated break of 80.09 will result in 80.27 and 80.62. Initial support is at 79.76.
Gbp/Inr September 2014: Cable needs to trade over 101.12 for the whole day to rise to 101.32 and 101.73. Initial support is at 100.95 with 100.62 as the key intraday support.
Jpy/Inr September 2014: Key support is at 58.18 with 58.92 as the key resistance. There will be a technical break down below 58.18 only.
Usd/inr September 2014: It needs to fall below 60.74 or break and trade over 61.05 for direction. A consolidated break of 61.05 will result in 61.22 and 61.56
Euro/inr September 2014: A consolidated break of 80.09 will result in 80.27 and 80.62. Initial support is at 79.76.
Gbp/Inr September 2014: Cable needs to trade over 101.12 for the whole day to rise to 101.32 and 101.73. Initial support is at 100.95 with 100.62 as the key intraday support.
Jpy/Inr September 2014: Key support is at 58.18 with 58.92 as the key resistance. There will be a technical break down below 58.18 only.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.