After the FOMC meet traders will be taking positions for the next quarter. Be prepared for big one way moves in the rupee. Imports in India will be high to meet festival demand in the next one month. In case the rupee weakens further (after the FOMC meet) tomorrow, importers will be forced to cover their short term payables. Financial year half yearly close will also increase intraday volatility.
Usd/inr September 2014: Failure to break and trade over 61.52 by Friday will result in a fall to 60.42 and 60.10. Initial support is at 60.96
Euro/inr September 2014: Initial support is at 79.06 and there will be sellers only below 79.06 today. Euro/inr needs to trade over 79.37 till Friday for another set of rise to 80.10 and 80.96.
Gbp/Inr September 2014: It needs to trade over 99.31 to rise to 99.7850 and 100.68. Initial support is at 99.19 and there will be sellers if cable trades below 99.19 in UK session.
Jpy/Inr September 2014: It needs to trade over 57.12 to rise to 57.36 and 57.76. Initial support is at 57.02 and there will be sellers only below 57.02.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.