US market are closed today. US June labor numbers and trade deficit numbers suggest that interest rate in USA will be hiked sooner than markets expected. The rise in exports and lowering of trade deficit is an indication of sustained long term growth. If the US dollar cannot gain now against the major currencies, then it can never gain for the rest of the year. We continue to remain bearish on euro/usd.
Traders in India will be taking positions for next weeks budget. The direction of crude oil prices will be the key for the rest of the month. The direction of the rupee after the budget will be keenly watched.
Usd/inr July 2014: 59.76 is the key support and usd/inr needs to trade over 59.76 to target 60.15-60.36. RBI will not let usd/inr fall below 59.50 easily.
Euro/inr July 2014: It can fall to 80.90 and 80.40 by next week as long as it trades below 82.20. Euro/inr needs to trade over 82.20 in sustained way for further gains. We continue to remain bearish on the eur/inr on a medium term to long term basis.
Gbp/Inr July 2014: It can fall to 102.64 and 102.20 as long as it trades below 103.10. Only a break of 103.10 will resume the bullish direction.
Jpy/Inr July 2014: It needs to trade over 58.70 to target 59.05-59.45. There will be sellers if yen/inr trades below 58.70 to 58.48 and 58.35
Traders in India will be taking positions for next weeks budget. The direction of crude oil prices will be the key for the rest of the month. The direction of the rupee after the budget will be keenly watched.
Usd/inr July 2014: 59.76 is the key support and usd/inr needs to trade over 59.76 to target 60.15-60.36. RBI will not let usd/inr fall below 59.50 easily.
Euro/inr July 2014: It can fall to 80.90 and 80.40 by next week as long as it trades below 82.20. Euro/inr needs to trade over 82.20 in sustained way for further gains. We continue to remain bearish on the eur/inr on a medium term to long term basis.
Gbp/Inr July 2014: It can fall to 102.64 and 102.20 as long as it trades below 103.10. Only a break of 103.10 will resume the bullish direction.
Jpy/Inr July 2014: It needs to trade over 58.70 to target 59.05-59.45. There will be sellers if yen/inr trades below 58.70 to 58.48 and 58.35
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