There is nothing much on the global front. Traders are still digesting last weeks event. Better to remain on the sidelines.
Usd/inr October 2014: It needs to break 60.47 or fall below 60.14 for direction. However in case usd/inr does not break 61.86 this week then it will fall to 60.96 and 60.72. Jobbers watch 61.32 all the time.
Euro/inr October 2014: It needs to break and trade over 79.06 for further gains. Initial support is at 78.70 and there will be sellers only below 78.70 with 78.32 as the key support.
Gbp/Inr October 2014: A break of 100.42 will result in 100.67 and 101.02. Initial support is at 100.09. There will be sellers only below 100.09.
Jpy/Inr October 2014: It can rise to 56.96 and 57.12 as long as it trades over 56.19. There will be sellers only below 56.19 today. We prefer a buy on sharp dips strategy this week as long as jpy/inr trades over 54.96-55.10 zone.
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EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.