It seems there was a deliberate leakage of the proposed quantitative easing by the European central bank meeting today. Cleary euro prices are now in the hands of central bankers. After the swiss snub, they now want to curb market volatility, hence so called wikileaks type leakages. Technically there will be big one way moves in euro/usd (after the ECB press conference) if it falls below 1.1460 or breaks and trades over 1.1725. The region between 1.1460 and 1.1725 is a neutral zone. Movement in eur/usd will have an impact on rupee as well as other Asian currencies. There is nothing much on the domestic front for now.
Only global factors and Reserve bank of India intervention (if any) can use weakness in the rupee. The next three weeks till 9th February is very crucial for the rupee from a global perspective.
Usd/inr January 15 (expiry on 28th January 15):
Euro/inr January 15 (expiry on 28th January 15):
Gbp/Inr January 15 (expiry on 28th January 15):
Jpy/Inr January 15 (expiry on 28th January 15):
Only global factors and Reserve bank of India intervention (if any) can use weakness in the rupee. The next three weeks till 9th February is very crucial for the rupee from a global perspective.
Usd/inr January 15 (expiry on 28th January 15):
- There will be further sell off only if there is a fall below 61.44 or in case usd/inr does not break 62.12 by Tuesday. The region between 61.44-62.12 is a medium term anything can happen zone.
Euro/inr January 15 (expiry on 28th January 15):
- Euro/inr can rise to 73.02-75.10 (February futures) in case is able to trade over 70.84 in the next seven days. For in January series euro/inr needs to trade over 71.30 to rise to 71.77-72.00
Gbp/Inr January 15 (expiry on 28th January 15):
- Key support is at 93.02. The next wave of selling will be below 93.02 to 90.6875 and 90.2450. Only a break of 93.52 will resume the intraday bullish zone.
Jpy/Inr January 15 (expiry on 28th January 15):
- Yen/inr is overall bearish below 52.37 with 52.02 and 51.71 as key supports.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.