Traders will start to take positions for next weeks Reserve bank of India meeting. Better to remain on the sidelines today. Watch for short covering.
Globally speaking: Traders will start taking positions for the month of June after the release of US GDP numbers today. US May employment numbers, FOMC meet, European central bank meeting are the key things to watch out in June. From US Independence day in July, the focus will shift to US senate elections in November. Policy decisions will done to attract more voters. We expect energy prices to remain subdued between July to November, unless there is another Katrina in the Gulf of Mexico.
We continue to remain bearish on euro/usd and will maintain the bearish stance for June to September quarter unless euro/usd breaks past 1.4350.
Usd/inr June 2014: We prefer a sell on rise strategy till rupee does not break 59.60 till Monday. Initial support is at 58.60
Euro/inr June 2014: We continue to remain bearish on euro/inr and it can fall to 80.20 and 79.90 as long as it trades below 80.60. Only a break of 80.60 will resume the intraday bull run.
Gbp/Inr June 2014: Key support is at 98.30 and there will be another wave of selling only below 98.30 to 98.10 and 97.80. There will be buyers only if cable trades over 98.90 after 1:00 pm
Jpy/Inr June 2014: It needs t0 trade over 58.05 to prevent a sell off to 57.90 and 57.68. Only a break of 58.30 will result in more rise.
Globally speaking: Traders will start taking positions for the month of June after the release of US GDP numbers today. US May employment numbers, FOMC meet, European central bank meeting are the key things to watch out in June. From US Independence day in July, the focus will shift to US senate elections in November. Policy decisions will done to attract more voters. We expect energy prices to remain subdued between July to November, unless there is another Katrina in the Gulf of Mexico.
We continue to remain bearish on euro/usd and will maintain the bearish stance for June to September quarter unless euro/usd breaks past 1.4350.
Usd/inr June 2014: We prefer a sell on rise strategy till rupee does not break 59.60 till Monday. Initial support is at 58.60
Euro/inr June 2014: We continue to remain bearish on euro/inr and it can fall to 80.20 and 79.90 as long as it trades below 80.60. Only a break of 80.60 will resume the intraday bull run.
Gbp/Inr June 2014: Key support is at 98.30 and there will be another wave of selling only below 98.30 to 98.10 and 97.80. There will be buyers only if cable trades over 98.90 after 1:00 pm
Jpy/Inr June 2014: It needs t0 trade over 58.05 to prevent a sell off to 57.90 and 57.68. Only a break of 58.30 will result in more rise.
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