> BUY NSE USDINR MAY 2018 @ 67.80 SL 67.65 TGT 67.95-68.08
Yesterday rupee appreciated by 0.01 despite dollar index strengthening by 0.08 percent. Earlier during the week rupee had crashed to a fresh 16 month low below the 68 mark on account of rising oil prices. India’s trade deficit widened slightly to $13.72 billion in April from $13.25 billion a year ago. However, CPI inflation increased to 4.6% in Apr’18 as compared to market estimates of 4.4%.
The dollar index had gained with few interruptions since mid-April as moves by China and US to prevent a full blown trade war and rising treasury yields in US helped the dollar index to strengthen. However, in a recent interview President Donald Trump played own the prospects of a successful trade talks with China as felt the Asian economy has become very spoiled. Meanwhile, Core CPI came in at 0.1% against market expectations of 0.2%. Building permits data from US came in line with market expectations at 1.35 million for Apr’18.
> SELL NSE EURINR MAY 2018 @ 80.20 SL 80.60 TGT 79.82-79.50
EURUSD depreciated by 0.12 percent while EURINR depreciated by 0.19 percent during the same time frame.
Euro slipped against the US dollar amidst mixed ECB talks. GDP data from Euro zone came in line with market estimates at 0.4% for Q1 2018. Also, rising political uncertainties in Italy where populist parties have jostled to forge a common platform in a bid to lead the next government, have been a major drag on Euro. Euro zone CPI came in line with market expectations at 1.2% for Apr’18.
> SELL NSE GBPINR MAY 2018 @ 91.80 SL 92.12 TGT 91.45-91.15
GBP appreciated against the US dollar by 0.22 percent while GBPINR depreciated by 0.20 percent.
Average earning index from UK came in at 2.6% against market expectations of 2.7% for Mar’18. However, unemployment rate from UK came in line with market estimates at 4.2% for Apr’18. In the latest BOE meeting the monetary policy committee decided to keep interest rates unchanged at 0.5% on account relatively weak economic performance in 1Q2018. The GDP forecast for 2018 has been slashed by 0.4% to 1.4%.
> SELL NSE JPYINR MAY 2018 @ 61.35 SL 61.55 TGT 61.10-60.85
AFTER POST CONTENT
I AM LAST