Rupee depreciated against the US currency on increased dollar demand by banks and concerns over fund outflows from the weak domestic equity markets in tandem with falling Asian bourses. U.S. Dollar gained on fresh risk aversion as bad economic data and profit taking sent world equities lower. US data was weak with Durable goods in December falling 2.6% vs. 2% forecast. Also released December home sales which fell to a record low of 333K. Looking ahead for Q4 preliminary GDP is forecast at -5.4% vs. -0.5% in Q3. Also released, Final January Michigan Consumer Confidence forecast 61.9 vs. 60.1 previously.
Tech Outlook
USDINR chart pattern gives mixed signals and currency is expected to trade in the range of 48.98-49.23 levels for the day. With good support seen at 48.83 levels .key resistance is seen at 49.35 levels. Stochastic is seen trending up giving bullish crossovers and the currency is seen trading above the moving average.
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