Weekly Forex Market Report and Analysis – 12th June to 16th June 2017
Indian rupee on Friday weakened marginally against the US dollar ahead of the key macro economic data due next week. On Wednesday, RBI kept key rates unchanged but cut its inflation forecast sharply. For the first half of fiscal year 2017-18 (April-Sept), CPI is now seen at 2.0-3.5% and for the second half at 3.5-4.5%.
UK Prime Minister Theresa May faced calls to quit on Friday after her election gamble to win a stronger mandate backfired, throwing British politics into turmoil and potentially delaying the start of Brexit negotiations.
• Japan Final Q1 GDP Revised Down to 0.3% vs. 0.6% Expected.
• European Central Bank leaves benchmark interest rate unchanged.
• New US business growth accelerates in May.
• GBP/USD remains at 2-month lows after U.K. data disappoints.
• GDP up by 0.6% in both the euro area and the EU28.
• Eurozone economic growth steadies in May as Germany and France expand at fastest rates in six years.
• US Consumer credit slows sharply in April.
• Jobless Claims in U.S. Resume Decline Amid Tight Labor Market.
• French Service sector output growth accelerates in May.
• Volume of retail trade up by 0.1% in euro area.
• UK Service sector growth slows in May.
• UK Annual house price growth eases again to 3.3%.
• Greece Industrial Production (YoY) declined to 1% in April from previous 8.7%
USDINR last week traded on a flat note with negative bias and closed the week in red. If the currency pair holds below the support of 64.4000 then it may move towards the psychological mark of 64.0000. On higher side, 64.7000 is seen as stiff resistance and any closing above it may strengthen the pair.
EURINR last week strictly resisted at higher levels and fell gradually throughout the week. It sustained below the key support of 72.1500 on daily chart and it indicates that sell offs can be seen further where next support is seen around 71.6000. On higher side, 73.1000 may continue to act as strong resistance.
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