Daily Market Reflection

08th September 2016

Market Outlook

USDINR

The rupee appreciated further by 19 paise to trade at over 4-month

high of 66.33 against the US dollar in early trade at the forex market
today on increased selling of the American currency by banks and
exporters. Strong foreign fund inflows, weakness of the dollar
against other currencies overseas and a higher opening in the
domestic equity market boosted the rupee value against the dollar.
Sterling hit day's lows against the dollar and euro on Wednesday
after data showed British manufacturing output fell at the fastest
pace in a year in July, just after Britain's shock vote to leave the
European Union.
Fundamental News
Sterling slips after UK factory output posts biggest drop in
year.
Dollar weaker against yen as U.S. data quash rate hike
bets.
Asia FX rally as gloomy U.S. data hurts Fed rate hike bets.
UK Annual house price growth eases to 6.9%.
Swedish Repo rate unchanged at -0.50%.previous month.
Currency Future
Currency
Date
Date
% Chg

06-09-16

07-09-16

USDINR

66.7325

66.5725

-0.24%

EURINR

74.5975

74.9350

+0.45%

GBPINR

89.0000

89.0375

+0.04%

JPYINR

64.6625

65.5300

+1.34%

Event Calendar (08th September 2016)

Time
Currency Event

Forecast

Previou
s

520 am

JPY

Current Account

1.59T

1.65T

5:20am

JPY

Final GDP q/q

0.0%

0.0%

11:00am

EUR

French Final Non-Farm

Payrolls q/q

0.2%

0.2%

5:15pm

EUR

Minimum Bid Rate

0.00%

0.00%

6:00pm

EUR

ECB Press Conference

6:00pm

USD

Unemployment Claims

264K

263K

Reference Rate
Currency Date
06-09-16
USDINR
66.5469
EURINR
74.1665
GBPINR
88.6471
JPYINR
64.2000

Date
07-09-16
66.3618
74.6902
89.0376
65.4600

%
Change
-0.27%
+0.70%
+0.44%
+1.96%

Currencies vs $
Currency
Close
(5:00p
m)
Rupee
66.3913

Prev
Close

%
Chg

66.5250

Dollar Index

94.8500

94.8000

Euro

1.1244

1.1251

0.20%
+0.05
%
0.06%

Global Commodities
Commodit Close
Prev.Clos % Chg
y
e
Gold
1347.9 1351.68
-0.27%
1
Silver
19.93
19.99
-0.30%
Crude
45.23
45.17
+0.13%
Copper
2.0920 2.0940
-0.09%
OUR PREVIOUS CALLS UPDATE

Intraday super star

Date Currenc Entry
Exit
P/L
y
06/0 USDINR 67.052 66.932 66.812
9
5
5
5
Trifid special
Date Currenc Entry
Exit
P/L
y
07/0 GBPINR 89.000 89.300 12000
9
0
0

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Overview
USDINR

EURINR

USDINR opened gap down for the second consecutive

session and closed in red territory.

EURINR was able to sustain at higher levels after

opening gap up on intraday charts.

It dragged towards deeper support as it sustained below

the crucial support of 66.8000. Now, 66.4500 is seen as
immediate support while 66.7000 as resistance.

A good pull back from support levels is seen which can

further take it towards the 100 day EMA of 75.1000
whereas 74.6500-74.4500 may act as support range.

R1
66.7000

R1

R2

S1

S2

75.1000

75.3000

74.8000

74.6000

R2
66.9000

S1
66.4000

S2
66.2000

GBPINR

JPYINR

GBPINR traded higher in the first half of the session but

sudden reversal after UK Factory output data hit the
counter.

JPYINR opened gap up on daily charts and strong

rebound helped it to settle with gain of approx 1.35%.

If it is able to hold in the range of 89.0000-89.2000 then

further up move can be seen in it whereas any closing
below 88.8500 can be a weakening sign for it.
R1
89.2000

R2
89.4000

S1
88.9000

S2
88.7000

If it continues the pull back then 65.8000 may act as

important resistance while 65.2500 is seen as nearby
support level for the currency pair.

R1
65.7000

R2
65.9000

S1
65.4000

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S2
65.2000

Intraday Super Star

(Premium Section)

USDINR sustained on lower side after a gap down opening bears are expected to continue till it holds below the crucial
support on daily charts and so selling pressure can be seen below the mentioned level.
SELL BELOW 66.6000 TARGETS 66.4800/66.3600 SL 66.8000.

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Trifid Special
(Premium Section)

JPYINR showed remarkable pull back after a long bear rally as seen on daily chart. Strong closing indicates that bulls
are expected to continue in coming sessions also.
BUY ABOVE 65.6000 TARGET 65.9000 SL 65.1000.

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