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July 9, 2014: Mecklai Financial report on Rupee - Economic Times You are here: Home>Collections>Central BankJuly 9, 2014: Mecklai Financial report on RupeeJul 9, 2014, 02.54PM IST
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Tags:volatility|stocks|settlement option|ONGC|net worth|money market|markets|liquidity|labour market|Insurability|Inflation|Gold|endorsements|deflation|Crude oil|Central Bank of|Capacity Cost|benchmark DXY Index
Currency Trend Exp. Range Support Spot Support Weekly Fortnightly S3 S2 S1 R1 R2 R3 DXY Index Up Down 79.74-80.78 79.74 79.93 80.05 80.18 80.5 80.66 80.78
Greenback on Tuesday was tad lower making a low of 80.14 and closed near the day?s low at 80.17 against its rivals on the back of mixed economic data released. JOLTS Job openings marked 4.64m against 4.46m earlier and was above market expectation of 4.54m. Such a rise is job opening was not seen in past 7 years, but hiring dipped in May on the back of mismatch between skills of unemployed Americans and those required by employers which pressured dollar. NFIB small business index registered 95 points against 96 points earlier, below the market expectations of 97 points. Labour market and Job creation were the only two indexes which improved but the output remain unchanged. US Dollar lost ground after the Minneapolis Federal Reserve President, Narayana Kocherlakota stated that he expects the inflation rate in the world's largest economy to stay below the central bank's target for more years, may be till 2018. He clarified that the central bank is in no rush to increase the short term interest rates, as the economy still has a long way to go. US equity Benchmark Dow Jones was down yesterday by 0.70% closing below 17000 at 16906, S&P500 was down by 0.70% at 1963 and NASDAQ was down by 1.37% ending at 4391. Today investors and traders will watch the FED minutes closely to get hint for interest rate hike which will be announced, Consumer credit m/m is set to release along with 10 year Bond auction. DXY: Greenback, after facing the resistance of 50% retracement of the previous fall from 81.02-79.73 prices gave a confirmation on the second day by closing below its previous day low thus confirming it is forming a lower high. Today in the early morning session prices breached its yesterday low which indicates that it has resumed its downtrend. Well supported by RSI which has moved below the median of 50 and MACD which is showing sell signal. The immediate support comes to 80.05; breach of this level will accelerate selling pressure which will take prices lower till 79.93 in near term.
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Currency Trend Exp. Range Support Spot Support Weekly Fortnightly S3 S2 S1 R1 R2 R3 USDINR Neutral Neutral 59.40-60.03 59.4 59.5 59.6 59.7 59.84 59.95 60.03
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