<\/a>US retail sales rose by 0.6% month-on-month (m\/m) in August, up from the downwardly revised 0.5% (previously 0.7%) reading in July.<\/b>\u00a0Sales in the retail sales \u201ccontrol group\u201d, which excludes the above volatile components (autos, building materials and gas) and is used to estimate personal consumption expenditures (PCE) came in at 0.1% m\/m \u2013 this was above consensus forecast which called for a -0.1% decline.\u00a0<\/b><\/p>\r\nECB delivered a dovish 25bps rate hike. The accompaning statement indicated that the current tightening cycle could have reached its peak already. Also, core inflation and growth forecasts for 2024 and 2025 were revised down.<\/b><\/p>\r\n
ECB President cited the persistent nature of inflation being \u201ctoo high for too long\u201d as the primary motivator behind this strategy to \u201creinforce progress\u201d in ushering inflation back to the target in a \u201ctimely manner\u201d.<\/b><\/p>\r\n
ECB added, \u201cthe Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target\u201d. Future decisions will \u201censure\u201d that the interest rates are set at \u201csufficiently restrictive levels for as long as necessary.<\/b><\/p>\r\n
EU Growth is projected to be at 0.7% in 2023 (prior 0.9%), 1.0% in 2024 (prior 1.5%), and 1.5% in 2025 (prior 1.6%).<\/b>\u00a0In the new economic projections, inflation is forecast to be at 5.6% in 2023 (prior projection at 5.1%), 3.2% in 2024 (prior 3.0%) and 2.1% in 2025 (prior 2.3%). \u00a0The upward revision for 2023 and 2024 mainly reflects a higher path for energy prices.<\/b><\/p>\r\n
Euro tumbled after ECB decision. Encouraging economic data from US and ECB\u2019S downward projection of growth and dovish rate hike offered a perfect springboard for USD\u2019S rally.<\/b><\/p>\r\n
Euro broke through 1.07 support zone.<\/b><\/p>\r\n
Oil climbed further on reports that China announced further stimulus measures including cut in reserve requirement ratio for banks by 25 bps. Prospect of improvement in Chinese demand and tighter supply pushed Oil prices to USD 94.<\/b><\/p>\r\n
Data highlights:<\/b>\u00a0– US PPI climbed 0.7% m\/m and Core PPI climbed 0.2% m\/m, Core retail sales climbed 0.6% m\/m and weekly jobless claims dipped to 220k.<\/b><\/b><\/p>\r\n
Friday\u2019s calendar\u00a0: US industrial production.<\/b><\/p>\r\n\r\n\r\n\r\n| \r\n USD\/INR<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n \u00a0<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n \u00a0<\/span><\/b>83.02<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 82.92<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n EUR\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0641<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 1.0753<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0631<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2419<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 1.2507<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2395<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 147.50<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 147.58<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 147.01<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n Daily Support\/Resistance table<\/b><\/p>\r\n\r\n\r\n\r\n| \r\n Currency Pairs<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n Pivot<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n R1<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n R2<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n R3<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n S1<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n S2<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n S3<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n EURO\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0675<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0719<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0797<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0841<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0597<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0553<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0475<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2437<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2479<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2549<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2590<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2367<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2325<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2255<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 147.36<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 147.71<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 147.93<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 148.27<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 147.14<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 146.79<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 146.57<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n USD\/INR<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 82.98<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.05<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.08<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n \u00a0<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 82.94<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 82.88<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n \u00a0<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n\u00a0<\/b>MAJOR<\/b>\u00a0<\/b>SUPPORTS\/RESISTANCES AND TREND TABLE<\/b><\/p>\r\n\r\n\r\n\r\n| \r\n Currency Pair<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n Supports<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n Resistances<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n Trend<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n Remarks<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n EURO\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0635<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0945\/1.1065<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP>1.1070<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2350<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.28\/1.30\/1.3150<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP>1.2820<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 144.50\/142<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 151<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<143.90<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n USD\/INR<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 82.80<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.22\/83.35\/83.47<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<82.78<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n\r\n| \r\n USD\/CHF<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 0.87\/0.8550<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 0.8820<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE>0.8820<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nTechnicals<\/b>: Spot closed above 50 and 200 day moving averages.20 day moving average is at 82.88. 50 day moving average is at 82.58.200 day moving average is at 82.32. Daily MACD is in sell zone. Important support is at 82.80 and important resistance is at 83.22\/83.35. Spot closed above the average level of the day.<\/b><\/b><\/p>\r\n Intraday supports and resistances for Sep contract are:<\/b><\/b><\/p>\r\n PP: 83.03, S1:82.97, S2:82.91, R1:83.09, R2:83.15.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b><\/p>\r\n Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.<\/b><\/b><\/p>\r\n However on directional basis, suggest the following:<\/b><\/p>\r\n USD exports be hedged at 83.30\/83.50. Imports be hedged at 82.80 for 1 month.<\/b><\/b><\/p>\r\n CROSS CURRENCY TECHNICALS:<\/b><\/b><\/p>\r\n EURO\/USD<\/b>:\u00a0The pair is below major moving averages. Major resistance is at 1.0945\/1.1065\/1.1140\/1.1275.\u00a0Next major support is at 1.0635.\u00a0Daily MACD is in sell zone, implying an important top at 1.1275. Weekly MACD is in sell zone, implying important top at 1.1275.<\/b><\/b><\/p>\r\n GBP\/USD<\/b>: The pair is still above 200 day moving averages, but below 50 and 100 day averages. Daily MACD\u00a0is in sell zone, implying important top at 1.3145 and weekly MACD is\u00a0in sell zone, implying important top at 1.3145. Important support is at 1.2350. Important resistance is at 1.2820\/1.30\/1.3145.<\/b><\/b><\/p>\r\n USD\/YEN<\/b>: The pair is\u00a0above 50 and 200 day major averages. Daily MACD is in buy zone, implying important bottom at 137.35. Important resistance is at 151 and support is at 144\/142.<\/b><\/p>\r\nClick to open an Account<\/strong>\u00a0:\u00a0https:\/\/ekyc.gwcindia.in\/client\/<\/a><\/div>\r\n\r\n \r\n\r\n For all your investment needs feel free to reach us.<\/strong><\/div>\r\n\r\n\r\n Give us Missed Call us on 90037 90027 . For Support : 044-40329999<\/strong><\/div>\r\n<\/div>","protected":false},"excerpt":{"rendered":"FX Morning Update USD INR September 15, 2023 USDINR opened at 82.95 y\u2019day and the pair traded in the 82.92-83.02 range. Spot USDINR closed at 83.01,\u00a0gain of 5 ps for USD as against prior close of 82.96. RBI reference rate was fixed at 82.97 on 14\/09.\u00a0Sep USD\/INR closed at 83.05, gain of 3 ps for […]<\/p>\n","protected":false},"author":6,"featured_media":3150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-3884","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-currency-update","post_format-post-format-image"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/3884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/comments?post=3884"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/3884\/revisions"}],"predecessor-version":[{"id":9166,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/3884\/revisions\/9166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/3150"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=3884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=3884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=3884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | |