{"id":4869,"date":"2023-12-06T11:48:38","date_gmt":"2023-12-06T06:18:38","guid":{"rendered":"https:\/\/gwcindia.in\/blog\/\/?p=4869"},"modified":"2024-08-31T16:06:29","modified_gmt":"2024-08-31T10:36:29","slug":"fx-morning-update-december-6-2023","status":"publish","type":"post","link":"https:\/\/www.gwcindia.in\/blog\/fx-morning-update-december-6-2023\/","title":{"rendered":"FX – MORNING UPDATE :"},"content":{"rendered":"

FX Morning Update USD INR December 6, 2023<\/h1>\r\n

USDINR opened at 83.38 y\u2019day and the pair traded in the 83.36-83.40 range. Spot USDINR closed at 83.36,\u00a0loss of 1 ps for USD as against prior close of 83.37.<\/b><\/p>\r\n

RBI reference rate was fixed at 83.39 on 05\/12<\/b>.\u00a0<\/b>Dec USD\/INR closed at 83.39 y\u2019day, loss of 1 ps for USD as compared to prior day\u2019s close of 83.40. Dec Euro\/INR closed at 90.38, GBP\/INR at 105.33 and Yen\/INR at 56.91. 1 year USDINR fwd premia was trading at around 1.55% p.a<\/a>.\u00a0\u00a0<\/a>FX reserves stood at USD 598 bn as on\u00a0<\/a>Nov 24 th.\u00a0\u00a0FX reserves climbed USD 3 bn.<\/b><\/p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\r\n

PAIRS<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

RBI REF RATE (05\/12)<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USDINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.39<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

EURINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

90.38<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBPINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

105.36<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

JPYINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

56.78<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

<\/a><\/a>In Nov, FPI\u2019S have bought Rs 16651 Cr of Equities and bought Rs 14106 Cr of debt . In\u00a0<\/b>2022-23 fiscal year, FII\u2019S have net sold Rs 27593 Cr of Equities and have net bought Rs 838 Cr of debt.<\/b><\/p>\r\n

Benchmark Nifty climbed 168 points (0.81%) y\u2019day. US S&P declined 2 points (0.06% y\u2019day. Nikkei declined 1.33% and Hang Seng declined 2.07% y\u2019day.<\/b><\/p>\r\n

Euro is now at 1.0793, Pound at 1.2602, Yen at 147.37.<\/b><\/b><\/p>\r\n

Commodities:<\/u><\/b>\u00a0<\/u><\/b>Gold is now at USD 2038 and WT1Crude at USD 72\/Brent at USD 77.50.<\/b><\/b><\/p>\r\n

\u00a0<\/u><\/b><\/p>\r\n

Interest<\/u><\/b>\u00a0rates<\/b>: USD 10 Yr yield is at 4.195% and 3 m libor closed at 5.64%. Indian 10 yr benchmark yield closed at 7.27%.<\/b><\/p>\r\n

<\/a>Economic<\/b><\/a><\/a><\/a><\/a><\/a><\/a><\/a>\u00a0news<\/b>: RBI\u2019s bi-monthly monetary policy decision will be known on Dec 8 th.<\/b><\/p>\r\n

US ISM Services PMI rose from 51.8 to 52.7 in November.<\/b>\u00a0ISM said: \u201cThe past relationship between the Services PMI and the overall economy indicates that the Services PMI for November (52.7 percent) corresponds to a 1-percent increase in real gross domestic product (GDP) on an annualized basis.\u201d<\/b><\/p>\r\n

Rating agency downgraded China\u2019s Credit ratings from stable to negative.<\/b>\u00a0This adjustment reflects increasing expectations that the Chinese government will be compelled to provide additional financial support to heavily indebted local governments and state-owned enterprises. According to Moody\u2019s, this necessity poses significant risks to China\u2019s overall fiscal, economic, and institutional integrity. The statement from Moody\u2019s emphasizes concerns about \u201cstructurally and persistently lower medium-term economic growth\u201d and challenges within China\u2019s property sector, indicating broader economic issues that could impact global markets.<\/b><\/p>\r\n

UK\u2019s PMI Services for November improved to 50.9 from October\u2019s 49.5, indicating expansion for the first time in four months.\u00a0<\/b><\/p>\r\n

Crude Oil continued to remain near its recent lows as caution by rating agency on Chinese economy and underwhelming supply cuts by OPEC weighed on prices.<\/b><\/p>\r\n

Data highlights:<\/b>\u00a0– US ISM(services) climbed marginally to 52.7.<\/b><\/p>\r\n

-EU PMI(services) was finalized at 48.2 and PPI climbed 0.2% m\/m.<\/b><\/p>\r\n

Wednesday\u2019s calendar\u00a0: – US ADP employment report<\/b><\/p>\r\n

-EU retail sales<\/b><\/p>\r\n\r\n\r\n\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>83.40<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.36<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

EUR\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0793<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

1.0848<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0777<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2602<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

1.2653<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2576<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

147.37<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

147.40<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

146.55<\/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\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

EURO\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0807<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0837<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0878<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0907<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0766<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0736<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0695<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2607<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2638<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2684<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2715<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2561<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2530<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2484<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

147.04<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

147.53<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

147.89<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

148.38<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

146.68<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

146.19<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

145.82<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/INR<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.37<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.38<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.41<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

\u00a0<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.34<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.33<\/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

MAJOR<\/b>\u00a0<\/b>SUPPORTS\/RESISTANCES AND TREND TABLE<\/b><\/b><\/p>\r\n\r\n\r\n\r\n\r\n\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

EURO\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0735\/1.0665<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0960\/1.1018<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

SIDE<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP>1.1018<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2560\/1.2448<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2745<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

SIDE<1.2440<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

147\/144.50\/142.65<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

149.70\/151.75<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

DN<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP>149.70<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/INR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.03\/82.80<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.47<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

SIDE<83.02<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/CHF<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.8745<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.8950<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

DN<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP>0.8950<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Technicals<\/b>: Spot closed above 50 day average and 200 day moving averages.20 day moving average is at 83.30. 50 day moving average is at 83.24.200 day moving average is at 82.62. Daily MACD is in buy zone. Important support is at 83.03\/82.80 and important resistance is at 83.48. Spot closed below the average level of the day.<\/b><\/p>\r\n

Intraday supports and resistances for Dec contract are:<\/b><\/b><\/p>\r\n

PP: 83.40, S1:83.36, S2:83.34, R1:83.42, R2:83.46.\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 83.45\/83.50. Imports be hedged at 83.05 for 3 months.<\/b><\/b><\/p>\r\n

CROSS CURRENCY TECHNICALS:<\/b><\/b><\/p>\r\n

EURO\/USD<\/b>:\u00a0The pair is above all major moving averages. Major resistance is at 1.0960\/1.1018.\u00a0Next major support is at 1.0820\/1.0735\/1.0665.\u00a0Daily MACD is in sell zone, implying an important top at 1.1018. Weekly MACD is in buy zone, implying important bottom at 1.0450.<\/b><\/b><\/p>\r\n

GBP\/USD<\/b>: The pair is above all major moving averages. Daily MACD\u00a0is in buy zone, implying important bottom at 1.2035 and weekly MACD is\u00a0in buy zone, implying important bottom at 1.2035. Important support is at 1.2528\/1.2440\/1.2375. Important resistance is at 1.2745.<\/b><\/b><\/p>\r\n

USD\/YEN<\/b>: The pair is\u00a0below 50 and 100 day averages but still above 200 day major average. Daily MACD is in sell zone, implying important top at 151.75. Important resistance is at 149.70\/151.75 and support is at 147\/144.50.<\/b><\/b><\/p>\r\n

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FX Morning Update USD INR December 6, 2023 USDINR opened at 83.38 y\u2019day and the pair traded in the 83.36-83.40 range. Spot USDINR closed at 83.36,\u00a0loss of 1 ps for USD as against prior close of 83.37. RBI reference rate was fixed at 83.39 on 05\/12.\u00a0Dec USD\/INR closed at 83.39 y\u2019day, loss of 1 ps […]<\/p>\n","protected":false},"author":6,"featured_media":4764,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-4869","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\/4869","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=4869"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/4869\/revisions"}],"predecessor-version":[{"id":8848,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/4869\/revisions\/8848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/4764"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=4869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=4869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=4869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}