{"id":5489,"date":"2024-01-25T11:41:52","date_gmt":"2024-01-25T06:11:52","guid":{"rendered":"https:\/\/gwcindia.in\/blog\/\/?p=5489"},"modified":"2024-09-02T10:37:54","modified_gmt":"2024-09-02T05:07:54","slug":"fx-morning-update-january-25-2024","status":"publish","type":"post","link":"https:\/\/www.gwcindia.in\/blog\/fx-morning-update-january-25-2024\/","title":{"rendered":"FX – MORNING UPDATE :"},"content":{"rendered":"

FX Morning Update USD INR January 25, 2024<\/span><\/h1>\r\n

USDINR opened at 83.14 Y\u2019day and the pair traded in the 83.11-83.17 range. Spot USDINR closed at 83.13,\u00a0loss of 2 ps for USD as against prior close of 83.15.<\/b><\/p>\r\n

RBI reference rate was fixed at 83.15 on 24\/01<\/b>.\u00a0<\/b>Jan USD\/INR closed at 83.16 y\u2019day, gain of 8 ps for USD as compared to prior day\u2019s close of 83.08. Jan Euro\/INR closed at 90.60, GBP\/INR at 105.84 and Yen\/INR at 56.11. 1 year USDINR fwd premia was trading at around 1.86% p.a<\/a>.\u00a0\u00a0<\/a><\/a>FX reserves stood at USD 618.93 bn, as on Jan 12 th. Reserves climbed by USD 1.93 bn w\/w.<\/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 (23\/01)<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

<\/a>In Jan, FPI\u2019S have sold Rs 15154 Cr of Equities and bought Rs 14281 Cr of debt . In\u00a0<\/b>last calendar year, FII\u2019S have net bought Rs 172853 Cr of Equities and have net bought Rs 70489 Cr of debt.<\/b><\/p>\r\n

Benchmark Nifty climbed 215 points (1.01%) Y\u2019day. US S&P climbed 4 points (0.08%) y\u2019day. Nikkei declined 0.81% and Hang Seng climbed 3.56% y\u2019day.<\/b><\/p>\r\n

Euro is now at 1.0877, Pound at 1.2710, Yen at 147.75.<\/b><\/b><\/p>\r\n

Commodities:<\/u><\/b>\u00a0<\/u><\/b>Gold is now at USD 2015 and WT1Crude at USD 75\/Brent at USD 80.<\/b><\/b><\/p>\r\n

Interest<\/u><\/b>\u00a0rates<\/b>: USD 10 Yr yield is at 4.17% and 3 m libor closed at 5.59%. Indian 10 yr benchmark yield closed at 7.18%.<\/b><\/p>\r\n

<\/a>Economic<\/b><\/a><\/a><\/a><\/a><\/a><\/a><\/a>\u00a0news<\/b>: US GDP and Core PCE index are important events for the week. There is no clear identified theme in FX market now.<\/b><\/p>\r\n

Bundesbank issued a cautionary message about China\u2019s current economic struggles and their potential impact on Germany. The report notes that China is grappling with \u201csignificant economic problems,\u201d and the relationship between China and Western industrial nations has \u201cnoticeably deteriorated recently.\u201d Such geopolitical risks, if they materialize, could have severe repercussions for the German economy.<\/b><\/p>\r\n

EU<\/b>\u00a0PMI Composite rose from 47.6 to 47.9, a 6-month high.<\/b>\u00a0UK<\/b>\u00a0PMI Composite rose from 52.1 to 52.5, a 7-month high.<\/b>\u00a0\u00a0Chief Business Economist at S&P Global Market Intelligence, noted that UK business activity growth has \u201caccelerated for a third straight month\u201d. He described this as a \u201cpromising start\u201d to the year.<\/b><\/p>\r\n

Data highlights:<\/b>\u00a0– EU PMI(mfrg-flash) improved to 46.1 and PMI(services- flash) declined to 48.4.<\/b><\/p>\r\n

-UK PMI(mfrg-flash) climbed to 47.3 and PMI(services-flash) improved to 53.8.<\/b><\/p>\r\n

Thursday\u2019s calendar\u00a0: –\u00a0\u00a0US Weekly jobless claims and durables order<\/b><\/p>\r\n

-US GDP and new home 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>83.17<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.11<\/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

1.0877<\/b><\/p>\r\n<\/td>\r\n

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

1.0933<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0845<\/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

1.2710<\/b><\/p>\r\n<\/td>\r\n

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

1.2776<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2667<\/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

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

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

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

\r\n

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

\u00a0<\/b>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

1.0887<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0929<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0975<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.1017<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0841<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0799<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0753<\/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

1.2725<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2773<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2825<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2873<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2674<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2625<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2574<\/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

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

144.88<\/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

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

83.07<\/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

1.0875\/1.0760<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.1010\/1.1275<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

UP>1.1010<\/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

1.2610<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2810\/1.30<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

DN<1.2610<\/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

142.85\/141.70<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

146.50\/147.50<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

DN<141<\/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

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

\r\n

83.15\/83.24<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

UP>83.35<\/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

0.8330<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.8650<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

UP>0.8650<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Technicals<\/b>: Spot closed below 20 and\u00a0\u00a050 day average but above 200 day moving averages.20 day moving average is at 83.15. 50 day moving average is at 83.22.200 day moving average is at 82.71. Daily MACD is in buy zone. Important support is at 82.80 and important resistance is at 83.17\/83.24. Spot closed above the average level of the day.<\/b><\/b><\/p>\r\n

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

PP: 83.14, S1:83.10, S2:83.08, R1:83.17, R2:83.20.\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 83.35\/83.40. Imports be hedged at 82.92\/82.80 for 3 months.<\/b><\/b><\/p>\r\n

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

EURO\/USD<\/b>:\u00a0The pair is above major moving averages. Major resistance is at 1.1275.\u00a0Next major support is at 1.0875\/1.0740.\u00a0Daily MACD is in sell zone, implying an important top at 1.1275. 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 sell zone, implying important top at 1.2810 and weekly MACD is\u00a0in buy zone, implying important bottom at 1.25. Important support is at 1.2610\/1.25. Important resistance is at 1.2810\/1.30.<\/b><\/b><\/p>\r\n

USD\/YEN<\/b>: The pair is\u00a0below 200 day moving average. Daily MACD is in buy zone, implying important bottom at 140. Important resistance is at 146.50\/147.50 and support is at 140.<\/b><\/b><\/p>\r\n

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FX Morning Update USD INR January 25, 2024 USDINR opened at 83.14 Y\u2019day and the pair traded in the 83.11-83.17 range. Spot USDINR closed at 83.13,\u00a0loss of 2 ps for USD as against prior close of 83.15. RBI reference rate was fixed at 83.15 on 24\/01.\u00a0Jan USD\/INR closed at 83.16 y\u2019day, gain of 8 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-5489","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\/5489","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=5489"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/5489\/revisions"}],"predecessor-version":[{"id":9164,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/5489\/revisions\/9164"}],"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=5489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=5489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=5489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}