{"id":5623,"date":"2024-02-06T10:09:03","date_gmt":"2024-02-06T04:39:03","guid":{"rendered":"https:\/\/gwcindia.in\/blog\/\/?p=5623"},"modified":"2024-08-31T15:18:48","modified_gmt":"2024-08-31T09:48:48","slug":"fx-morning-update-february-6-2024","status":"publish","type":"post","link":"https:\/\/www.gwcindia.in\/blog\/fx-morning-update-february-6-2024\/","title":{"rendered":"FX – MORNING UPDATE :"},"content":{"rendered":"

FX Morning Update USD INR February 6, 2024<\/span><\/h1>\r\n

USDINR opened at 83.02 y\u2019day and the pair traded in the 83-83.08 range. Spot USDINR closed at 83.04,\u00a0gain of 13 ps for USD as against prior close of 82.91.<\/b><\/p>\r\n

RBI reference rate was fixed at 83.02 on 05\/02<\/b>.\u00a0<\/b>Feb USD\/INR closed at 83.11, gain of 13 ps for USD as compared to prior day\u2019s close of 82.98. Feb Euro\/INR closed at 89.52, GBP\/INR at 104.68 and Yen\/INR at 56.25. 1 year USDINR fwd premia was trading at around 1.78% p.a<\/a>. \u00a0<\/a><\/a>FX reserves stood at USD 616.73 bn, as on Jan 26 th.<\/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\/02)<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

<\/a>In Feb, FPI\u2019S have bought Rs 312 Cr of Equities and bought Rs 2267 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 declined 82 points (0.38%) y\u2019day. US S&P declined 15 points (0.32%) y\u2019day. Nikkei climbed 0.63% and Hang Seng declined 0.15% y\u2019day.<\/b><\/p>\r\n

Euro is now at 1.0749, Pound at 1.2549, Yen at 148.55.<\/b><\/b><\/p>\r\n

Commodities:<\/u><\/b>\u00a0<\/u><\/b>Gold is now at USD 2026 and WT1Crude at USD 72.75\/Brent at USD 78.<\/b><\/b><\/p>\r\n

Interest<\/u><\/b>\u00a0rates<\/b>: USD 10 Yr yield is at 4.14% and 3 m libor closed at 5.59%. Indian 10 yr benchmark yield closed at 7.09%.<\/b><\/p>\r\n

<\/a>Economic<\/b><\/a><\/a><\/a><\/a><\/a><\/a><\/a>\u00a0news<\/b><\/a>:<\/b>\u00a0<\/a>OECD upgraded Global economic growth to 2.9% from 2.7% for 2024. Despite some moderation in growth and the ongoing adjustments to tighter financial conditions, OECD cautions that it is \u201ctoo soon to be sure that underlying price pressures are fully contained.\u201d Labor markets showing signs of equilibrium bring a positive note, yet the persistently high unit labor cost growth looms as a challenge for meeting medium-term inflation targets.<\/b><\/p>\r\n

The specter of high geopolitical tension, particularly in the Middle East, poses a \u201csignificant near-term risk to activity and inflation\u201d, with potential disruptions in energy markets likely to have far-reaching consequences.\u00a0<\/b><\/p>\r\n

USD rally continued against majors.<\/b>\u00a0Fed Chair Jerome Powell emphasized the importance of ensuring inflation is convincingly on a downward trajectory toward 2% target before the central bank cut interest rates. He candidly stated, \u201cit\u2019s not likely that this committee will reach that level of confidence in time for the March meeting,\u201d echoing the comments he made last week at the post-FOMC press conference.<\/b><\/p>\r\n

Data highlights:<\/b>\u00a0– US ISM(services) climbed to 53.4.<\/b><\/p>\r\n

-EU PMI(services) was reported at 48.4, sentix investor confidence survey improved to -12.9 and PPI declined -0.8% m\/m.<\/b><\/p>\r\n

-UK PMI(services) climbed to 54.3.<\/b><\/p>\r\n

Tuesday\u2019s calendar\u00a0: – \u00a0German factory orders and EU retail sales<\/b><\/p>\r\n

-UK PMI(construction)<\/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>83.08<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83<\/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

1.0749<\/b><\/p>\r\n<\/td>\r\n

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

1.0787<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0723<\/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

1.2549<\/b><\/p>\r\n<\/td>\r\n

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

1.2644<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2517<\/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

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

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

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

\r\n

148.26<\/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

1.0750<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

1.0814<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0842<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0713<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0686<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0649<\/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

1.2564<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2611<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2691<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2737<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

1.2437<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2358<\/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

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

147.68<\/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

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

82.96<\/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

1.0770\/1.0725<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

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

\r\n

UP>1.09<\/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\/1.2480<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

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

\r\n

UP>1.28<\/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

146\/144.35<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

148.90\/150<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

SIDE<145.90<\/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

83.18\/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

0.8550<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.8850<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

DN>0.8550<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Technicals<\/b>: Spot closed below 20 and 50 day average but above 200 day moving averages.20 day moving average is at 83.08. 50 day moving average is at 83.20.200 day moving average is at 82.78. Daily MACD is in sell zone. Important support is at 82.80 and important resistance is at 83.17\/83.24. Spot closed at the average level of the day.<\/b><\/p>\r\n

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

PP: 83.12, S1:83.01, S2:82.91, R1:83.22, R2:83.33.\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 between major moving averages. Major resistance is at 1.09\/1.10.\u00a0Next major support is at 1.0770\/1.0725.\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 between 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 1.2550\/1.2480. Important resistance is at 1.28\/1.30.<\/b><\/b><\/p>\r\n

USD\/YEN<\/b>: The pair is\u00a0above all major moving averages. Daily MACD is in buy zone, implying important bottom at 145.90. Important resistance is at 148.90\/150 and support is at 145.90\/144.35.<\/b><\/b><\/p>\r\n

Click to open an Account<\/strong>\u00a0:\u00a0https:\/\/ekyc.gwcindia.in\/client\/<\/a><\/div>\r\n
For all your investment needs feel free to reach us.<\/strong>\r\n
\r\n
\r\n\r\nGive us Missed Call us on 90037 90027 . For Support : 044-40329999<\/strong><\/div>\r\n<\/div>\r\n<\/div>","protected":false},"excerpt":{"rendered":"

FX Morning Update USD INR February 6, 2024 USDINR opened at 83.02 y\u2019day and the pair traded in the 83-83.08 range. Spot USDINR closed at 83.04,\u00a0gain of 13 ps for USD as against prior close of 82.91. RBI reference rate was fixed at 83.02 on 05\/02.\u00a0Feb USD\/INR closed at 83.11, gain of 13 ps for […]<\/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-5623","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\/5623","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=5623"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/5623\/revisions"}],"predecessor-version":[{"id":8782,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/5623\/revisions\/8782"}],"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=5623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=5623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=5623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}