<\/a>US Yields rose and spurred Dollar rally against EU majors after release of stronger than expected CPI data. Also, ECB\u2019S rate cut comments triggered Euro decline to 1.07.<\/b><\/p>\r\nUS CPI rose 0.4% mom in March, above expectation of 0.3% mom. CPI core (all items less food and energy) rises 0.4% mom, also above expectation of 0.3% mom. Energy index rose 1.1% mom. Food index rose 0.1% mom.For the 12 months period, CPI accelerated from 3.2% yoy to 3.5% yoy, above expectation of 3.4% yoy. CPI core was unchanged at 3.8% yoy, above expectation of 3.7% yoy.<\/b><\/p>\r\n
New York Fed President John Williams suggested that, should the economy evolve as anticipated, it would be prudent to \u201cdial back the policy restraint gradually over time, starting this year.\u201d<\/b>\u00a0However, he was quick to stress the inherent uncertainty in the economic outlook, underscoring the need for Fed to maintain a data-dependent approach.<\/b><\/p>\r\n
FOMC minutes also highlighted members dilemma over slow speed in inflation declining trend.<\/b>\u00a0FOMC members voted to keep language in the post-meeting statement that they wouldn\u2019t be cutting rates until they \u201cgained greater confidence\u201d that inflation was on a steady path back to the central bank\u2019s 2% annual target.\u201cParticipants generally noted their uncertainty about the persistence of high inflation and expressed\u00a0the view that recent data had not increased their confidence that inflation was moving sustainably down to 2 percent,\u201d the minutes said.<\/b><\/p>\r\n
ECB maintained its interest rates as widely expected, holding main refinancing rate and deposit rate at 4.50% and 4.00%. Most importantly, for the first time, the central bank explicitly indicated the possibility for future interest rate cuts, which would be seen as a conditional guidance for a June adjustment.<\/b>\u00a0\u201cIf the Governing Council\u2019s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction,\u201d ECB said. Nevertheless, the decision will still be data depended, and meeting-by meeting.<\/b><\/p>\r\n
Data highlights:<\/b>\u00a0— US CPI and Core CPI climbed 0.4% m\/m, PPI and Core PPI climbed 0.2% m\/m.<\/b><\/p>\r\n
-US Weekly jobless claims dipped to 211k.<\/b><\/p>\r\n
Friday\u2019s calendar\u00a0: UK industrial and manufacturing production.<\/b><\/p>\r\n
-UK GDP<\/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>83.24<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.16<\/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 1.0726<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 1.0757<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0699<\/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 1.2557<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 1.2578<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2510<\/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 153<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 153.32<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 152.75<\/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 1.0727<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0755<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0785<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0813<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0697<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0669<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0639<\/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 1.2548<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2586<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2616<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2654<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2518<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2480<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2450<\/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 153.09<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 153.43<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 153.66<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 154<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 152.86<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 152.52<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 152.29<\/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 83.20<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.24<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.28<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n \u00a0<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.165<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.12<\/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 1.0655<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0885<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP>1.0885<\/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 1.25\/1.2380<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2711\/1.28<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP>1.2685<\/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 152\/150.80<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 154.50<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<150.80<\/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 83.17\/83.05<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.47\/83.70\/84.10<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<83.<\/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 0.90<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 0.9230<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<0.90<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nTechnicals<\/b>: Spot closed above major moving averages.20 day moving average is at 83.145. 50 day moving average is at 83.045. 200 day moving average is at 82.91. Daily MACD is in buy zone. Important support is at 83.17 and important resistance is at 83.47\/83.70. Spot closed above the average level of the day.<\/b><\/b><\/p>\r\n Intraday supports and resistances for April contract are:<\/b><\/b><\/p>\r\n PP: 83.23, S1:83.18, S2:83.14, R1:83.27, R2:83.32.\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 imports be hedged on decline to 83.20\/83.05.<\/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 1.0885\/1.10.\u00a0Next major support is at 1.0655.\u00a0Daily MACD is in sell zone, implying an important top at 1.0885. Weekly MACD is in sell zone, implying important top at 1.1140.<\/b><\/b><\/p>\r\n GBP\/USD<\/b>: The pair is below major moving averages. Daily MACD\u00a0is in sell zone, implying important top at 1.2710 and weekly MACD is\u00a0in sell zone, implying important top at 1.2895. Important support is at 1.2510\/1.2380. Important resistance is at 1.2710\/1.28.<\/b><\/b><\/p>\r\n USD\/YEN<\/b>: The pair is\u00a0above major moving averages. Daily MACD is in buy zone, implying important bottom at 150.80. Important resistance is at 154.50 and support is at 152\/150.80.<\/b><\/b><\/p>\r\n Click to open an Account<\/strong>\u00a0:\u00a0https:\/\/ekyc.gwcindia.in\/client\/<\/a><\/p>\r\nFor all your investment needs feel free to reach us.<\/strong>\r\n\r\n \r\n\r\n Give 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 April 12, 2024 USDINR opened at 83.21 on Wednesday and the pair traded in the 83.16-83.24 range. Spot USDINR closed at 83.21,\u00a0loss of 9 \u00a0ps for USD as against prior close of 83.30. FX market was closed y\u2019day. RBI reference rate was fixed at 83.22 on 10\/04.\u00a0Apr USD\/INR closed at […]<\/p>\n","protected":false},"author":6,"featured_media":5677,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-6275","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\/6275","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=6275"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6275\/revisions"}],"predecessor-version":[{"id":8624,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6275\/revisions\/8624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/5677"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=6275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=6275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=6275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | |