<\/a>:\u00a0Equity markets soared as RBI paid Rs 2.1 lac cr as dividend to Govt. This is expected to reduce Govt\u2019s fiscal deficit. Dividend payout could be used to boost capital expenditure in coming budget. Govt may also trim fiscal deficit and that could help to get better rating. Yield is likely to go down and is akin to a rate cut by RBI.<\/b><\/p>\r\nFOMC minutes was hawkish as many members felt that rate could be supported in inflation remains stubborn.<\/b>\u00a0FOMC<\/b>\u00a0minutes highlighted recent monthly data showing \u201csignificant increases in components of both goods and services price inflation,\u201d adding to the urgency of the situation. More importantly, \u201cvarious participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.\u201d<\/b><\/p>\r\n
Despite the hawkish tone of the minutes, it\u2019s important to note that several influential figures, including Chair Jerome Powell and Governor Christopher Waller, have since indicated that they\u00a0doubt whether the next move will be a rate hike.<\/b><\/p>\r\n
S&P Global Flash US PMI Composite Output Index rose sharply from 51.3 in April to 54.4 in May, with the report also highlighting that “the\u00a0rate of inflation accelerating to register the second-largest monthly increase seen over the past eight months.”<\/b><\/p>\r\n
Fresh fears that a\u00a0underlying strength in the economy could spark a revival inflation, cooled investor expectations for rate cuts just a day after the Fed’s May meeting minutes showed members were concerned about stalling disinflation.\u00a0<\/b><\/p>\r\n
Data highlights:<\/b>\u00a0– – US existing home sales dipped to 4.14 mn, weekly jobless claims dipped to 215k and new home sales declined to 634k.<\/b><\/p>\r\n
-EU PMI(mfrg-flash) remained in contraction mode at 47.4 and PMI(flash-services) was at expansion mode at 53.3 and consumer confidence was reported at -14.<\/b><\/p>\r\n
-UK PMI(mfrg) improved to 51.3 and PMI(services) declined to 52.9.<\/b><\/p>\r\n
-UK CPI climbed 2.3% y\/y, RPI climbed 3.3% y\/y and PPI(output) climbed 0.2% m\/m.<\/b><\/p>\r\n
Wednesday\u2019s calendar\u00a0: -US durables order<\/b><\/p>\r\n
-UK retail sales<\/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>83.31<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.22<\/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 1.0808<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 1.0862<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0805<\/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 1.2692<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 1.2748<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2684<\/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 157.08<\/b><\/p>\r\n<\/td>\r\n | \u00a0<\/td>\r\n | \r\n 157.20<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 156.53<\/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 1.0827<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0849<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0884<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0907<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0792<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0770<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0735<\/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 1.2710<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2736<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2774<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2800<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2672<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2646<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2608<\/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 156.89<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 157.25<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 157.56<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 157.92<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 156.58<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 156.22<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 155.91<\/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 83.27<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.32<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.36<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n \u00a0<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.23<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.18<\/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\nMAJOR<\/b>\u00a0<\/b>SUPPORTS\/RESISTANCES AND TREND TABLE<\/b><\/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 1.0810\/1.0735<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.0885<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<1.0735<\/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 1.2635\/1.2535<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 1.2825<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n DN<1.2535<\/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<\/b><\/b><\/p>\r\n<\/td>\r\n | \r\n 157\/160<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<152<\/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 83.25\/83.17\/83.10<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n 83.70<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n SIDE<\/span><\/b><\/p>\r\n<\/td>\r\n | \r\n UP>83.55<\/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\/0.8885<\/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 50 and 200 day moving averages.20 day moving average is at 83.43. 50 day moving average is at 83.29. 200 day moving average is at 83.10. Daily MACD is in sell zone. Important support is at 83.22\/83.17\/83.10 and important resistance is at 83.54\/83.70. Spot closed above the average level of the day.<\/b><\/b><\/p>\r\n Intraday supports and resistances for May contract are:<\/b><\/b><\/p>\r\n PP: 83.285, S1:83.25, S2:83.19, R1:83.34, R2:83.37.\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 83.25.<\/b><\/p>\r\n CROSS CURRENCY TECHNICALS:<\/b><\/p>\r\n EURO\/USD<\/b>:\u00a0The pair is above major moving averages. Major resistance is at 1.0885.\u00a0Next major support is at 1.0810\/1.0735.\u00a0Daily MACD is in buy zone, implying an important bottom at 1.06. Weekly MACD is in sell zone, implying important top at 1.1140.<\/b><\/b><\/p>\r\n GBP\/USD<\/b>: The pair is above major moving averages. Daily MACD\u00a0is in buy zone, implying important bottom at 1.23 and weekly MACD is\u00a0in sell zone, implying important top at 1.2895. Important support is at 1.2535. Important resistance is at 1.2710\/1.2825.<\/b><\/b><\/p>\r\n USD\/YEN<\/b>: The pair is\u00a0above major moving averages. Daily MACD is in sell zone, implying important top at 160. Important resistance is at 157\/ 160 and support is at 151.85\/149.<\/b><\/b><\/p>\r\n Click to open an Account<\/strong>\u00a0:\u00a0https:\/\/ekyc.gwcindia.in\/client\/<\/a><\/p>\r\n\r\n For 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>\r\n<\/div>","protected":false},"excerpt":{"rendered":"FX Morning Update USD INR May 24, 2024 USDINR opened at 83.31 on Wednesday and the pair traded in the 83.22-83.31 range. Spot USDINR closed at 83.29,\u00a0loss of 3 ps for USD as against prior close of 83.32. FX market was closed y\u2019day for Buddha Poornima. RBI reference rate was fixed at 83.23 on 22\/05.\u00a0May […]<\/p>\n","protected":false},"author":6,"featured_media":6292,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-6539","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\/6539","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=6539"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6539\/revisions"}],"predecessor-version":[{"id":8201,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6539\/revisions\/8201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/6292"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=6539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=6539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=6539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | |