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  • End-of-day Forex insight for 6th July

    Publish date: 6th July, 2018

    • Thanks to aggressive intervention from the central bank, Rupee closed below 69.00 handle.
    • The tussle between central bank and speculators is keeping us in the sidelines in USDINR.
    • We are playing the INR through Euro and GBP pairs. Tonight, NFP will shape the trend of US Dollar.
    • However, volumes may have shrunk in the global forex market due to soccer world cup.
    • Hence, we may not see major trends unfold next week.
    • We may have to wait for the second half of the month, to see trade war and other currency specific factors impact the global currency market.
    • Technically, USDINR, is within range of 68.40/50 and 69.00/69.10 on spot. A breakout or breakdown from this will be a call to play for a large move.
    • For GBP traders, the cabinet meeting ongoing in UK will be an event to watch. They are supposed to release a white paper on Brexit. Depending on the details on the whitepaper, GBP will react. Stay tuned.


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