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USD/INR
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EUR/USD |
GBP/USD |
USD/JPY |
USD/CHF
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Macro Support-Resistance Levels
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48.00-52.00
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1.2600-1.3600
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1.5400-1.6400
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75.50-78.50
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0.8500-0.9500
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Sentiment against USD
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Positive
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Neutral
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Negative
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Positive
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Positive
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Forecast for the day
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48.50 - 49.00
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1.3000-1.3200
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1.5700-1.5865
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76.20-77.00
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0.9125-0.9305
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- US Non-Farm Payrolls data surprised to the upside in January, printing in at 243k as compared with the forecast of 150k, whereas unemployment rate fell to a fresh 3-year low of 8.3% versus the forecast and prior reading of 8.5%.
- Besides this, US ISM Non-Manufacturing PMI surprisingly rose to 56.0 last month, which was well above the forecast and prior reading of 53.1 and 52.6 respectively. Factory Orders data, however, was a bit disappointing. It showed a rise of modest 1.1% compared with the forecast of 1.5% rise.
- Post the release of labour reports, Fed member James Bullard noted that the Fed may have to increase its interest rate before late-2014. He further stated that with the US economy showing signs of strengthening, a third round of QE is not required.
- Dollar gained ground against most of its G7 counterparts supported by upbeat economic releases from the US. USDJPY bounced back from its initial low of 76.14 to as high as 76.73, before paring some of its gains to fall back below 76.50 levels.
- EURUSD fell from its EU session high of 1.3205 to its intraday low of 1.3066 post the release of US data, before recouping from its slide to rally back towards 1.3150. Lack of progress on Greece PSI talks continued to weigh in on EURUSD.
- There were rumours over the weekend that if no PSI deal is concluded on Monday, Greece Prime Minister Papademos could resign from his post. Nevertheless, there were no confirmed reports of the same.
- Amongst equities, Dow rallied to an intraday 9-month high of 12869 on Friday, while also managing to register its highest closing level since May 2008 (12862). Amongst commodities, Crude oil rallied from its 6-week low of $96.02 to $98.03, tracking strong cues from equities.
- USDINR has opened the session at 48.60. With Asian currencies trading under modest pressure against Dollar, the pair is likely to trade with an upside bias today. However, upside in the pair is likely to be limited if domestic equities stay on a firm note. Technically, immediate resistance is seen at 48.79 while support is at 48.51.
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