NSE Currency Futures Report : 27th February 2019

Insignia Consultants

New Delhi

Wednesday, February 27, 2019

TIME: 9:37 am IST

         

NSE CURRENCY FUTURES DAILY REPORT

Other than a weaker US dollar, there is no news for the markets to gobble. Federal Reserve chairman has said that “there is no rush to make a judgement” on interest rates. US economy is slowing according to him. Incoming US economic data releases will tell us the timing of the next interest rate hike.  Our view: Slowdown has been more or less factored in by the traders and markets alike. US dollar Index will zoom if economic data releases over the next two months beat street expectation.

As far as India is concerned, world is looking at the reaction/retaliatory action which Pakistan will take (if any) against India. India-Pakistan relations will be closely watched by the world in March. Pakistan complaining to the United nations will not work. However short term global investors will keep on hold their potential India investment till a clear picture on the Indo-Pak current tense situation is known. Downside risk for the Indian rupee will be limited, unless the US dollar Index nosedives.

US dollar-Indian Rupee 27^th March 2019 future (usd/inr CMP 71.2225):

One Support: 71.1250
One Resistance: 71.3775

o      Usd/inr can fall to 71.0775 and 70.8950 as long as it trades below 71.3775.

o      Only a break of 71.3775 will trigger a rise to 71.5950 and 71.7250.

Euro/Indian Rupee 27^th March 2019 Futures (Euro/inr CMP 81.2575):
One Support: 81.0875
One Resistance: 81.5650

o      Euro/inr needs to trade over 81.0875 to rise to 81.5650 and 81.7150.

o      Seller will be there only below 81.0875.

o      There can be very sharp two way moves.

UK Pound/Indian Rupee 27^th March 2019 Futures (Gbp/inr CMP 94.4375):
One Support: 94.1250
One Resistance: 94.5600

o      There will be a technical breakout if cable trades over 94.5600 to 95.0000 and 95.9700.

o      A daily close over 94.5600 today and continuously till Monday will be very bullish for cable for march.

o      Sellers will be there below 94.2400. (previous resistance is now the support).

Japanese Yen/Indian Rupee 27^th March 2019 Futures (Jpy/inr CMP 64.5150):
One Support: 64.2050
One Resistance: 64.5500

o      Yen needs to trade over 64.5500 till Monday to rise to 64.9200 and 65.1500.

o      Small sell off will be there below 64.2050.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currency, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani

NOTES TO THE ABOVE REPORT

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

Indian Standard Time (IST): +5:30 GMT

Current Market Price (CMP)

All foreign exchange prices are for inter-bank rates.

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