DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
Bonds are theme in Asia. Saudi bond issue has been fully subscribe. Chinese bond markets are intended to give competition to USA, India and most Asian nations. US treasury yields dictating global investment flows will soon be history. FOMC minutes and European central bank meeting will affect currencies. I do not think that Trump threatening new trade tariffs to European Union will affect euro in a big way. Brexit and it related news can change the medium term outlook for euro and pound against the US dollar.
Elections result in Indonesia will be the key. Jokowi getting reelected will result in rupiah fall below 13500 by early May. Thereafter Indonesian economic fundamentals will be dictate the rupiah.
There will be short covering if rupee weakens against the US dollar today. Some section of the global investors are on the sidelines for India investment. Skymet weather forecasts last week a below normal monsoon. A below normal monsoon is always inflationary and reduces rural demand for goods. Interest rates will be unchanged for the next six months in India.
US dollar-Indian Rupee (usd/inr CMP 69.7000):One Support: 69.3925
o Rupee can rise to 69.9375 and 70.1300 as long as it trades over 69.3900-69.5000 zone.
o Crash will be there only below 69.5000.UK Pound/Indian Rupee (Gbp/inr CMP 90.1550):
One Support: 90.6850
One Resistance: 91.2625
o Cable can rise to 91.2625 and 92.3075 as long as it trades over 90.6850.
o Sell off will be there only below 90.6850 till Friday.US dollar/Japanese Yen (usd/jpy CMP 111.38):
One Support: 111.17
One Resistance: 112.04
o Crash till be there below 111.17 to 110.80 and 109.80.US dollar/Indonesia Rupiah (usd/idr CMP 14147.50):
One Support: 14125.00
One Resistance: 14195.00
o 50 day moving average at 14125 is the immediate support.
o Crash will be there only below 14125.00.
o Immediate resistance is at 14174.50.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.