7th September: NSE Currency futures daily trend.
Thursday, September 07, 2017
TIME: 10:10 am IST
NSE CURRENCY FUTURES DAILY TREND
European central bank in its meeting will try and reduce the rise of euro against the major currencies as it hurts exports. However the ECB is expected to confirm liquidity reduction measures in October. Pound can rise in the long term if Brexit does not happen. It is too early to comment on such things as on date. Canadian central bank raised interest rates yesterday.
We just might see central bank wars on currency moves. It will not be in the open. But behind the scenes they will work to ensure that currency gains does not affect exports. However I do not expect the Reserve bank of India to intervene on days of sharp currency gains.
US dollar-Indian September futures (CMP/Previous day close 64.1475): Usd/inr needs to trade over 64.0950 today to rise to 64.2625 and 64.3450. Sellers will be there only below 64.0950.
Euro/Indian Rupee September (CMP/Previous day close 76.5400): Failure to break 77.0475 by tomorrow will result in a fall to 75.8975 and 75.2450. Initial support is at 76.4850. Euro/inr needs to trade over 76.4850 to continue its bullish trend. Tomorrow’s open is very crucial due to European central bank meeting after market close.
UK Pound/Indian Rupee September (CMP/Previous day close 83.7275): Gbp/inr can rise to 83.9675 and 84.1275 as long as it trades over 83.5350. Sellers will be there only below 83.5350. Intraday high-low price range will be big.
Japanese Yen/ Indian Rupee September (CMP/Previous day close 58.8600): It can rise to 59.0250 and 59.1875 as long as it trades over 58.7450. Sellers will be there only below 58.7450.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, 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 NSE currency futures.
NSE Currency Futures Trade Timings 9:00 am IST to 5:00p IST.
NSE currency futures link: https://www.nseindia.com/products/content/derivatives/currency/cd.htm