Forex Report for Exporters and Importers: 30th October 2018
Tuesday, October 30, 2018
TIME: 09:10 am IST
DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
Short term gains and long term pains should be for the US dollar. Traders and investors all expect an above expectation various US jobs number from tomorrow till Friday. (ADP, challenger job cuts and NFP). US senate election results next followed by FOMC on 8th November. Big days ahead. I will prefer to remain on the sidelines. Only one caution, do not react and trade on headline numbers. Headline numbers can be sometimes misleading. Momentum is very bearish for euro and cable.
Rupee will be very volatile till Friday. The forex swap agreement with Japan and China separately will prevent rupee from big weakness. China and Japan are one the largest trading partners with India. Other nations could also have a forex swap agreement with India. A forex swap agreement which is not based on the US dollar reduces a nation’s currency fragility to global trade risk.
Euro/Indian Rupee (Euro/inr CMP 83.7800):
One Support: 83.5650
One Resistance: 83.8250
- There will be another wave of rise over 83.8250 to 84.0225.
- Bearish trend will be there below 83.5650.
UK Pound/Indian Rupee (Gbp/inr CMP 94.3000):
One Support: 94.0175
One Resistance: 94.3950
- Cable needs to trade over 94.3950 to rise to 94.8650 and 95.2250.
- Crash will be there below 94.0175.
Japanese Yen/Indian Rupee (Jpy/inr CMP 65.3400):
One Support: 65.0850
One Resistance: 65.4500
- Small sell off will be there below 65.0850
- Yen/inr needs to trade over 65.4500 to be in bullish zone.
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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