Good Morning! Recent fluctuations in the forex market have been majorly dominated by the Japanese Yen which weakened over yesterday and today after Uchida’s comments on holding rates, aiding a recovery in the Dollar Index from 102.15 seen earlier during the week.
Recent fluctuations in the forex market have been majorly dominated by the Japanese Yen which weakened over yesterday and today after Uchida’s comments on holding rates, aiding a recovery in the Dollar Index from 102.15 seen earlier during the week. However, the Dollar Index can face rejection from 103.80-104 which can limit a fall in Euro to 1.0850 and an upside for USDJPY and EURJPY to 148-150 and 161/163 respectively. Pound could test interim support at 1.26 while the Aussie can test 0.
is headed towards 7.20. could have supports near 91.50 and 91 which can hold and take the pair back towards 92. Bulls are holding on to USDINR over the last 2-sessions and unless a pullback to 83.80 is seen today, the bulls could take the pair soon towards 84+ levels. Watch for price action in the near term with immediate support at 83.80. All eyes will be on the RBI policy meeting today which can keep the pair volatile. The US Treasury yields continue to move up in line with our expectation. Key resistances are ahead.
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