USDINR CMP: 47.10
The Indian rupee should drop to new three-week lows on Tuesday as lower regional stocks raise concerns of a drop in the domestic share market which could prompt foreign investors to withdraw some investments. The partially convertible rupee tracked domestic shares to end weaker at 46.88/90 per dollar on Tuesday from a previous close of 46.645/655.
Recommendation
Buy in the range of 46.90-46.80 stop loss below 46.60 Target 47.30-47.60
USDJPY CMP: 91.30
The dollar rose to a fresh five-week high against the yen before losing some of its gains in Asia on Tuesday, as long-term U.S. interest rates remained on an uptrend and a downturn in share prices raised demand for the safe-haven U.S. currency. With the gap between U.S. and Japanese interest rate being one significant mover of currencies, market participants are focused on a series of U.S. government debt auctions this week totaling $123 billion in value, including a sale of $44 billion two-year notes later Tuesday
Recommendation
Sell in the range of 91.60-91.70 stop loss above 92.30 Target 91.00-90.60
EURUSD CMP: 1.4810
The euro fell to fresh session lows versus the dollar on Tuesday, after data showed U.S. consumer confidence worsened in October. The Conference Board's U.S. consumer confidence index fell to 47.7. The euro dropped to session lows at $1.4806 from $1.4848 before the data. It was last at $1.4812, down 0.3 percent. Investors have used the euro as a proxy for risk appetite, selling the currency when economic data is negative
Recommendation
Sell in the range of 1.4850-1.4860 stop loss above 1.4910 Target 1.4750-1.4710
GBPUSD CMP: 1.6340
Sterling rose against the euro on Tuesday but wiped out earlier gains against the dollar, after surprisingly weak U.S. consumer confidence data pulled investors toward the liquidity and perceived safety of the U.S. currency. The dollar's sharp rebound meant sterling/dollar, or "cable", fell more than a cent from levels reached earlier in the day, a rise in part fuelled by stronger than expected UK retail sales figures. That took cable back below the technical support level of the 100-day moving average around $1.6360, while the euro's fall back toward $1.48 ensured the pound retained its earlier strength against the euro zone currency.
Recommendation
Sell in the range of 1.6370-1.6390 stop loss above 1.6460 Target 1.6260-1.6200
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