Karvy has come out with its report on currencies. According to the research firm, one can Buy EURINR Strategy 67.31 - 67.35; for the target of 67.54 with a stop loss of 67.22.
Karvy's research report on Currencies
US dollar index is trading at 95 . 69 , remaining supported after a brief decline in yesterday’s session . There was no major economic data reported yesterday but the comments from key FED members at Jackson Hole led to a sharp rise in odds favouring a rate hike . All focus would be on the Friday non - farm payrolls data and we can expect range bound movement till that day, with a continued bias for dollar appreciation.
Euro is trading at 1.1173 , continuing to depreciate against the US dollar in the aftermath of Yellen and Fisher speech . No major economic events were reported yesterday and EU business climate and consumer confidence data is set to be reported and likely to have a muted effect on Euro . With the rate hikes in US expected to be actioned this year, we can expect continued selling in the shared currency and every rise would be an opportunity to sell.
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First Published on Aug 30, 2016 10:38 am