Karvy has come out with its report on currencies. According to the research firm, one can Buy USDINR Strategy 66.74 - 66.72; for the target of 66.95 with a stop loss of 66.63.
Karvy's research report on Currencies
US dollar index is trading at 96 . 16 , appreciating against the majors after a series of positive economic data was reported yesterday . PMI and factory output data were reported better than expected while the ADP non - farm employment data missed projections . The rise in factory activity is a positive sign for the economy and investors have increased the odds for a rate hike from the FED . No data to be reported today and focus would be on the non - farm payrolls data tomorrow . Expect US dollar to appreciate going into the event.
Euro is trading at 1 . 1203 , with limited movement in the currency yesterday . Better than expected retail sales and services PMI data from the EU helped the Euro sustain above the 1 . 12 marks but positive US data drove the pair lower . There is no data to be reported today but the deutsche bank scare still remains in play as no clear news about the settlement has been made public . Expect another day of range bound trading for the Euro.
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First Published on Oct 6, 2016 09:56 am