Karvy has come out with its report on currencies. According to the research firm, one can Sell EURINR Strategy 74.79 - 74.86; for the target of 74.46 with a stop loss of 74.94.
Karvy's research report on Currencies
US dollar index is trading at 95 . 95 , appreciating in yesterday’s trade with little help from the economic data that was reported . Jobless claims were a tad lower than expected but this was not the major reason for the decline . Strength of the US dollar was mostly relative as the US stands out to be the only improving developing economy . Retail sales data that is scheduled to be reported today is expected to improve and could drive the US dollar price higher.
Euro is trading at 1 . 1140 and has remained within the range that we have been seeing in the last few days . Lack of any market moving data has kept the euro within this range but with the European and Germany CPI and GDP data scheduled to be reported today, we can expect some volatility in the shared currency . US retail sales data would also have an influence but the overall picture remains to be range bound for the currency.
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First Published on Aug 12, 2016 09:51 am