ICICI Direct's currency report on EURINR
The Euro appreciated marginally by 0.01% yesterday after French President Emmanuel Macron beat far-right candidate Le Pen in the first round of presidential voting. However, sharp upside was capped on strong dollar and risk aversion in the global markets • The Euro is expected to trade with a negative bias on the back of a strong dollar and pessimistic global market sentiments. Further, the Euro may slip on divergence in monetary policy and expectation of disappointing economic data from the euro area. German ZEW Economic sentiment index is forecast to fall further to -48.4 in April 2022 from -39.3 in March 2022. EURINR (April) is expected to trade in a range of 82.45-82.90 • The pound depreciated by 0.06% yesterday amid strong dollar and sell-off in global markets. Further, the pound slipped on disappointing economic data from Britain. UK GDP data showed economy slowed more sharply than expected in February 2022. The economy grew 0.1% in February vs. 0.8% growth in January 2022 • The pound is expected to trade with a negative bias amid strong dollar and pessimistic global market sentiments. However, sharp downside may be cushioned as expectation of upbeat job data from UK may refresh some market hopes for BoE rate hikes. GBPINR (April) is expected to trade in a range of 98.85-99.40.
|EURINR April futures contract (NSE)|
|Sell EURINR in the range of 82.75-82.77|
|Target: 82.45||Stop Loss: 82.90|
|Support: 82.55/82.45||Resistance: 82.90/83.00|
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