• BUSINESS ENQUIRY :
  • +91 80122 78000
  • BUSINESS ENQUIRY :
  • 044 4032 9999 / 044 4020 5050

Business Enquiry :

+91 80122 78000

Business Enquiry :

044 4032 9999 / 044 4020 5050

FX – MORNING UPDATE :

FX – MORNING UPDATE :
  • By Goodwill
  • No Comments
  • January 4, 2024

FX – MORNING UPDATE :

FX Morning Update USD INR January 4, 2024

USDINR opened at 83.30 y’day and the pair traded in the 83.25-83.33 range. Spot USDINR closed at 83.28, loss of 4 ps for USD as against prior close of 83.32.

Thank you for reading this post, don't forget to subscribe!

RBI reference rate was fixed at 83.32 on 03/01. Jan USD/INR closed at 83.36 y’day, loss of 5 ps for USD as compared to prior day’s close of 83.41. Jan Euro/INR closed at 91.15, GBP/INR at 105.25 and Yen/INR at 58.65. 1 year USDINR fwd premia was trading at around 1.73% p.a.  FX reserves stood at USD 620.44 bn as on Dec 22 nd.  FX reserves climbed USD 4.47 bn, last week.

PAIRS

RBI REF RATE (03/01)

USDINR

83.32

EURINR

91.28

GBPINR

105.27

JPYINR

58.65

In Dec, FPI’S have bought Rs 56390 Cr of Equities and bought Rs 18392 Cr of debt . In this calendar year, FII’S have net bought Rs 172853 Cr of Equities and have net bought Rs 70489 Cr of debt.

Benchmark Nifty declined 148 points (0.69%) y’day. US S&P declined 38 points y’day (0.80%) y’day. Nikkei declined 0.23% and Hang Seng declined 0.94% y’day..

Euro is now at 1.0927, Pound at 1.2671, Yen at 143.29.

Commodities: Gold is now at USD 2046 and WT1Crude at USD 73/Brent at USD 78.

Interest rates: USD 10 Yr yield is at 3.92% and 3 m libor closed at 5.59%. Indian 10 yr benchmark yield closed at 7.20%.

Economic news: Fed minutes showed central bank officials acknowledging progress against inflation over the past year. But the minutes also offered few cues on when the bank could potentially begin trimming interest rates as signaled during the meeting.The minutes showed policymakers concerned over a soft landing for the U.S. economy, and whether monetary policy was too restrictive.

Yield rally and technology stocks sell off extended. Though Fed could trim rates this year, timing is uncertain and markets are impatient. Focus is now on US employment data.

Data highlights: – – US ISM (mfrg) remained in contraction mode at 47.4.

Thursday’s calendar : FOMC minutes

-US ADP employment report and weekly jobless claims

-EU PMI(services)

-UK PMI(services)

USD/INR

 

  

 83.33

83.25

EUR/USD

1.0927

  

1.0966

1.0892

GBP/USD

1.2671

  

1.2678

1.2614

USD/JPY

143.29

  

143.74

141.86

Daily Support/Resistance table

Currency Pairs

Pivot

R1

R2

R3

S1

S2

S3

EURO/USD

1.0927

1.0962

1.1001

1.1035

1.0888

1.0853

1.0814

GBP/USD

1.2651

1.2688

1.2715

1.2752

1.2624

1.2587

1.2560

USD/JPY

142.96

144.06

144.84

145.94

142.18

141.08

140.29

USD/INR

83.28

83.32

83.36

 

83.23

83.20

 

MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Currency Pair

Supports

Resistances

Trend

Remarks

EURO/USD

1.1015

1.1275

UP

DN<1.0735

GBP/USD

1.2610

1.2845/1.30

SIDE

DN<1.2610

USD/JPY

141

146/147.15/149.70

DN

UP>146

USD/INR

83.17/83.10

83.35/83.45

SIDE

SIDE<83.10

USD/CHF

0.8650

0.8820/0.8950

DN

UP>0.8820

Technicals: Spot closed below 20 and  50 day average but above 200 day moving averages.20 day moving average is at 83.25. 50 day moving average is at 83.25.200 day moving average is at 82.69. Daily MACD is in buy zone. Important support is at 82.80 and important resistance is at 83.35/83.45. Spot closed at the average level of the day.

Intraday supports and resistances for Jan contract are:

PP: 83.37, S1:83.32, S2:83.28, R1:83.41, R2:83.46.             

Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.

However on directional basis, suggest the following:

USD exports be hedged at 83.35/83.40. Imports be hedged at 82.80/82.65 for 3 months.

CROSS CURRENCY TECHNICALS:

EURO/USD: The pair is above major moving averages. Major resistance is at 1.1275. Next major support is at 1.0735/1.0665. Daily MACD is in buy zone, implying an important bottom at 1.0735. Weekly MACD is in buy zone, implying important bottom at 1.0450.

GBP/USD: The pair is above all major moving averages. Daily MACD is in buy zone, implying important bottom at 1.2610 and weekly MACD is in buy zone, implying important bottom at 1.25. Important support is at 1.2610/1.25. Important resistance is at 1.2845/1.30.

USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 151.75. Important resistance is at 146.60/149.70 and support is at 141.

Click to open an Account : https://ekyc.gwcindia.in/client/
For all your investment needs feel free to reach us.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999

Risk Disclosures
on Derivatives

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

Attention Investor

KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc), you need not undergo the same process again when you approach another intermediary. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor’s account. Prevent Unauthorized Transactions in your Demat account\Trading account: Update your Mobile Number with your Depository Participant\Exchange. Receive alerts on your Registered Mobile for all debit and other important transactions in your Demat account\Trading account directly from Depository\Exchange on the same day………issued in the interest of investors.
The Stock Exchange, Mumbai is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time. The Stock Exchange, Mumbai is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.
Please DO NOT disclose your User ID and/or Passwords to any person, even Goodwill staff never ask you to share the same. Goodwill is NEITHER liable for any loss arising from your sharing of your password with anyone, NOR from its consequent unauthorized use.

Invest In

Others

 

Important Links

Useful Links

Flow Chart

Policy

 

Investor Complaints

Important Links

Get Social

Facebook Twitter Youtube
Goodwill Wealth Management Pvt Ltd |       MCX : 11095 | SEBI Regn. No : INZ000177036
Clearing Code |       NSE : M52003 | BSE : 6648
CDSL DP |       DP ID : 12084200 | SEBI Regn. No : IN - DP - CDSL - 309 - 2017
Research Analyst |       SEBI Regn. No : INH200005179
Mutual Funds |  ARN : 182218

Proprietary Trading Disclosure:In terms of provisions of the Rules, Bye-Laws and Business Rules of the Exchange and with reference to circular MCX/T&S/147/2016 dated May 17, 2016 regarding Disclosure of Proprietary Account Trading by broker to client.,Pursuant to SEBI Circular Number SEBI/MRD/SEC/Cir-42/2003 dated November 19, 2003 & SEBI/HO/CDMRD/DMP/CIR/P/2016/49 dated April 25, 2016 GOODWILL WEALTH MANAGEMENT PVT LTD. Discloses to its clients about its policies on proprietary trades.