DAILY FOREX REPORT RESEARCH VIA 6/5/2013
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MARKET HEADLINES
Rupee extends losses post RBI policy; hawkish tone hurts The rupee continues to trade weaker at 53.97/98 versus its previous close of 53.81/82 after the RBI cut its key policy rate by 25 basis points, in line with market expectations but maintains its hawkish stance. RBI cut its benchmark interest rate by 25 basis points on Friday for the third time since January, as expected, as growth slows and inflation ebbs, but said there is little room to ease monetary policy further, disappointing markets. The rupee is expected to hold in a 53.85 to 54.09 range during the rest of the session.
Swiss franc steady against dollar ahead of US jobs data The Swiss franc held steady against the dollar in early trading on Friday as traders awaited US jobs data later in the day for further signs of softening in the world's largest economy. The Swiss franc has tracked the euro closely since the Swiss National Bank capped the franc at 1.20 per euro in September 2011 to help stave off recession and threat of deflation after safe haven buyers had bid the Swiss unit to near parity. The franc was little changed against the dollar compared to the New York close, trading at 0.9350 francs per dollar at 0612 GMT.
Australia dollar keeps gains on euro The Australian dollar was bolstered by a weaker euro on Friday after the European Central Bank (ECB) opened the door to more aggressive easing, but it still plumbed three-year lows against its kiwi cousin. The euro was off at A$1.2730, having skidded more than a cent on Thursday after the ECB surprised by suggesting it was ready to take deposit rates into negative territory. The euro also lost steam against the kiwi dollar to last fetch NZ$1.5334, having shed 1 per cent on Thursday. With all the action in the euro crosses, the Antipodeans held steady against their US dollar counterpart. The Aussie inched up to $1.0265, from $1.0250 early, but looked vulnerable to talk Australia's central bank could join the global easing party.
DAILY MARKET STATISTICS CURRENCY
EXPIRY
OPEN
HIGH
LOW
CLOSE
EURINR
29-May-2013
71.0325
71.2675
70.4900
70.5450
EURINR
26-Jun-2013
71.3750
71.5800
70.8200
70.8550
EURINR
29-Jul-2013
71.2700
71.2700
71.1375
71.1375
GBPINR
29-May-2013
84.1000
84.3400
83.4175
83.4725
GBPINR
26-Jun-2013
84.4500
84.6000
83.8075
83.8650
JPYINR
29-May-2013
55.5900
55.7125
55.3025
55.3675
JPYINR
26-Jun-2013
55.7850
56.0000
55.6050
55.6450
USDINR
29-May-2013
54.3775
54.4300
53.9225
53.9475
USDINR
26-Jun-2013
54.8400
54.8400
54.1900
54.2075
USDINR
29-Jul-2013
54.9300
54.9650
54.4900
54.5000
RBI REFERENCE RATE (As on 3RD MAY 2013) UNDERLYING
RATE
USDINR
53.9510
EURINR
70.4994
GBPINR
83.8075
JPYINR
55.0300
USDINR DAILY ANALYSIS
PIVOT POINTS S1-53.7717 S2-53.5958 PP-54.1008 R1-54.2767 R2-54.6058
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 70.2708 S2-69.9967 PP-70.7692 R1-71.0433 R2-71.5417
GBPINR DAILY ANALYSIS
PIVOT POINTS
S1- 83.1467 S2-82.8208 PP-83.7433 R1-84.0692 R2-84.6658
54.9950
JPYINR DAILY ANALYSIS
PIVOT POINTS
S1- 55.2108 S2- 55.0542 PP-55.4592 R1- 55.6258 R2- 56.8642
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