DAILY FOREX REPORT RESEARCH VIA 5/15/2013
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MARKET HEADLINES
Yuan closes up as dollar rally pauses, tight ranges spook traders The yuan closed up on Tuesday as the dollar index took a breather, with the spot market moving immediately to the strongest possible rate and holding there. The People's Bank of China set the official midpoint at 6.2035 on Tuesday morning, slightly stronger than Monday's fix but still shy of the record high it set last Thursday. The spot yuan stuck to its familiar trading pattern of recent weeks and immediately moved toward the strongest permissable rate, closing at 6.1428 per dollar, 0.98 percent away from the fix. The exchange rate is allowed to rise or sink by 1 percent from the official midpoint in a given day.
Sterling falls versus euro, focus on Wednesday's BoE report Sterling fell to a near three-week low against a firmer euro on Tuesday, with investors wary before Wednesday's Bank of England Inflation Report. Strong German ZEW sentiment data at 0900 GMT could temper speculation more euro zone rate cuts could follow, including the possibility of a negative deposit rate. The euro was up 0.2 percent at 84.98 pence, having earlier hit 85.045 pence, its strongest since April 25, as investors took profit on its recent falls and on expectations German investor morale could nudge higher.
Rupee rises against dollar after April WPI data The rupee rose to 54.59/60 from its close of 54.73/74 on Monday after April wholesale price inflation eased more than expected. Headline inflation slowed for a third straight month in April to 4.89 per cent, sharply below a median estimate of 5.5 per cent in a Reuters poll and a level seen comfortable for the Reserve Bank of India to persist with monetary easing to revive a flagging economy.
DAILY MARKET STATISTICS CURRENCY
EXPIRY
OPEN
HIGH
LOW
CLOSE
EURINR
29-May-2013
71.3275
71.4575
71.0525
71.1675
EURINR
26-Jun-2013
71.6325
71.7325
71.3300
71.4300
EURINR
29-Jul-2013
71.9250
71.9250
71.8050
71.8675
GBPINR
29-May-2013
84.0775
84.0975
83.6550
83.9050
GBPINR
26-Jun-2013
84.3175
84.4500
84.0000
84.2300
JPYINR
29-May-2013
54.0850
54.1975
53.9325
54.1250
JPYINR
26-Jun-2013
54.3025
54.4400
54.1850
54.3750
USDINR
29-May-2013
54.8600
54.9700
54.6800
54.9325
USDINR
26-Jun-2013
55.0650
55.1800
54.9025
55.1450
USDINR
29-Jul-2013
55.3475
55.4475
55.1700
55.4075
RBI REFERENCE RATE (As on 14TH MAY 2013) UNDERLYING
RATE
USDINR
54.6275
EURINR
71.0193
GBPINR
83.6729
JPYINR
53.8500
USDINR DAILY ANALYSIS
PIVOT POINTS S1-54.7517 S2-54.5708 PP-54.8608 R1-55.0417 R2-55.1508
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 70.9942 S2-70.8208 PP-71.2258 R1-71.3992 R2-71.6308
GBPINR DAILY ANALYSIS
PIVOT POINTS
S1-83.6742 S2-83.4433 PP-83.8858 R1-84.1167 R2-84.3283
54.9950
JPYINR DAILY ANALYSIS
PIVOT POINTS
S1- 53.9750 S2- 53.8250 PP-54.0850 R1- 54.2350 R2- 54.3450
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