#Daily Currency Technical Report 03 Feb :: #EUR_INR In the futures rupee gained 0.26 percent against the Euro & closed at 85.3975 on Friday. The spot rupee closed at 84.52. German Retail sales, dropped by 2.5 per cent in December compared with November. French Consumer spending dropped 0.1% last month, yet posted a 1.4% increase on the year. The Euro zone’s Consumer Price Index (CPI) inflation rate fell to the lowest in four years at 0.7 percent in January; down from 0.8 percent in December. Euro zone unemployment was dropped unexpectedly in December to 12.0 percent unchanged from the revised figure, yet beating 12.1 percent expected by analysts. Overall, we expect the rupee to trade on a neutral to negative note against the Euro taking cues from poor domestic market sentiments. However, international weakness in Euro due to less positive than expected economic data from US & strength in dollar index can cap sharp gains in the Euro. #Technical_Outlook: As seen on the intraday chart, EURINR is moving in a downward sloping channel & has bounced back from the supporting trend line. It is likely that the counter will head upwards till the 86 mark. For 2 Day Trial Visit Here - https://docs.google/forms/d/14Fh5MyccDNTLzZl51WdzSd_sEaR2xeuZUXmdKS4L9Y4/viewform
Posted on: Mon, 03 Feb 2014 09:16:53 +0000
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