Posts
FOREX NEWS AND UPDATES
1. Euro Slides Toward 2-Year Low Amid Spain Bank Concerns.
2.
GBPUSD: Trading the U.K. Mortgage Approvals Report
3.
Indian FX/debt factors to watch
USD/INR OUTLOOK
USD/INR could gain towards 56 as risk assets fall from
favour because of fears about Spain's banking woes. The pair
last closed at 55.67/68 per dollar. Traders will watch for any
possible central bank intervention around 56 levels.
In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 56.01. The USD/INR June open interest was up by 30.9% from the previous day.
USD/INR TRADING TIPS
US dollar is expected to attract some buying support on declines against the INR.Utilise the lows in the USD/INR June contract to buy above 55.89 with 56.08/56.16 and a stop loss of 55.81
