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Forex Market News Update-26 February 2016

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USD-INR:
The Indian Rupee depreciated by 0.23 percent in yesterday’s trading session on the back of rise in risk aversion in the domestic markets and month end dollar demand from importers. Investors fear that government may increase the fiscal target in the budget. Benchmark stock index 50 share Nifty Index decreased by 0.69 percent to 6970.6. Investors remained worried over global economic slowdown and volatility in crude oil prices after the statement from Iran and Saudi Arabia. Saudi Arabia oil minister Ali Al-Naimi said that a coordinated production cut by OPEC and Non-OPEC exporters was “not going to happen because not many countries are going to deliver.” In Intraday Indian Rupee touched a low of 68.76 and closed at 68.72 against Dollar.
Euro appreciated by 0.03 percent in yesterday’s trading session on the back of weakness in dollar. However, sharp upside was capped on soft economic data from Euro Zone. Euro Zone CPI rose by 0.3 percent in January lower than estimate of 0.4 percent. Further, investors worry that Britain exit from EU may cause uncertainty for the Euro Zone economy and volatility in the markets. Dovish statements from ECB officials weigh on Euro. Weak economic data from Europe fueled the expectation of more monetary easing by European Central Bank in its upcoming meet. US Federal Reserve is the only major central bank to raise interest rates, whereas others are easing policies. In intraday Euro touched a high of 1.1050 and closed at 1.1019 against Dollar.

GBP-INR:
Pound appreciated by 0.15 percent in yesterday’s trading session on the back of weakness in dollar and rise in risk appetite in the domestic markets. However, pound traded near 7 years low on the worries over Britain exit from EU and weak economic data. UK prelim Business Investment declined by 2.1 percent in Q4 2015 from 2.2 percent rise in Q3 2015. IMF head Christine Lagarde warned that UK strong economic performance is at risk on looming referendum on Brexit. Bank of England Gov Mark Carney said bank would not hesitate to lower interest rates if economy requires it. London Mayor Boris Johnson announced his decision to back the "out" campaign on the Brexit. In intraday Pound touched a high of 1.3996 and closed at 1.3955 against Dollar.

JPY-INR:
Japanese Yen depreciated by 0.75 percent in yesterday’s trading session on the back of weakness in dollar and divergence in monetary policy. However, sharp fall was prevented as the demand for safe haven increased on worries over global economic health and volatility in crude oil prices. Crude oil prices fell after the statement from Iran and Saudi Arabia. In intraday Yen touched a low of 113.0230 and closed at 112.9270 against Dollar.

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Alisha Singh

Alisha Singh

1 comment:

  1. Good Epic Research plays a very important role for a trader to earn profits.

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