DAILY FOREX REPORT RESEARCH VIA 12/4/2013
Sterling rises versus dollar on hopes of no UK recession Sterling gained against the dollar on Wednesday, keeping close to a seven-week peak after solid industrial output increased the chances that the UK has avoided slipping into recession. The pound also rose to a three-and-a-half year peak against the yen, as the Japanese currency continued to suffer in the wake of last week's radical monetary easing measures announced by the Bank of Japan. The pound was up 0.1 percent at $1.5330, near a peak of $1.5364 hit on Friday when poor U.S. jobs data knocked the dollar. Charts (Forex Tips) showed the pound held above support at the 55day moving average at $1.5323, while traders reported bids above $1.5300.
Dollar falls to six-week low versus Swiss franc Dollar fell to a six week low versus the Swiss franc on Wednesday as the Swiss currency was supported by marked gains against the struggling Japanese yen. The U.S. currency was down 0.3 percent on the day against the franc at 0.92955 francs, its lowest since Feb 28. The Swiss franc rose to around 107.0 yen, its highest since August 2011.
Rupee gains, awaiting macro data for cues The rupee rose on Wednesday as domestic shares recovered from a five-day slump, though concerns about recent heavy foreign outflows and dollar demand from oil importers kept gains in the local currency tips in check. The partially convertible rupee closed at 54.52/53 per dollar, marginally stronger compared with its Tuesday's close of 54.58/59. It traded in a 54.40-54.5650 band in the session.
DAILY MARKET STATISTICS CURRENCY
RBI REFERENCE RATE (As on 10TH April 2013) UNDERLYING
USDINR DAILY ANALYSIS
PIVOT POINTS S1-54.4983 S2-54.4342 PP-54.5942 R1-54.6583 R2-54.7542
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 71.3925 S2-70.2375 PP-71.4875 R1-71.6425 R2-71.7375
GBPINR DAILY ANALYSIS
S1- 83.5442 S2-83.4683 PP-83.6608 R1-83.7367 R2-83.8533
JPYINR DAILY ANALYSIS
S1- 54.5817 S2- 54.2108 PP-54.9208 R1- 55.2917 R2- 55.6308
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