Forex Technical Analysis

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DGCX INR www.dgcx.ae



DGCX INR


OPEN


HIGH


LOW


PD CLOSE

Wednesday, March 13, 2013


183.95


183.88


184.34


184.05




54.3626


54.3833


54.2476


54.3331





MARKET PULSE

EURO ZONE : ECB will maintain its accommodative stance "as long as necessary," according to Jens Weidmann, an ECB council member and head of Germany's Bundesbank.
UK:industrial output fell in January, which boosted opinion that BoE may add to stimulus.
U.K : inflation expectations climbed to a 4 1/2-year .
UK: GBP dropped to the lowest level against the USD since June 2010.
Japan : two opposition parties said today they will endorse Kikuo Iwatafor Bank of Japan deputy governor.
US: FORECAST: U.S. retail sales advanced in February for a fourth month.
GOLD : ETPs at 2,472.891 MT yesterday, the lowest since September.





Commodities

Gold Trades Near Two-Week High on Stimulus, Rising Asian Demand.
WTI Oil Trades Near Two-Week High as U.S. Crude Supplies Decline.
Gold Caps Longest Rally in Six Months.





MARKETS

DJIA


14450.06


2.7


EUR


1.3039


0.0


DINR1M


184.05


0


NSE1M


54.3675


-0.0475

NASDAQ


3242.321


-10.5


GBP


1.4938


0.0


DINR2M


182.85


0.04


NSE2M


54.74


-0.0525

FTSE


6510.62


7.0


JPY


95.66


-0.4


INR-Spot


54.1563


-0.0362


MCX1M


54.3675


-0.0525

NIKKEI


12280.48


-34.3


GOLD


1592.45


-0.4


NDF1M


54.57


-0.02


MCX2M


54.7325


-0.05

HANG-S


22703.31


-187.3


SILVER


29.1675


0.0


NDF2M


54.87


-0.01


WTI


92.71


0.17

NIFTY


5874.35


-39.8


3MCU


7830.25


0.3


SENSEX


19477.25


-87.67


BRENT


109.42


-0.23





INDIAN INR

MARKETS

INR rose 0.2% to 54.1025 , 1-month volatility slid 15 bps to 8.8850%. 12-month NDFs declined 0.1% to 57.60 . 1 Year IRS at 7.5925%, 5-year IRS at 7.2350%. 10 Year Benchmark at 7.891%.

FACTORS

Technical: INR breached pivot resistance at 54.1084; next resistance at 54.0242, 53.7892; pivot point at 54.2592; support at 54.3434, 54.4942, 54.7292.
Consensus forecast : Cumulative 50 bps of RBI policy rate cuts by year end.
RBI likely to ease further, though timing is more uncertain, market moves to neutral on INR from being positive prior to budget.
Global funds bought $ 76.2 m of local bonds more than they sold on March 11.
Government to sell 70 b INR of 91-day bills and 50 b INR of 182-day bills today.





GOLD

MARKETS

Spot gold at $1,593.20 in Asia rising from $1,592.80 yesterday, when it climbed to $1,598.80, the highest intra-day price since Feb. 28. Gold April was little changed at $1,592.70. Gold has had four days of gains, the best run since August. Cash silver rose 0.1 % to $29.1775.

FACTORS

Gold at a two week high on prospects for additional stimulus from central banks.
ECB will maintain its accommodative stance "as long as necessary," according to Jens Weidmann, an ECB council member and head of Germany's Bundesbank.
UK: industrial output fell in January which boosted opinion that BoE may add to stimulus.
Japan : two opposition parties said today they will endorse Kikuo Iwatafor as Bank of Japan deputy governor.
FORECAST: U.S. retail sales advanced in February for a fourth month.
Gold ETPs at 2,472.891MT yesterday, the lowest since September.



FOREIGN EXCHANGE
MARKETS
USD traded at 95.95 yen, having scaled a 3-1/2 peak of 96.71. The euro eased to 125.11 yen, but remained within easy reach of a one-month high of 126.03 set on Tuesday.
FACTORS

Bullish bets on the yen in the options market climbed to an eight-month high.
The Bank of England said it has the edge to be the first of G7 to sign a currency-swap agreement with the People's Bank of China after a meeting last month.
U.K. inflation expectations climbed to a 4 1/2-year .
GBP dropped to the lowest level against the USD since June 2010 .
Yuan forwards advanced for a seventh day, the longest winning streak since September 2010, on optimism China will embark on further currency reforms.



COPPER
Copper drifted on Wednesday from almost two-week highs hit in the previous session as a short-covering burst began to fade, while Chinese consumers stayed on the sidelines amid the country's ongoing policy-setting parliamentary meeting. Three-month copper slipped by 0.24 % to $7,811.50, reversing an advance from the previous session when it rose by 1 %.



OIL
Brent crude edged lower on Tuesday, seesawing with the euro and the USD, while U.S. crude rose after holding above a key technical level the previous two sessions. Brent April crude fell 20 cents to $110.02, having traded from $109.55 to $111.20. The Brent April contract expires on Thursday. U.S. April crude was up 90 cents at $90.96 a barrel,having reached $93.47.

 

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DGCX INR www.dgcx.ae

DGCX INR


OPEN


HIGH


LOW


PD CLOSE

Monday, March 25, 2013


184.08


184.04


184.95


184




54.3242


54.3360


54.0687


54.3478





MARKET PULSE

EURO- ZONE: Cyprus agreed to an international aid package.
EURO- ZONE The troika representing international lenders, ratified by finance ministers from the 17-nation EZ, will pave the way for 10 billion Euros ($13 billion) of loans to Cyprus.
US: The USD Index, fell for a 4th day, losing 0.2 %.
GOLD: ETP products fell for a sixth week and were at 2,454.35 MT (Lowest since August 2009).
INDIA : All restrictions for purchases of government and corporate notes will be removed from April 1.
INDIA : Foreign Investor cap at $25 billion for sovereign debt and $51 billion for corporate bonds.



COMMODITIES

WTI Oil Gains on Cyprus Deal; Brent Premium Narrowest Since July.
Hedge Funds Most Bearish Ever on Copper, Favor Gold.
Gold Advances as Accord for Cyprus , Weakens USD.
Industrial Metals Advance as Cyprus Deal Wins Approval .





MARKETS

DJIA


14512.03


90.5


EUR


1.3038


0.0


DINR1M


184.89


0.89


NSE1M


54.1075


-0.245

NASDAQ


3244.999


22.0


GBP


1.5247


0.0


DINR2M


183.54


0.99


NSE2M


54.5025


-0.2675

FTSE


6392.76


4.2


JPY


94.79


0.3


INR-Spot


54.08


-0.2612


MCX1M


54.1075


-0.2475

NIKKEI


12574.43


235.9


GOLD


1610.9


2.4


NDF1M


54.48


-0.31


MCX2M


54.51


-0.2575

HANG-S


22294.54


179.2


SILVER


28.8513


0.1


NDF2M


54.8


-0.3


WTI


94.22


0.51

NIFTY


5687.65


36.3


3MCU


7683.5


28.5


SENSEX


18851.7


116.1


BRENT


108.3


0.64





INDIAN INR

MARKETS

INR advanced 0.5% to 54.0850. 1-month volatility rose 9 bps to 8.6275%. 3-month forwards traded at 55.21 versus. 55.42. 3-month NDFs were at 55.12 versus 55.39. 10 year benchmark at 7.959%.

FACTORS

Technical : INR breaches resistance at 54.2599 and 54.1787, next resistance at 54.0187; pivot point at 54.3387; support at 54.4199, 54.4987, 54.6587. INR between 100 DMA at 54.3768 and 50 DMA at 54.0674
Government's share offer in Steel Authority of India is now completed.
All restrictions for purchases of government and corporate notes will be removed from April 1.
Foreign Investor cap at $25 billion for sovereign debt and $51 billion for corporate bonds.
India current account deficit forecast at $75 billion 2013-2014.





GOLD
MARKETS
Gold Spot up 0.3 % at $1,613.76 and was trading at $1,611.43 in Asia . Gold June rose 0.3 % to $1,612.20 after declining 0.3 % in the previous session. Silver spot rose 0.6 % to $28.92 .



FACTORS

Cyprus agreed to an international aid package.
The troika representing international lenders, ratified by finance ministers from the 17-nation euro area, will pave the way for 10 billion Euros ($13 billion) of loans to Cyprus.
The USD Index, fell for a 4th day, losing 0.2 %.
Cyprus is the 5th country to request for aid, since the crisis broke out in Greece in 2009.
Gold ETP products fell for a sixth week and were at 2,454.35 MT (Lowest since August 2009).

.





FOREIGN EXCHANGE
MARKETS
Euro rose broadly on Monday. EUR rose 0.4 % to $1.3043,having traded at roughly $1.2985 before news of the Cyprus Aid . EUR-JPY up 0.8% to 123.75.
FACTORS

Euro Rises Versus Peers as Cyprus Aid Approved.
Cypriot President Nicos Anastasiades agreed to shut the country's second-largest bank .
AUD reaches 2-month high on Cyprus aid agreement.
Japan Household Assets Rose 3.1% in 4th Quarter, as declared by BOJ.





COPPER
Copper rose on Monday after Cyprus reached an outline deal with international lenders for a 10 billion euro loan, which boosted appetite for high yielding assets and soothing concerns over the impact of a euro zone default on demand for metals. 3-month copper up 0.50 % to $7,693.25. It had risen 1 % in the previous session.



OIL
Brent crude futures fell on Thursday on concerns of worries about the outlook for petroleum demand in Europe. Brent May crude fell $1.25, or 1.15 %, to settle at $107.47 a barrel, having traded from $107.08 to $108.75.

 

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