ICICI Direct, The Euro depreciated by 0.32% yesterday as the euro area manufacturing PMI data showed that activity in the sector contracted for a sixth consecutive month.
January 03, 2023 / 09:37 AM IST
Total expenditure in April-Nov was Rs 24.42 lakh crore, or 61.9% of the budget estimate
ICICI Direct’s currency report on EURINR
The Euro depreciated by 0.32% yesterday as the euro area manufacturing PMI data showed that activity in the sector contracted for a sixth consecutive month. However, sharp downside was cushioned on hawkish statements from ECB officials • The Euro is expected to trade with a negative bias on concerns that the euro area economy is heading for a recession. On top of this, market participants will keep an eye on CPI data from Germany, which is likely to show that inflation eased in December. Moderating inflation may convince the ECB to reduce the pace of rate hikes and even pause it. Meanwhile, weakness in the dollar and optimistic global market sentiments may cushion a sharp downside in single currency. EURUSD is facing strong resistance near 1.0700. As long as it sustains below this level, it may slip back to 1.0600 levels. EURINR (January) is expected to trade in a range of 88.20-88.80.
Intra-day strategy
| EURINR Jan futures contract (NSE) | |
| Sell EURINR in the range of 88.58-88.60 | |
| Target: 88.20 | Stoploss: 88.80 |
| Support: 88.20/88.10 | Resistance: 88.80/89.00 |
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03012023 – currency
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