Chart Analysis

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Dollar Rupee

Chart of the Week

Dollar Rupee this week has broken 67.50 (Bollinger band midpoint) and  67.25 (Ichimoku line) Suggested last week. Although it closed at 67.16 on Friday but in offshore market it has also broken 67.05 (38.2% of Fibonacci retracement of up move from 64.85 to 68.44). Next support comes at 66.62(50% fibonacci retracement) followed by 66.49(50 day simple moving average). Break of 67.31 (Low of 28/5 to 31/05) and 67.42 (Ichimoku line) is required for an up move in the pair

The Morning Report

Friday, 1 June 2018

Asian markets slipped on Friday as trade tensions returned to the spotlight after the U.S. announced tariffs on steel and aluminium imports on several of its allies would be reapplied.

Trade concerns returned to the fore after the Trump administration said tariffs on steel and aluminium from  Canada, Mexico and the European Union would take effect Thursday midnight U.S. time. The countries had previously been exempted from those tariffs, originally announced in March.

Canada plans to impose dollar-for-dollar tariffs on the U.S. in retaliation, according to the country’s foreign minister. The EU, another U.S. ally, said it would introduce counter measures.

U.S. stocks closed lower amid concerns the moves could lead to a trade war: The Dow Jones industrial average declined 1.02 percent, or 251.94 points, to close at 24,415.84.

The dollar index, which tracks the greenback against a basket of currencies, stood at 93.958. The People’s Bank of China (PBOC) set the Yuan reference rate at 6.4078 vs. previous day’s fix of 6.4144.

Brent crude futures added 0.22 percent to trade at $77.73 per barrel. U.S. West Texas Intermediate crude futures were mostly steady at $67.06 after settling 1.72 percent lower in the last session. U.S. crude fell 2.23 percent in May, breaking a two-month win streak.

Source : Reuters