USDINR Intraday Outlook : 25.04.2017

USDINR Intraday Outlook : 25.04.2017
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE

US dollar index is trading at 99.11, opened gap down at 98.86. Reason for this move was Euro, which has appreciated after the outcome of French Presidential elections, which has showed that centrist Emmanuel Macron took the first round of voting in the French presidential election, reducing the prospect of an antiestablishment market shock. This optimism has given euro a boost and to trade higher against US dollar. The People's Bank of China set the Yuan mid-point at 6.8673 against the dollar on Monday, compared with the previous close of 6.8868. The market largely shrugged off U.S. President Donald Trump's promise on Friday that a "big announcement" was coming next week on overhauling the U.S. tax code. Existing home sales data reported on Friday was better than expected but had no major impact. Today, there is no much of data to be reported from US economy. FOMC Member Kashkari is scheduled to speak later this evening. Expect US dollar to remain under pressure ahead of Consumer confidence and new home sales data which are scheduled to be released on Tuesday.

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