US Dollar index has failed to close above crucial resistance of 98.45, as EUR/USD
pair rebounded above 1.10 handle. Eurozone flash CPI inflation printed 1.0%
reading against previous reading of 0.7%. USD/CNH pair is trading flat at 7.03 even after Chinese manufacturing PMI spiked to a 8 month high of 50.2.
On
the domestic front, India’s GDP growth slowed further to 4.5% in Q2 and core
sector output contracted by 5.8% in Oct-2019. On other hand, GST collection witnessed
a positive growth of 6% to 1.03 trillion. USDINR pair opened the session on a
flat note at 71.78. USDINR pair has support at 71.45-50 levels and resistance
71.88-92 levels. Range for the day 71.50-71.90.
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