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HinduBusinessLine

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Image Credit: HinduBusinessLine

Currency Outlook: Dollar remains stable 

  • The non-farm payroll in the US increased by 139,000 in May, surpassing market expectations.
  • The US unemployment rate remained unchanged at 4.2 per cent.
  • The dollar index trend remains down with resistance at 99.80 and potential support at 96.
  • The euro struggled to rise above 1.14, with support at 1.13 for a positive bias.
  • The Indian rupee fell last week to USDINR 85.64, with a mixed outlook for a narrow or broad range.
  • The Consumer Price Index (CPI) data release on Wednesday will be important to watch for market reactions.
  • The US 10Yr Treasury Yield saw a rise to 4.51 per cent with a resistance zone at 4.6-4.65 per cent.
  • Potential for euro to rise to 1.16 with sustained break above 1.14, while USDINR could see moves based on breakout levels at 85.40 and 86.10.

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