New Delhi, India
September 13, 2023
As traders prepare for another day of currency market activity on this Wednesday, September 13, 2023, several key factors and events are set to shape the dynamics of major currency pairs:
The USD/INR pair is showing early indications, with the Rupee (INR) displaying relative stability in last sessions. Market participants are closely monitoring support levels at 83.00 and 82.80, while keeping an eye on potential resistance at 83.30 and the possibility of further movement to 83.50 today. It’s important to note that Indian retail inflation for August stood at 6.83%, remaining above the Reserve Bank of India’s (RBI) tolerance band. The pair’s future direction may be influenced by the upcoming release of US CPI data, scheduled for later today.
While yesterday’s UK jobs report revealed a rise in the Unemployment Rate to 4.3% in the three months ending in July, it also showed that UK Average Earnings excluding bonuses increased by 7.8% year-on-year in July, beating expectations. Despite this data, the Pound Sterling remains relatively unmoved. As of the early market, GBP/INR is exhibiting stability, with potential support levels at 103.50 and 103.20, and resistance levels at 104.00 and 104.30.
Traders are eagerly awaiting the European Central Bank (ECB) policy decision, which is scheduled for later this week. The early market shows potential support levels at 89.00 and 88.80, with resistance levels anticipated at 89.30 and 89.50.
Japan’s Finance Minister Shunichi Suzuki’s statement, emphasizing the Bank of Japan’s (BOJ) autonomy in deciding monetary policy, suggests potential flexibility in the BoJ’s policies. This could lead to interest rate decisions and economic strategies that influence the strength of the Japanese Yen (JPY) against the Indian Rupee (INR). Early market indications suggest support levels at 56.50 and 56.20, while resistance levels may stand at 57.00 and 57.30 for this currency pair.
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