ICICI Direct’s currency report on EURINR
Euro slipped yesterday amid strong dollar and risk aversion in the global markets. Further, euro skid on decline in European government bond. For today, EURUSD is likely to face hurdle near 1.0980 level and slip further towards 1.0890 level amid strong dollar and pessimistic global market sentiments. EURINR may move south towards 90.10 level as long as it stays below 90.70 level • Pound is expected move south towards 1.2650 level amid strong dollar and risk aversion in the global markets. Meanwhile, sharp downside may be cushioned as BOE is likely to hike interest rates in today’s policy meeting and keep doors open for further rate hikes. While, investors are split on the size of rate increase. GBPINR is likely to face the hurdle near 105.50 level and slip towards 104.70 levels.
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