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  • Mtechtips MCX-SX USDINR INTRADAY trading analysis 04-09-2015

Mtechtips MCX-SX USDINR INTRADAY trading analysis 04-09-2015

Mtechtips MCX-SX USDINR INTRADAY trading analysis 04-09-2015

Mtechtips Dollar index extended its gains for the second straight day Friday on safe haven appeal after the European Central Bank reiterated a slowdown in the region.The number of Americans filing new applications for unemployment benefits rose more than expected last week, but the underlying trend remained consistent with a strengthening labor market.Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 282,000 for the week ended Aug 28, the Labor Department said on Thursday.Claims for the prior week were revised to show 1,000 fewer applications received than previously reported. Economists had forecast claims rising to 275,000 last week.The August employment report will be released less than two weeks before the Federal Reserve’s Sep 16-17 policy-setting meeting. There are speculations the US central bank could raise interest rates at that meeting. Dollar/rupee slipped in afternoon trades Thursday on likely overseas inflows into local shares after government exempted FII investors from minimum alternate tax.USDINR traded in previous day range and settled almost flat at 66.5275 levels. In near term any dip towards 66.35-66.25 is expected to attract huge buying activities in the pair as trend looks positive unless it gives a closing below 65.90.Buy around 66.45-66.50 Target 66.85. Stop loss below 66.35.
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