On Monday oil price jump 11%, The attack on the world’s largest oil processing plant early Saturday morning is a dramatic escalation in the confrontation between Iran and Saudi Arabia.
Houthi rebels in Yemen claimed the attack, saying that 10 drones had targeted abqaiq as well as the khurais oilfield. This attack has taken 5.7 million barrels a day off the market.
USDINR WEEKLY RANGE – 70.85 ( 71.25 – 71.67 ) 72. 20
INR & REAL benefit from risk-on
Both Indian Rupee and Brazilian Real are likely to gain ground on the easing US-China trade tensions and the resulting risk reset in the financial markets.
Goldman Sachs, however, believes the trade talks are unlikely to result in a permanent deal. The US and Chinese negotiators are to meet next week to address trade issues.
Conclusion Weekly :-
On Import Aspect: - VERY 30-40 PIPS DIP MUST COVER FOR SHORT TERM.
On Export Aspect: - FOR EXPORT ABOVE 71.20 COVER IN TRANCHES.
CONCERN
FOMC
BANK OF JAPAN
BANK OF ENGLAND
BREXIT
Dollar index favorable
DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs).The Greenback remains under pressure this Friday although the US Retail Sales Group in August came in line with expectation and put an end to DXY intraday decline.
EUR/USD
On the daily time-frame, the EURUSD was trading in a bear trend below the main daily simple moving averages (DSMAs). On Thursday, the European Central Bank’s (ECB) slashed rates by 0.1% and announced an open-ended Quantitive Easing (QE). However, after a bearish reaction, the market thought that the ECB was not dovish enough and the EUR rose sharply. This Friday, the Retail Sales Control Group in the United States (US) matched expectations at 0.3% in August.
GBP/USD
The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, in August and September, the market has been rebounding sharply.
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