RESEARCH VIA DAILY FOREX REPORT 03/SEP/2014

MARKET HEADLINES

• USD/INR retreats from session high; gains in local shareshurt
  USD-INR traded at 60.54/55, off the session high of 60.68 and versus Monday's close of 60.5250/5350. Traders say gains in the domestic share market hurt sentiment for the pair. Nifty was up 0.8 per cent. Most Asian FX, however, traded weaker against the dollar, limiting a further fall in the pair. Dollar inflows were also low following the US Labor Day holiday on Monday. USD-INR was seen in a 60.50-60.75 range during the day.
• Rupee down 11 paise against the US dollar in trade
  The rupee was trading at 60.63/64 versus Monday's close of 60.5250/5350. Broad gains in the US dollar versus majors and other Asian currencies hurting the pair. Dollar index was up 0.3 per cent. Traders said gains in the domestic share market, however, limiting the upside to the pair. Most Asian FX fell tracking broad dollar gains.
• Pound pares gains, gilts rise after UK factory data misses forecasts 
  Sterling pared gains against the dollar and euro on Monday, while bond futures gave up losses, after data showed activity in the UK's manufacturing sector slowed by more than expected in August. The pound fell to $1.6627 after the data, from $1.6645 beforehand, still leaving it 0.2 percent up on the day. The euro rose from a five-week low of 78.92 pence to trade at 79.03 pence. The Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 52.5 in August - its lowest level since June last year and below all forecasts in a Reuters poll - from July's downwardly revised 54.8. Separate data showed signs of moderation in the housing sector, as British mortgage approvals fell slightly in July. British government bond futures FLGcv1 pared some of their losses, gaining about five ticks to 113.47. The FTSEurofirst 300 index of pan-European shares turned negative after the UK data to trade 0.1 percent lower at 1,372.49 points at 0834 GMT.

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