RESEARCH VIA DAILY FOREX REPORT 5/NOV/2014

• Rupee falls 15 paise against dollar in early trade
  The rupee declined by 15 paise to 61.51 in early trade today at the Interbank Foreign Exchange on fresh dollar demand from banks and importers amidst strengthening of the American currency overseas. Forex dealers said besides the dollar gaining against other currencies in the global markets, increased demand for the American unit from importers weighed on the rupee but surging domestic equity markets, capped the fall. The rupee gained nine paise to close at 61.36 against the dollar in the previous session on Friday. Meanwhile, the benchmark BSE Sensex opened higher by 103.99 points, or 0.37 per cent, to reach a new lifetime high of 27,969.82 in early trade today.
• US dollar trades near seven-year high against yen

The US dollar traded near a seven-year high against the yen Monday after Japan's surprise decision last week to widen its stimulus and speculation that US interest rates could be hiked sooner than later. The greenback bought $112.74 -its highest since December 2007 -- in Singapore late-morning trade, compared with $112.35 yen in New York late Friday. The euro was at $1.2476 against $1.2525, while it also bought 140.68 yen compared with 140.71 yen. Japanese markets were closed for a public holiday. Singapore's United Overseas Bank (UOB) said "the dominant influence on markets" was the Bank of Japan's surprise announcement on Friday that it would expand its already vast asset-purchasing scheme in a bid to kickstart the economy.

Policymakers at Japan's central bank said they would add up to 20 trillion yen to the scheme, bringing it to 80 trillion yen annually. The decision follows a string of poor data that has fanned fears the world's number three economy, which contracted in April-June, may contract in the following three months, technically putting it in recession. In the United States, UOB said dealers are focused on US jobs data that will be released on Friday.

"The US jobs data could swing market expectations for the Federal Reserve's future course of interest rate actions," the Singapore lender said. The Fed's optimistic comments on the state of the jobs market last week were seen as more hawkish than in the past, fuelling speculation of a possible earlier rate hike. The US central bank said in a policy statement last week it would keep near-zero interest rates for "a considerable time" after the end of the quantitative easing programme, sticking to its timetable of an increase well into 2015. UOB said the US unemployment rate is expected to remain unchanged at 5.9 percent, while the non-farm payrolls data will likely show an addition of 215,000 jobs in October, compared with 236,000 jobs in September.

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RESEARCH VIA DAILY FOREX MARKET UPDATE 29/OCT/2014

MARKET HEADLINES

• Rupee extends losses vs dollar, down 8 paise
  The rupee extended losses for the second consecutive day against the American currency, slipping by another eight paise to 61.38 on month-end dollar demand from importers. The rupee resumed lower at 61.33 per dollar as against the last closing level of 61.30 at the Interbank Foreign Exchange market and hovered in a range of 61.31 and 61.41 per dollar before quoting at 61.38 at 1000 hours. Month-end dollar demand from oil companies mainly affected the rupee value against the US currency, a forex dealer said. In the global market, Oil moved lower after Goldman Sachs slashed its price forecasts for the next two years owing to a global supply glut. US benchmark West Texas Intermediate (WTI) for December delivery fell 46 cents to USD 80.54 while Brent crude for December eased 59 cents to USD 85.24 in mid-morning trade. In New York market, the dollar slipped against the Japanese yen yesterday, ahead of crucial policy meetings of the Federal Open Market Committee and the Bank of Japan. Meanwhile, the Indian benchmark Sensex recovered by 97.88 points of 0.37 per cent to 26,850.78 at 1000hrs.
• Dollar struggles as soft data push yields lower, Fed awaited

The US dollar nursed modest losses on Tuesday, having slipped overnight after soft economic data tempered risk appetite and pushed safe-haven US debt yields lower. Expectations of more dovish comments from the Federal Reserve, due to kick of its closely-watched two-day policy review later in the session, also weighed on the greenback. The greenback eased to 107.805 yen, retreating from Monday's near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2711 off Monday's low of $1.2665. The dollar was lifted earlier on Monday after a closely-watched Ifo report showed German business sentiment in October hit its lowest level in almost two years. But support for the US currency faded after weaker-than-expected US housing data was released later in the session, pushing Treasury yields lower. Data also showed US services sector activity slowed in October to a six-month low, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter. The soft data reinforced expectations that the Fed will reassure markets that any interest rate hikes are a long way off even as it ends its massive bond-buying stimulus. The Fed kicks off its policy review later on Tuesday and is all but certain to announce the completion of its quantitative easing program when it wraps up its two-day meeting. "Trade overnight had a very distinctive feeling of 'wait and see'," said Evan Lucas, market strategist at IG. 

PIVOT POINTS

• S1-56.6385
• S2-56.5490
• PP-56.8140
• R1-56.9035
• R2-57.0790

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DAILY FOREX REPORT RESEARCH VIA 14/oct/2014

MARKET HEADLINES

• Rupee up 8 paise against dollar in early trade

The rupee recovered by 8 paise to 61.27 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency.

Besides strengthening of the euro and yen against the dollar in overseas market supported the rupee, but a lower opening in the domestic equity market capped gains, forex dealers said.

The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The benchmark BSE Sensex fell by 159.35 points, or 0.61 per cent, to 26,138.03 in early trade today.

• Rupee down 30 paise at 61.35 vs dollar

Snapping a four-day gaining spree, the rupee today fell by 30 paise to close at 61.35 against the dollar on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The local currency rupee resumed lower at 61.15 per dollar as against yesterday's closing level of 61.05 at the Interbank Foreign Exchange ( Forex) and dropped further to 61.36 per dollar before concluding the day at 61.35 per dollar, a loss of 30 paise or 0.49 per cent.

It moved in a range of 61.11 and 61.36 per dollar during the day.

"Rupee traded weak today taking cues from strong dollar overseas and weak local equities. After depreciating for four continuous weeks, rupee posted its first weekly gain this week," said Pramit Brahmbhatt, CEO, Veracity Group. 

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DAILY FOREX REPORT FROM RESEARCH VIA 16/SEP/2014

MARKET HEADLINES

• Rupee falls 32 paise against dollar
  The rupee depreciated by 32 paise to 60.97 against the US dollar in early trade today at the Interbank Foreign Exchange due to increased demand for the US currency from importers amid a weak opening in the domestic equity market.The currency hit its day's low of 61.14 against the dollar. Forex dealers said besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in industrial production growth to 4-month low of 0.5 per cent in July, put pressure on the rupee. However, the dollar's gain against the euro overseas, capped the losses, they said.The rupee had gained 28 paise, notching up its best daily gain in a month, to end strong at 60.65 against the Greenback in the previous session on Friday on heavy dollar selling by banks and exporters amid positive cues from equity markets. Meanwhile, the benchmark BSE Sensex dipped below the 27,000-mark by falling 185.55 points, or 0.69 per cent, to 26,875.49 in early trade today.
• Investigators turn bankers into informants in forex probe:WSJ
  US investigators have turned several bank employees into informants to gather evidence against some of their colleagues in the probe of possible manipulation of currency markets, the Wall Street Journal reported, citing people familiar with the matter. Britain's Financial Conduct Authority (FCA) and US regulators are investigating allegations that dealers at major banks colluded and manipulated key reference rates in the $5.3 trillion-a-day foreign currency market, the world's biggest and least regulated. The Journal report said it isn't clear which banks had secret informants cooperating with the government investigation.

Ethical standards in the foreign exchange market have been put under a harsh spotlight since investigators in the United States, Europe and Asia started examining whether small groups of traders colluded to rig prices by sharing information about their clients' orders.

The global inquiry has not yet concluded but the review has shaken the industry, with dozens of top dealers put on leave or fired and banks under pressure to sharpen up oversight of their traders.

The FBI and US Justice Department were not immediately available for comment outside regular US business hours. 

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RESEARCH VIA DAILY FOREX REPORT 05/SEP/2014

MARKET HEADLINES

• Rupee up 2 paise against the US dolla
  
  The rupee was trading at 60.46/47, slightly higher from its Wednesday's close of 60.4850/4950. Gains in other Asian units versus the dollar was helping the pair slightly. The was pair seen in 60.35 to 60.65 range during the session. Losses in the domestic stock market, however, were likely to support the dollar. Traders were closely monitoring fund flows for near-term direction. The outcome of the ECB meeting later in the day and the US non-farm payrolls on Friday awaited.

• Euro slips before ECB policy decision, Swedish crown gains

The euro slipped against the dollar on Thursday, hovering near one-year lows hit earlier this week on expectations that the European Central Bank will flag the possibility of more monetary stimulus. Hopes of a peaceful resolution to the Russian-Ukraine conflict had shored up the common currency, only for Ukraine's prime minister to dismiss the proposal outlined by President Vladimir Putin. The Swedish crown rose against the euro after the Riksbank kept interest rates unchanged as expected and did not push back the timing of its first rate hike as some in the market had anticipated. Overall, the focus was on the euro before the ECB rate decision at 1145 GMT and President Mario Draghi's press conference 45 minutes later. The euro has already fallen a long way, dropping from a high of $1.3701 on July 1 to $1.3110 on Tuesday. It last fetched $1.3138, down 0.1 per cent. "The euro's downtrend is intact," said Niels Christensen, FX strategist at Nordea.

"But given a lot of the dovishness from the ECB has already been priced in there is a risk of a bounce if the ECB does not live up to expectations. Nevertheless, investors will look at upticks to initiate fresh short positions." Traders said some euro bears were just taking a breather due to uncertainty over whether the ECB will actually deliver a fresh round of policy stimulus or simply lay the groundwork to act at a later date. The euro could bounce to as high as around $1.3250 if the ECB holds off from any more easing, said Masafumi Yamamoto, market strategist for Praevidentia Strategy in Tokyo. "I don't think there is a need to lower interest rates just yet," he said, adding that while inflation in the euro zone has been slowing, the ECB will probably wait to see how the TLTRO plays out. The first TLTRO operation, the ECB's bank funding plan unveiled in June, is set for Sept. 18.

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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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DAILY FOREX REPORT FROM RESEARCH VIA 01/SEP/2014

MARKET HEADLINES

• Euro falls to near 21-month low vs Swiss franc
  The euro fell to its lowest in nearly 21 months against the Swiss franc on Thursday amid speculation that the European Central Bank will ease monetary policy in coming months, possibly by quantitative easing. The euro fell to 1.20595 francs on trading platform EBS, its lowest since early December 2012 and down 0.1 percent on the day. Before the latest speculation about the ECB, the Swiss franc had been rising due to safe-haven inflows amid renewed tensions between Russia and Ukraine. A sustained drop in the euro could test the Swiss National Bank's three-year old pledge to cap the franc at 1.20 per euro. "The likelihood of the ECB taking further measures is increasing, should long-term inflation expectations fall further," said Esther Reichelt, currency strategist at Commerzbank. "This is exerting downward pressure on euro/Swiss franc. So long as such speculation persists, it will be difficult for it to recover on a sustained basis."

• Rupee volatility falls to 3-week low, but may soon spike

Rupee's one-month implied volatility fell to 6.137, lowest since August 5. But traders expect a surge in September. Key risk events include the Supreme Court ruling on coal blocks (September 1) and US employment data (September 5), say traders. September also marks the end of quarter, which typically leads to volatility as firms square books.

• Rupee recovers 7 paise against the US dollar
   The rupee recovered by 7 paise to trade at 60.38 against the US dollar in early trade today on selling of the American currency by banks and exporters amid sustained foreign capital inflows. Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas also supported the local currency, forex dealers said. Yesterday, the rupee had lost two paise to close at 60.45, nearing its four-week high levels, against the American currency on dollar demand from importers. Meanwhile, the benchmark BSE Sensex rose 82.66 points, or 0.31 per cent, to trade at new life-time high of 26,642.81 in opening trade today. 
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DAILY FOREX REPORT FOR 25/Aug/2014

MARKET HEADLINES

• Australia shares close higher for a 7th day, up 1.4% for week Australian shares edged 0.1 per cent higher on Friday, boosted by solid earnings from Santos Ltd which supported the energy sector, though gains were tempered as some stocks traded ex-dividend. Santos jumped 3.9 per cent to A$15.16, its highest since November 2013. The S&P/ASX 200 index added 6.7 points to 5,645.6 at the close of trade, and gained 1.4 per cent for the week, climbing for a second week. The benchmark posted its seventh consecutive session of gains, its longest such streak since mid-July. New Zealand's benchmark NZX 50 index added 0.3 per cent, or 14.1 points to 5,167.0.

• Rupee hits 3-week high on S&P's fiscal deficit talk The rupee strengthened on Friday to a three-week high against the dollar after Bloomberg quoted an analyst at Standard & Poor's calling the government's target to lower the fiscal deficit a positive for the country's ratings. "The fiscal policy stance has been a constraining factor for India's sovereign ratings for some time," Bloomberg quoted S&P's associate director of sovereign ratings, Agost Benard, as saying. "If authorities can deliver on their fiscal goals resulting in a lower debt and interest burden that would benefit India's credit fundamentals," he was also quoted as saying. "If authorities can deliver on their fiscal goals resulting in a lower debt and interest burden that would benefit India's credit fundamentals," he was also quoted as saying. The partially convertible rupee rose to as high as 60.3750 per dollar, its strongest level since July 31, but had eased to 60.45/46 by 12:33 pm. It closed at 60.61/62 on Thursday.The government has a fiscal deficit target of 4.1 per cent of gross domestic product for the year ending in March 2015.  

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DAILY FOREX REPORT FROM RESEARCH VIA 5/Aug/2014

MARKET HEADLINES

• Rupee gains 29 paise against US dollar The rupee recovered from over four-month low by strengthening 29 paise to 60.89 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency. Forex dealers said a higher opening in the domestic equity market also supported the rupee but the dollar's gain against other currencies overseas limited the rise. The domestic currency had lost 63 paise to close at over four-month low of 61.18 against the dollar in Friday's trade on weakness in global stock markets and a strong US currency overseas. Meanwhile, the benchmark BSE Sensex recovered by 128.14 points, or 0.50 per cent, to 25,608.98 in early trade today.
• Euro slips in Asia on Portugal bank bailout The euro slipped against the dollar in Asia on Monday following news of a bailout for a crisis-hit Portuguese bank, while the dollar held steady after falling on US jobs data. Portugal's central bank announced late Sunday that the nation will inject 4.4 billion euros ($5.9 billion) into the Banco Espirito Santo (BES) amid fears of a catastrophic bank run. The euro bought $1.3421 in Asia on Monday, down from $1.3430 in US trade late Friday, while fetching 137.80 yen against 137.75 yen. The dollar was at 102.66 yen compared with 102.60 yen in New York on Friday. The dollar slipped on Friday after US jobs data for July turned out to be solid but not strong enough to boost inflation expectations. Stocks were lacklustre Monday, weighed down by concerns over the impact of stricter sanctions on Russia on European economies and the situation surrounding the BES, said Yoshihiro Okumura, general manager of research at Chibagin Asset Management. "European risk is having an impact on the broader market," Okumura told Dow Jones Newswires. BES, Portugal's third-largest banking group, will be split into two entities, with its toxic assets isolated and its healthier assets regrouped in a new Novo Banco, national bank governor Carlos Costa said late Sunday. The market focus is now shifting to Thursday's monthly meeting of the European Central Bank (ECB), although it is widely expected to hold fire on new policy action despite a lingering threat of eurozone deflation and geopolitical risks. "The ECB might be enjoying a summer lull, eventually, with no hints of new action expected" at the upcoming meeting, Credit Agricole said in a note. The Bank of Japan (BoJ) is also scheduled to hold a two-day policy meeting later this week.

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DAILY FOREX REPORT FROM RESEARCH VIA 28/7/2014

MARKET HEADLINES

• Rupee ends slightly weaker after hitting 1-1/2 week high  
  The rupee ended weaker on Thursday, retreating from a more than one-week high hit earlier in the session on the back of month-end dollar demand from importers and possible intervention by the RBI. The rupee had inititally gained on sustained foreign fund inflows into the stock and debt markets and after India on Wednesday allowed foreign institutional investors to hold more government debt while reducing the portion available to long-term investors. But that was not enough to sustain the gains given heavy dollar buying by state-run banks to meet month-end import payment demands of clients, with some traders citing potential dollar buying by the Reserve Bank of India."There was good dollar selling by foreign banks at every level while there was good bidding from the state-run banks," said A. Ajith Kumar, a foreign exchange dealer with Federal BankBSE -4.44 %. "We are likely to continue seeing a 59.80 to 60.50 range for some more . The partially convertible rupee closed at 60.12/13 per dollar, compared with 60.0925/1025 on Wednesday. The unit hit 59.98 during the session, its strongest since July 14. Overseas buying of shares and debt continued with inflows of $139.5 million and $136.2 million respectively on Wednesday, taking total investments across the two segments to $24.97 billion so far in 2014. Foreign buying is helping prop up share markets, which rose to record highs on Thursday. In the offshore non-deliverable forwards, the one-month contract was at 60.32 while the three-month was at 60.79.
• China's yuan breaks three-day rising streak, guided by weakermidpoint  
  China's yuan snapped a three-day firming streak on Friday, after the central bank set a weaker midpoint for the third consecutive day in line with global strength in the dollar. Spot yuan changed hands at 6.1960 per dollar near midday, down 0.02 per cent from Thursday's close at 6.1949. The yuan hit a three-month high on Thursday. The People's Bank of China ( PBOC) fixed the official midpoint at 6.1597, down 0.03 per cent from the previous day's 6.1579. It is the lowest level in more than two weeks. "We saw some big banks bidding dollars in the morning, but we didn't see any corporate demand for dollars," said a trader at a Chinese bank in Shanghai. "The yuan will strengthen gradually in the coming months supported by both China's economic fundamentals and technical analysis," the trader said. China's factory sector turned in its best performance in five months in May, a preliminary HSBC survey showed on Thursday, though overall manufacturing growth still contracted slightly. The world's second-largest economy grew faster than expected in the second quarter as a burst of government stimulus paid dividends and recovered from an 18-month low growth rate in the first quarter. Traders said the central bank has stayed on the sidelines for quite some time after the sharp weakness of the yuan it engineered at the beginning of the year, and the current FX level seemed comfortable to the regulator.

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DAILY DERIVATIVE ANALYSIS 25/JULY/2014

India Indices- On Thursday market Nifty Index opened up with +0.05 points at 7796.25 in positive from the previous day closing at 7795.75 and closed in positive at 7830.60. Nifty opened up with the day low of 7771.65, At this level we saw normal movement in Nifty and the full day we saw continuous buying in Nifty and near the closing of the market Nifty spot traded with the life time high 7835.65 and closed positive at 7830.60 with +0.45%, +34.85 points up. And the full day Nifty Index traded between 7835.65-7771.65. At the end of the day Nifty futures Gained +0.53%, +41.35 points up to close at 7832.90 from the previous day closing at 7791.55 with premium of +2.30 points and percent change in open interest of +3.38%.

Bank Nifty –Bank Nifty index opened Gap up at 15471.35 with +8.35 points up from the previous day closing at 15463.00. Bank Index opened positive with the same day low of 15410.20, From the opening to the closing we saw continuous buying in Bank Index and near the closing of the market Bank Index traded with the day high of 15559.10 and closed in positive at 15534.35 with +0.46%, +71.35 points up, and the full day Bank Nifty Index traded between 15559.10-15410.20. At the end of the market day Bank Nifty futures Gained +0.48%, +74.70 points up to close at 15569.30 from the previous day closing at 15494.60 with the daily premium of 34.95 points and percent change in open interest of -1.34%.

Nifty Futures- Nifty futures opened negative at 7788.90 with -2.65 points down from the previous day closing at 7791.55. Nifty opened negative with the day low of 7762.90 but the full day we saw continuous buying in Nifty and near the closing of the market Nifty traded with the day high of 7839.00 and closed positive at 7832.90 with +0.53%, +41.35 points up. And the full day Nifty Futures traded between 7839.00-7762.90. At the end of the day Nifty futures Gained +0.53%, +41.35 points up to close at 7832.90 from the previous day closing at 7791.55 with premium of +2.30 points and percent change in open interest of +3.38%.

DAILY PIVOTS

INDEX	S2	S1	PP	R1	R2
NIFTY	7749	7790	7813	7854	7877
BANKNIFTY	15352	15443	15501	15592	15650
SENSEX	25999	26135	26214	26350	26429

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DAILY FOREX REPORT FROM RESEARCH VIA 22/july/2014

MARKET HEADLINES

• Major currencies eerily calm as geopolitical risk lingers The dollar got off to a steady start on Monday as some calm returned to markets following an initial bout of risk aversion stemming from a flare up in geopolitical tensions. The downing of a Malaysian airliner in eastern Ukraine last week and fighting in Gaza still dominated the headlines, but developments over the weekend did not bring any fresh jitters. The dollar index was unchanged at 80.513, having retreated from a one-month peak last Friday when the euro bounced off a five-month trough of $1.3491. Traders said buying interest below $1.3500 helped squeeze the euro higher. The common currency should see solid support at $1.3460/80, an area that had provided a floor on several occasions in the past 10 months or so. The calmer market mood kept the safe-haven yen pinned down. The greenback was at 101.35 after rebounding from a one-week low of 101.09. The euro stood at 137.14 yen, off a five-month trough of 136.71. "Our sense remains that at least for the moment, markets will likely continue to treat geopolitical events as localized risks and not "macro" destabilising events," analysts at JPMorgan wrote in a note to clients. The Antipodean currencies also recovered some of their recent losses, with the New Zealand dollar briefly popping above 87 US cents in early trade from Friday's low of $0.8649. New Zealand's central bank is widely expected to lift its cash rate to a 5-1/2 year high of 3.5 per cent on Thursday, but some analysts suspect the central bank will signal a pause to the tightening cycle. With Japanese financial markets closed on Monday for a public holiday, traders suspect the major currencies will traipse in a narrow range. There is no key economic data out of Asia.
• South Korea won rises, stocks touch a 2014 peak before endingflat The South Korean won edged up on Monday as foreign investors sold dollars as worry about global geopolitical tensions appeared to ease, while stocks ended flat. The local currency closed up 0.26 percent at 1,026.8 against the dollar versus Friday's close of 1,029.5. The won was at its strongest in five days. The Korea Composite Stock Price Index (KOSPI) was quoted at 2,018.50 points at the end of Monday's session, down 0.05 percent from Friday's onshore close at 2,019.42. The KOSPI reached its year-to-date high of 2,030.61 before midday but reversed earlier gains as the session wore on in the absence of major cues. Institutions sold a net 134 billion won ($130.53 million) of KOSPI shares, selling for 15 consecutive sessions and edging out gains from foreign investors, who purchased a net 177 billion won ($172.41 million). LG Chem LtdBSE 0.00 % fell 4.2 percentages after a 43 percent decline in second quarter earnings was announced on Friday.

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DAILY FOREX REPORT 18/JULY/2014

MARKET HEADLINES

• US dollar recedes in Asia after recent pick-up The dollar retreated in Asia Thursday after rallying in the previous session in response to an upbeat US Federal Reserve economic report and better-than-expected Chinese growth figures. In midday Tokyo trading, the greenback fetched 101.52 yen, against 101.69 yen in New York Wednesday. The euro edged up to $1.3539 from $1.3524, while the single currency slipped to 137.36 yen from 137.55 yen in US trade. The greenback had been enjoying some buying in recent days thanks to a generally upbeat outlook and healthy earnings reports that had also helped push stock markets higher. On Wednesday, the Fed's regional Beige Book report said the US economy continued to pick up steam, with all 12 economic regions of the country showing growth in the six weeks to July 7 -- marking the second report in a row to do so. It is also the latest evidence the US economy is picking up steam after unusually cold weather depressed activity in the first quarter. A day earlier Fed chief Janet Yellen suggested interest rates could rise earlier than expected if the economy continues to pick up pace. In China official data showed the world's number two economy expanded 7.5 per cent year on year in the April-June quarter, better than the 7.4 percent in the previous three months and beating forecasts of 7.4 per cent. Attention will now turn to the release of US data, including on jobless claims and housing starts. "It is mainly a US data focus tonight, but fairly steady outcomes are anticipated," National Australia Bank said in a research note.
• Yuan edges up after China posts slightly stronger-than-expectedQ2growth The yuan edged up against the dollar on Wednesday after China's economic growth for the second quarter came in moderately better than expected, helping to offset a weaker central bank midpoint. Spot yuan stood at 6.2066 by midday, up 0.02 per cent from Tuesday's close. "The slightly better-than-expected GDP figures help to reinforce market participants' stance on going long on the yuan for now," said a trader from an Asian bank in Shanghai. China's economy grew 7.5 per cent between April and June from a year earlier, slightly above expectations and quickening from the 7.4 per cent pace in the first quarter, reinforcing hopes that a recovery is under way after a flurry of government stimulus measures. With market anticipation of yuan appreciation rising recently due to China's improving economic data, the People's Bank of China (PBOC) appeared to have acted to dampen excessive bullish sentiment on the Chinese currency. On Wednesday, the PBOC fixed its midpoint 0.07 per cent weaker at 6.1535 per dollar, a move seen largely in line with a strengthening in the U.S. currency in global markets. The dollar index rose 0.25 per cent overnight and clung to modest gains early on Wednesday after bulls latched onto a comment by the head of the Federal Reserve that rates could raise sooner if employment continued to improve.

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DAILY FOREX REPORT 8/july/2014

MARKET HEADLINES

• Euro struggles after German data, nears 2-year low vs sterling The euro fell on Monday, hitting a 22-month trough against the British pound, after weak German industrial data highlighted the divergent economic prospects between the euro zone and those of its biggest trading partners. German industrial output fell 1.8 per cent on the month in May, its biggest drop in more than two years, and surprised most who had forecast an unchanged reading. It kept alive expectations that the European Central Bank would have to loosen monetary policy further in coming months in the face of disinflationary pressures and subdued economic growth. In contrast, the Bank of England is expected to tighten policy before the end of this year or early next year. Investors have also brought forward the timing of the first rate hike by the U.S. Federal Reserve to the middle of 2015 after a stellar jobs report last week. That helped the dollar index trade near its highest in nearly two weeks, at 80.359. The euro was down 0.1 per cent at $1.3576, its lowest since July 26, while it fell to a 22-month low against the pound of 79.14 pence after the German data. "The German data was a bit weak and in line with recent euro zone data. This will add to selling pressure in the euro in the near term," said Yujiro Goto, currency analyst at Nomura. He expected euro/dollar to drift lower, especially in light of last week's U.S. jobs data. The strong non-farm payrolls report prompted traders to slightly increase bets that the Fed will lift rates in June next year.
• Dollar creeps higher as equities prepare for earnings The dollar was on its strongest run since late October on Monday as the momentum of last week's stellar U.S. jobs data carried markets towards what will be a crucial earnings season for record high shares. Weak manufacturing data from Germany took the wind out of European shares and the euro in early trading, but for the most part moves were minor and there was little reaction from the region's bond markets. The dollar, meanwhile, was up for its fifth straight day against a basket of other major currencies - its longest streak of gains since October - supported by the steady climb in U.S. bond yields since last week's robust U.S. jobs report. "Overall the dollar is a bit stronger and that will remain in place over the next week," said Vasileios Gkionakis Global Head of FX Strategy for UniCredit in London. "Rates in the U.S. are going to grind higher, dollar/yen is going to grind higher and probably in the next week or two against the euro as well." German industrial output fell 1.8 per cent on the month in May, its biggest drop in more than 2 years, confounding expectations of unchanged industrial output in Europe's powerhouse.  
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