Daily Forex Report By www.epicresearch.co - 16 August 2012

Daily Forex Report by www.epicresearch.co - 16 August 2012 HEADLINES: * Rupee extends losses after July trade deficit widens: Rupee fell further to 55.73/74 against its 55.34/35 close

INDORE, India (prHWY.com) August 16, 2012 - Daily Forex Report by www.epicresearch.co - 16 August 2012

HEADLINES:
* Rupee extends losses after July trade deficit widens:
Rupee fell further to 55.73/74 against its 55.34/35 close
on Monday after July's trade deficit widened from
June. India said it expects July trade deficit at $15.5
billion, which would be wider than the deficit of $10.3
billion in June. Reserve Bank of India Governor
Duvvuri Subbarao reiterated his concern about
inflation on Monday, saying it remained above comfort
level.

* Sterling hits 2-week high versus dollar after
CPI data:
Sterling rose to a two-week high against the dollar on
Tuesday after data showed annual British inflation rose
unexpectedly to 2.6 percent in July from 2.4 percent
the previous month. Sterling rose to a two-week high of
$1.5730 from around $1.5702 before the release.

TRADING TIPS
* Buy EUR/INR above
69.05 for targets of
69.17/ 69.30
Stop loss 68.90

* PAST PERFORMANCE
* Buy USD/INR above
55.47 for targets of
55.60/ 55.75
Stop loss 55.25
* Not executed

DAILY USD/INR ANALYSIS:
OPEN: 55.6100
HIGH: 55.8875
LOW: 55.6000
CLOSE: 55.8375
USD/INR LOOKS BULLISH
TREND: UPWARDS

* STRATEGY: BUY ON DIPS

DAILY EUR/INR ANALYSIS:
OPEN: 68.5215
HIGH: 69.0425
LOW: 68.5125
CLOSE: 68.9250
EUR/INR LOOKS BULLISH
TREND: UPWARDS

* STRATEGY: BUY ON DIPS
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