budget and debt ceiling scrap. The market may become so distracted and preoccupied with these ongoing shenanigans, that expectations of tapering may soon be pushed into early next year. German Business Confidence Rises Slightly In euro-land earlier this morning, Germanys September Ifo Business Climate Index improved slightly to its highest level in a year amid higher sales expectations. Yet the market is expected to concentrate on the softer-than-expected readings in the headlines and current conditions for EUR direction. The headline rose to 107.7, but fell short of consensus of 108.2. Current conditions just fell to 111.4 from 112.0.
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Resistance is at 99.30 to 99.99. The material shall not, under any circumstances, be reproduced or distributed in whole or part without the prior written consent of 4Cast. The material in this report is based upon information which 4Cast considers to be reliable and the analysis and opinion in the material represents the view of 4Cast at the time of transmission (unless stated otherwise). Such analysis and opinion is subject to change without notice. The material is intended for use by parties knowledgeable and experienced in the financial sector and is only one source amongst others to be considered in carrying on their business or activity.
India’s forex reserves rise by $544.7 mn
The forex reserves had declined by $685.1 million in the previous week. Reuters However, in rupee term, the value of total reserve declined by Rs.514.7 billion to Rs.17,624.9 billion. The decline was because of the appreciation in the value of rupee against major global currencies, especially US dollar, British pound and Euro. The foreign currency assets, the biggest component of the forex reserves, increased by $500.5 million to $247.24 billion during the week under review.
Forex – Dollar edges higher versus yen
Dudley said that adjustments to the Fed’s USD85 billion-a-month asset purchase program “need to be anchored in an assessment of how the economy is actually performing’. The Fed said last week that it wanted to see more evidence of a sustained economic recovery before it adjusted the scale of its bond buying program. The decision surprised markets, which had been expecting a modest reduction to the bank’s stimulus program. Elsewhere, the yen was slightly lower against the euro, with EUR/JPY easing up 0.13% to 133.57.