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Forex Flash: Selling 1 month NDF USD/INR, target at 52.00 - Westpac

By FXstreet.com,  January 10, 2013, 09:44:00 PM EDT

FXstreet.com (Barcelona) - Westpac has activated a short position on the US Dollar vs the Indian Rupee, selling 1 month NDF at 54.68 and looking to sell more on a retest of 55.50 area. "Our stop would be just below the 56.00 level, with downside target a move back to the high 52.00 region" said Jonathan Cavenagh, FX strategist at Westpac.

In summary, Mr. Cavenagh adds: "We feel the broader Asian FX environment is going to remain positive into end January. This, combined with some positive INR specific factors, should help deliver a decent correction lower in USD/INR over this period."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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