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WEEKLY FOREX REPORT BY EPIC RESEARCH-30 APRIL 2012
1. weekly Forex Report (30 APR 2012)
Weekly News
Indian rupee falls for 4th week; bearish bets pile up.
Dollar ends week on a down note post US GDP data.
Pound hits 2-1/2 yr high vs currencies on euro fear.
Euro pares losses after smooth Italy debt sale.
Weekly trends of the market
The euro recouped losses on Friday after a smooth Italian bond auction eased concerns over
peripheral euro zone debt markets and offset jitters sparked by a downgrade of Spain's
sovereign debt and dismal Spanish economic data. Standard & Poor's cut Spain's credit rating
to BBB-plus from A late on Thursday and gave it a negative outlook, warning it expects the
government's budget deficit to deteriorate even more than previously thought due to
economic contraction. Spanish data released Friday highlighted the extent of economic
weakness in the highly indebted country, with nearly a quarter of the nation's workforce
unemployed and retail sales falling for the 21st consecutive month.
The Indian rupee posted a fourth consecutive week of falls after ending flat on Friday, as
investors add more bearish bets on a local currency that is pricing in deep uncertainties about
the country's economic and fiscal challenges. Those challenges were most recently highlighted
by Standard & Poor's, which downgraded India's outlook to negative this week, in the latest
negative development impacting the currency. The weakening rupee has led to talk of
potential intervention from the central bank, but traders believe that is unlikely given the
country's modest foreign exchange reserves and tight liquidity conditions.
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