DAILY FOREX REPORT FOR 19 SEPTEMBER 2014

MARKET HEADLINES
 

Rupee trims gains against dollar as shares trade higher
Rupee was seen trading at 61.01 against dollar versus previous close of 60.92/93. Strong gains in shares were due tocap rise. The pair's intra- day session high Rs 61.2050.
 
Nifty index was up 1.47 per cent. Asia forex fell after dovish Fed comments. Dollar index was up 0.37 per cent, its highest in four years.

Sterling dips after UK retail sales data
Sterling slipped against the dollar and the euro on Thursday, after British retail sales grew slightly less than expected in August. For the year, retail sales were up 3.9 per cent last month, slightly lower than forecasts of a 4.1 per cent rise. 

For the month, while overall sales grew 0.4 per cent, in line with forecasts, ex-fuel, sales were up 0.2 per cent, marginally below forecasts of a 0.3 per cent reading.
 
British economic data this week has been overshadowed by Thursday's referendum on Scottish independence but the pound eased to $1.6296 after the numbers, having traded at $1.6312 beforehand. It was flat against the euro, with the single currency trading at 79.05 pence, compared with 79 pence before the data was released. 

Traders said most attention was still on the Scottish vote where polls suggest that, while those wanting to stay in the union are slightly ahead, the vote is too close to call, leading to a jump in demand for options that allow investors to hedge against sharp moves over the next 24 hours.

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