Eoin Treacy's view

The Euro broke out against the Hungarian Forint today and while somewhat overbought in the short term a clear downward dynamic would be required to check momentum beyond a pause.

The Dollar extended its advance against South African Rand today and is now testing the ZAR14 level which has been an area of support over the last 18 months. A short-term oversold condition is evident but again a clear downward dynamic would be required to check momentum.

The US Dollar continues to trend higher in a relatively consistent manner against the Philippine Peso and a sustained move below the trend mean would be required to question medium-term potential for additional upside.

The US Dollar moved to a new recovery high against the Indian Rupee today and is now retesting its 2016 highs. The RBI has raised rates once but if it is going to defend the lows then it will have to be more aggressive.

The Nifty Index has paused below 11000 over the last couple of months and with the risk of additional Rupee weakness the potential for some further weakness cannot be ruled out.