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Published on 10/06/2019 10:23:52 AM | Source: LKP Securities Ltd

Currency Trading Ideas 10 June 2019 - USD, EUR, GBP, JPY by LKP Securities

Posted in Currency Report| #Currency Tips #LKP Securities Ltd

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USDINR

* USDINR trading range for the day is 69.18-69.88.

* Rupee remained dropped as pressure after bids form oil importers after crude prices continued to rise and on likely foreign portfolio outflows.

* India’s slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy.

* India’s services sector expanded at its slowest pace in seven months in April as some businesses postponed decisions and expansion plans.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUN 2019 @ 69.30 SL 69.16 TGT 69.45-69.58. NSE.

 

EURINR

* EURINR trading range for the day is 78-78.85.

* Euro held gains seen after a less dovish than expected central bank policy review.

* ECB ruled out raising interest rates in the next year and even opened the door to cutting them or buying more bonds

* ECB turned dovish as expected in June, with the bank chief Mario Draghi confirming that the bank no longer has a rate-hike bias

*  RBI Reference Rate for EURINR was at 77.7024.

* BUY EURINR JUN 2019 @ 77.75 SL 77.55 TGT 77.95-78.20. NSE.

 

GBPINR

* GBPINR trading range for the day is 87.86-89.05.

* GBP remained under pressure as investors are reluctant to take positions as they await the outcome of the Conservative party leadership contest.

* BOE Governor Mark Carney said a gradual and limited rise in interest rates may be needed in case of a smooth Brexit, in which the UK and EU agree a deal.

* The Committee is likely to have to raise interest rates further in order to keep inflation at target.

* RBI Reference Rate for GBPINR was at 90.4756.

* BUY GBPINR JUN 2019 @ 88.20 SL 88.00 TGT 88.45-88.65. NSE.

 

JPYINR

* JPYINR trading range for the day is 63.86-64.46.

* JPY traded in range as sentiment soured over U.S.-Mexico talks on tariffs and immigration, fuelling broader concerns about global trade hostilities.

* Bank of Japan raises 10-25 year JGB purchases to 200b Yen, up from 160B in last operation.

* Japanese Economy Minister Toshimitsu Motegi says that he will meet with Robert Lighthizer on June 13 to discuss trade.

* RBI Reference Rate for JPYINR was at 62.52.

* BUY JPYINR JUN 2019 @ 63.45 SL 63.25 TGT 63.58-63.70. NSE.

 

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