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Published on 12/07/2019 10:46:04 AM | Source: LKP Securities Ltd

Currency Trading Ideas 12 July 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 68.3-68.72.

* Rupee traded in range pressured by likely overseas inflows into local stocks and bonds but was supported by suspected intervention by the Reserve Bank of India.

* There was buying by some nationalised banks near Rs 68.50, which could be on behalf of the RBI.

* India’s government is likely to overshoot the budget deficit target previously set for the current fiscal year, three officials have warned.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUL 2019 @ 68.70 SL 68.58 TGT 68.85-68.98. NSE

 

EURINR

* EURINR trading range for the day is 77.09-77.61.

* Euro traded in range as dollar neared a three-week high as investors continued to unwind bets on deep U.S. interest rate cuts, pushing Treasury yields higher.

* Germany's industrial production and exports recovered in May, while the slump in imports continued, data from Destatis showed.

* Italy's retail sales dropped in May, data from the statistical office Istat showed.

* RBI Reference Rate for EURINR was at 77.7024.

* SELL EURINR JUL 2019 @ 78.00 SL 78.32 TGT 77.72-77.64. NSE

 

GBPINR

* GBPINR trading range for the day is 85.61-86.58.

* GBP recovered from lows as better-than-expected readings on the British economy did little to lift the gloom.

* In the latest sign of economic weakness, sales at British retailers rose at their slowest average pace on record over the past year.

* Markets are now pricing in a BoE rate cut over the next 12 months, as central banks around the world adopt an easing bias in the face of economic uncertainty.

* RBI Reference Rate for GBPINR was at 90.4756.

* SELL GBPINR JUL 2019 @ 89.10 SL 89.45 TGT 88.85-88.65. NSE

 

JPYINR

* JPYINR trading range for the day is 63.28-63.66.

* JPY traded in range on the resumption of U.S.-China trade negotiations

* Producer prices in Japan were down 0.5 percent on month in June, the Bank of Japan said.

* Japan total labor cash earnings fell for the fifth straight month in May, report from the Ministry of Health, Labor and Welfare showed.

* RBI Reference Rate for JPYINR was at 62.52.

* SELL JPYINR JUL 2019 @ 63.40 SL 63.70 TGT 63.15-63.02. NSE

 

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