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Published on 12/06/2019 9:42:12 AM | Source: LKP Securities Ltd

Currency Trading Ideas 12 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 69.36-69.77.

* Rupee dropped on dollar buying by nationalised banks likely on behalf of oil importers.

* India’s retail inflation likely accelerated to a seven-month high in May on rising food prices, but it is expected to remain well below the RBI’s target.

* The RBI changed its stance to “accommodative” from “neutral” last week and cut interest rates for the third time in a row

* RBI Reference Rate for USDINR was at 69.1713.

* SELL USDINR JUN 2019 @ 69.70 SL 69.84 TGT 69.52-69.3

 

EURINR

* EURINR trading range for the day is 78.66-78.97.

* Euro remained under pressure as a rate cut was firmly in play if the bloc's economy stagnates again after expanding by 0.4% in the first quarter.

* European Central Bank policymakers were open to cutting interest rates should economic growth slow.

* Italy's industrial output declined at a slower rate in April, figures from Istat showed.

* 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 88.01-88.82.

* GBP dropped after data showed the British economy slowed sharply in April.

* Investors await the outcome of the Conservative party leadership contest to succeed May, who is stepping down following her failure to take Britain out of EU.

* The UK economy is set to contract in the second quarter after stockbuilding ahead of the original Brexit departure date boosted growth in the first quarter.

* 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 63.9-64.28.

* JPY eased as investors' risk appetite ticked up after the United States shelved plans to impose tariffs on Mexico.

* The M2 money stock in Japan was up 2.7 percent on year in May, the Bank of Japan said - coming in at 1,029.8 trillion yen.

* A measure of the public assessment of the Japanese economy fell unexpectedly in May, survey data from the Cabinet Office showed.

* 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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