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Published on 16/07/2019 9:59:21 AM | Source: LKP Securities Ltd

Currency Trading Ideas 16 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 68.53-68.75.

* Rupee ended with losses on buying by nationalised banks likely on behalf of oil importers amid FII outflows from local stocks.

* The greenback steadied after stronger-than-expected and yet tame US inflation data tempered the prospect of an aggressive Fed interest rate cut this year.

* India’s dominant services activity contracted for the first time in more than a year in June, dragged down by slowing new business growth.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUL 2019 @ 68.60 SL 68.48 TGT 68.75-68.85. NSE

 

EURINR

* EURINR trading range for the day is 77.4-77.65.

* Euro remained supported as dollar edged lower as stronger-than-expected U.S. inflation data failed to shake convictions that Fed will start cutting interest rates.

* Policymakers at the ECB agreed that they needed to be ready to ease the policy stance further, as uncertainties were likely to continue in the coming months

* Germany's wholesale price inflation eased to the lowest since late 2016 in June, data from Destatis revealed.

* 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 86.06-86.53.

* GBP remained in range as investors remained wary about the British currency's outlook on growing economic headwinds and political fears.

* UK banks are resilient to a worst-case disorderly Brexit, but such an event will cause significant market volatility, the Bank of England said

* Hedge funds had ramped up their short bets against the pound to their highest levels since October 2018.

* 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 63.51-63.86.

* JPY traded in range as the U.S. dollar extended losses on continued Fed-driven momentum.

* Japan's industrial production grew at a less-than-initially-estimated rate in May, final data showed.

* Japan's tertiary activity declined in May after rebounding in the previous month, data from the Ministry of Economy, Trade and Industry 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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