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Published on 17/07/2019 11:30:57 AM | Source: LKP Securities Ltd

Currency Trading Ideas 17 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 68.52-68.98.

* 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 77.2-77.54.

* Euro remained in range constrained by expectations for a dovish European Central Bank meeting next week.

* Investors are more bearish on the euro, since U.S. Treasury yields look set to remain among the highest in developed markets despite future Fed rate cuts.

* 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

* 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 85.11-86.42.

* GBP remained under pressure hampered by persistent worries over Brexit.

* Poor economic data and signals from the Bank of England that it could cut interest rates instead of raising them as previously expected have also hit the pound.

* UK house prices declined for the first time this year in July, reports said citing data from property website Rightmove.

* 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 63.45-64.05.

* JPY remained in range as the dollar edged higher with its potential upside limited by expectations the Federal Reserve will cut interest rates at next week’s policy meeting.

* Investors expect the Fed to reduce its key rate by 25 basis points and make another cut in September.

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