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Published on 18/01/2019 10:10:02 AM | Source: LKP Securities Ltd

Currency Trading Ideas 18 January 2019 - USD, EUR, GBP, JPY by LKP Securities Ltd

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

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USDINR

* USDINR trading range for the day is 70.76-71.64.

* Rupee gained on Reserve Bank of India intervention in order to stem the volatility.

* The Reserve Bank of India relaxed offshore borrowing rules for companies and financial institutions, a move that is likely to boost the rupee exchange rate.

* The RBI's new governor Shaktikanta Das, has relaxed some measures to support growth including a one-time dispensation scheme for small borrowers.

* RBI Reference Rate for USDINR was at 71.3418.

* SELL USDINR 29 JAN 2019 @ 71.29 SL 71.42 TGT 71.15-71.02. NSE

 

EURINR

* EURINR trading range for the day is 80.78-81.61.

* Euro remained under pressure as worries about the euro zone economy dented the single currency.

* Data showed Germany barely escaped a recession in the second half of 2018

* European Central Bank chief Mario Draghi warned the euro zone economy was weaker than anticipated.

* RBI Reference Rate for EURINR was at 81.2583.

* SELL EURINR 29 JAN 2019 @ 81.20 SL 81.45 TGT 80.98-80.80. NSE

 

GBPINR

* GBPINR trading range for the day is 91.15-92.24.

* GBP steadied after British Prime Minister Theresa May’s government won a no-confidence vote in parliament. 

* Overwhelmingly, British people want us to get on with delivering on Brexit -PM Theresa May

* UK PM May is disappointed in Jeremy Corbyn but says the door to discuss Brexit is always open

* RBI Reference Rate for GBPINR was at 91.8616.

* BUY GBPINR 29 JAN 2019 @ 91.60 SL 91.30 TGT 91.98-92.30.

 

JPYINR

* JPYINR trading range for the day is 65.1-65.9.

* JPY dropped as dollar seen supported as investors awaited more cues from Fed after a growing number of its officials expressed caution about further rate hikes.

* BOJ Governor Kuroda: Need to carefully watch impact of unconventional tools # BOJ Governor Kuroda: Natural rate will decline in economic growth rate drops

* RBI Reference Rate for JPYINR was at 65.51.

* SELL JPYINR 29 JAN 2019 @ 65.40 SL 65.70 TGT 65.18-64.95. NSE

 

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