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Published on 21/08/2019 10:10:06 AM | Source: LKP Securities Ltd

Currency Trading Ideas 21 Aug 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 71.44-72.02.

* Rupee dropped to six month highs on oil importers' demand amid likely FII outflows related to Shell-Mahanagar stake sale and a strong greenback.

* The greenback gained tracking rising US Treasury yields on expectations global economies would unleash fresh stimulus.

* There are expectations policymakers around the world would unleash fresh stimulus drove an improvement in appetite for riskier assets

* RBI Reference Rate for USDINR was at 69.1713.

* SELL USDINR AUG 2019 @ 71.30 SL 71.46 TGT 71.12-70.96. NSE

 

EURINR

* EURINR trading range for the day is 79.28-79.81.

* Euro traded in range as expectations policymakers around the world would unleash fresh stimulus drove an improvement in appetite for riskier assets.

* Germany is said to be preparing fiscal stimulus measures as a contingency in the event of a crisis

* Bundesbank sees risk that Germany could see an another contraction in growth in Q3

* RBI Reference Rate for EURINR was at 77.7024.

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

 

GBPINR

* GBPINR trading range for the day is 86.26-87.21.

* GBP remained supported as investors hoped Britain and the European Union could make some progress in Brexit talks.

* UK PM Johnson says the UK will be ready to come out of the EU on October 31st, deal or no deal

* BoE Governor Carney says at this stage we do not see negative interest rates as an option in the UK.

* RBI Reference Rate for GBPINR was at 90.4756.

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

 

JPYINR

* JPYINR trading range for the day is 66.88-67.91.

* JPY remained in range as risk sentiment improved after a week of turmoil on hopes major central banks would launch fresh stimulus measures to lift their sluggish economies.

* Optimism about government action to calm U.S. recession concerns, triggered by last week’s inversion of the bond yield curve

* Japan posted a merchandise trade deficit of 249.6 billion yen in July, the Ministry of Finance said.

* RBI Reference Rate for JPYINR was at 62.52.

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

 

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