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Published on 23/07/2019 10:32:38 AM | Source: LKP Securities Ltd

Currency Trading Ideas 23 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 68.83-69.18.

* Rupee traded in range on selling by exporters but oil bids and a strong greenback may support.

* The Reserve Bank of India’s change in monetary policy stance effectively equates to an additional 25-basis-point (bps) rate cut, Governor Shaktikanta Das said.

* The comments fueled market speculation over whether the central bank is nearing an end to its current rate-cutting cycle, after three moves this year.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUL 2019 @ 68.98 SL 68.85 TGT 69.12-69.22. NSE

 

EURINR

* EURINR trading range for the day is 77.16-77.75.

* Euro traded in range as dollar seen supported as investors tempered their expectations for deep U.S. interest rate cuts this month

* Italy's current account surplus increased in May from previous year, data from Bank of Italy showed.

* The euro area current account surplus increased in May, data from the European Central Bank showed.

* 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 85.66-86.64.

* GBP trading in range as traders were still focused on the growing risks of a no-deal Brexit.

* The UK budget deficit widened to the highest June level in four years on bigger government spending, the Office for National Statistics reported.

* UK retail sales recovered unexpectedly in June suggesting that wage growth boosted household spending at the end of the second quarter.

* 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 63.64-64.26.

* JPY traded in range as the dollar rose as fears of a larger-than-expected 50-basis-point interest rate cut in July abated.

* BOJ Kuroda: Important for public to have confidence in Central Banks

* BOJ Kuroda: Seeking price stability with no political pressure

* 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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