Published on 23/05/2019 10:30:37 AM | Source: Kedia Commodity Ltd

Currency Trading Ideas 23 May 2019 - USD, EUR, GBP, JPY by Kedia Commodity

Posted in Currency Report| #Kedia Commodity Ltd #Currency Tips

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* USDINR trading range for the day is 69.55-69.96.

* Rupee traded in range tracking higher crude oil prices even as investors stayed cautious ahead of election results amid thin volumes.

* However, caution remains until the actual results scheduled for Thursday, and investors are refrain from making aggressive positions awaiting the same.

* The Reserve Bank of India (RBI) will remain vigilant and strive to revive growth in Asia’s third-largest economy.




EURINR trading range for the day is 77.76-78.1.

Euro remained under pressure on dollar strength and due to concerns the coming European parliamentary elections may see euroskeptic parties faring well.

Eurozone consumer confidence rose more-than-expected in May to its highest level in seven months, after weakening in the previous month.

Germany's economy is likely to lose momentum in the second quarter, according to the monthly report, published by Bundesbank.



GBPINR trading range for the day is 87.82-89.12.

GBP remained in range after Prime Minister Theresa May set out a “new deal” for Britain’s departure from the EU.

Brexit uncertainty has grown in recent weeks after the breakdown of talks between May and the opposition Labour party.

UK manufacturing orders hit its lowest level since October 2016, the Industrial Trends survey from the Confederation of British Industry showed.



JPYINR trading range for the day is 62.96-63.44.

JPY dropped as the dollar steadied on higher U.S. yields after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.

Bank of Japan board member Yutaka Harada said the central bank must ramp up monetary stimulus “without delay”

Japanese exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China.

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