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Published on 23/09/2019 10:56:29 AM | Source: LKP Securities Ltd

Currency Trading Ideas 23 Sept 2019 - USD, EUR, GBP, JPY by LKP Securities

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

USDINR

* USDINR trading range for the day is 70.43-71.61.

* Rupee gained after Finance Minister Nirmala Sitharaman announced a cut in corporate tax for domestic companies.

* India’s annual wholesale price inflation in August was 1.08%, government data showed, remaining unchanged from the previous month.

* Wholesale food prices in August rose 5.75% year-on-year, compared with a 4.54% rise a month earlier.

* RBI Reference Rate for USDINR was at 69.1713.

* SELL USDINR SEP 2019 @ 71.45 SL 71.55 TGT 71.35-71.25. NSE

 

EURINR

* EURINR trading range for the day is 77.84-79.29.

* Euro remained under pressure after the German economy started the third quarter on a weaker footing, the Finance Ministry said.

* The euro area would not be spared from negative spillovers under such a scenario and would see its gross domestic product cut by half a percentage point over 2020-2021.

* Germany's producer price inflation eased more than expected in August, data from Destatis revealed.

* RBI Reference Rate for EURINR was at 77.7024.

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

 

GBPINR

* GBPINR trading range for the day is 88.36-89.77.

* GBP gained after the European Union offered Brexit deal “hope.”

* European Commission President Jean-Claude Juncker said he believes a Brexit deal could be passed before the deadline.

* The Bank of England decided to maintain its interest rate and quantitative easing amid heightened uncertainty ahead of Brexit.

* RBI Reference Rate for GBPINR was at 90.4756.

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

 

JPYINR

* JPYINR trading range for the day is 65.32-66.36.

* JPY remained under pressure risk appetites ebbed on caution about U.S-China trade talks.

* Bank of Japan: Will not hesitate to add stimulus if risks rise, paying closer attention to risk of losing 2% goal momentum

* Bank of Japan: Need to pay close attention to risk of momentum to be lost. Downside risks from overseas economies seem increasing

* RBI Reference Rate for JPYINR was at 62.52.

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

 

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