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Published on 31/05/2019 10:19:20 AM | Source: Kedia Commodity Ltd

Currency Trading Ideas 31 May 2019 - USD, EUR, GBP, JPY by Kedia Commodity

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

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USDINR

* USDINR trading range for the day is 69.8-70.26.

* Rupee traded in range on month-end dollar demand by importers and tracking an overall strength in the greenback.

* Dollar also traded higher supported by risk-off sentiments following trade war concerns.

* India’s slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy.

 

EURINR

*  EURINR trading range for the day is 77.88-78.49.

*  Euro remained in range as the dollar rose even as investors focused on socking their money into bonds and gold.

*  Risks to financial stability in the euro area are rising amid a slowing global economy and escalating trade tensions, the European Central Bank warned.

*  Spain's consumer price inflation eased to the lowest level in nearly one-and-a-half years in May and retail sales grew less-than-expected in April.

 

GBPINR

* GBPINR trading range for the day is 88.3-88.87.

* GBP traded in range as investors remained sidelined amid the contest to succeed Prime Minister Theresa May.

* May’s imminent departure deepens the Brexit crisis as a new leader, who should be in place by the end of July, is likely to want a more decisive split with the bloc.

* British factories reported the biggest fall in orders this month since late 2016 after a recent push to build up stocks of goods in advance of a Brexit that never came.

 

JPYINR

* JPYINR trading range for the day is 63.66-64.19.

* JPY traded in range as the dollar edged towards a one-week high as trade tensions between China and the United States led investors to seek shelter.

* Bank of Japan to keep extremely low rates at least through the spring of 2020, is considering facility to lend ETFs it holds to investors

* Bank of Japan adjusts forward guidance, sees fiscal year 2019 core CPI at 1.1% as before. FY2019 GDP estimate is at 0.8% versus 0.9% prior.

 

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