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Published on 31/05/2019 10:03:13 AM | Source: LKP Securities Ltd

Currency Trading Ideas 31 May 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 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.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUN 2019 @ 69.70 SL 69.55 TGT 69.86-69.98. NSE.

 

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.

* RBI Reference Rate for EURINR was at 77.7024.

* BUY EURINR JUN 2019 @ 77.75 SL 77.55 TGT 77.95-78.20. NSE.

 

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.

*  RBI Reference Rate for GBPINR was at 90.4756.

*  BUY GBPINR JUN 2019 @ 88.20 SL 88.00 TGT 88.45-88.65. NSE.

 

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

* RBI Reference Rate for JPYINR was at 62.52.

*  BUY JPYINR JUN 2019 @ 63.45 SL 63.25 TGT 63.58-63.70. NSE.

 

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