Published on 7/06/2019 9:08:09 AM | Source: Kedia Commodity Ltd

Currency Trading Ideas 07 June 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 69.18-69.71.

* Rupee settled flat as likely FPI inflows into local debt offset FII outflows into local stocks.

* The central bank cut repo rate and changed policy stance to accommodative, while also slashed growth outlook.

* RBI slashed the GDP forecast for 2019-20 to 7.0% - in the range of 6.4-6.7% in H1FY20 and 7.2-7.5% in H2FY20 - from 7.2% in its April policy.



* EURINR trading range for the day is 77.87-78.43.

* Euro dropped as dollar rebounded as the day progressed, aided by the Beige Book that said economic activity expanded from April through mid-May.

* The dollar's rise was also supported by data from ISM that showed an unexpected acceleration in the pace of U.S. service sector growth in the month of May.

* Final data from IHS Markit showed that the euro area private sector expanded more than initially estimated in May, extending the current sequence of growth



* GBPINR trading range for the day is 87.88-88.6.

* GBP remained under pressure whacked by risk aversion amid the Brexit impasse.

* It is still unclear how, when or even if Britain will leave the EU almost three years since Britons voted in a referendum to part ways.

* The UK service sector growth improved more-than-expected to a three-month high in May.



* JPYINR trading range for the day is 63.99-64.51.

* JPY traded in range as sentiment soured over U.S.-Mexico talks on tariffs and immigration, fuelling broader concerns about global trade hostilities

* The monetary base in Japan was up 3.6 percent on year in May, the Bank of Japan said - coming in at 510.808 trillion yen.

* The manufacturing sector in Japan fell into contraction in May, the latest survey from Nikkei revealed with a manufacturing PMI score of 49.8.


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