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Published on 7/06/2019 9:49:02 AM | Source: LKP Securities Ltd

Currency Trading Ideas 7 June 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 69.18-69.71.

* 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.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUN 2019 @ 69.40 SL 69.25 TGT 69.60-69.75. NSE

 

EURINR

* 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.

* 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 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.

* 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 63.99-64.51.

* 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.

* 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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