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Published on 5/11/2019 10:19:51 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 05 November 2019 - USD, EUR, GBP, JPY by Kedia Commodity

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

USDINR

* USDINR trading range for the day is 70.58-71.1.

* Rupee gained as foreign investors continue to buy in local equities and debt market.

* Gains seen amid optimism that China and US are moving closer towards an interim trade deal also improved sentiment.

* Foreign investors have bought a combined of over $2.06 billion in last three sessions in domestic and bond markets.

 

EURINR

* EURINR trading range for the day is 79.06-79.42.

* Euro remained in range as investors waiting to hear the first official speech from the new head of the European Central Bank.

* The dollar had tried to rally after U.S. payrolls beat expectations, but was undone by a soft manufacturing survey which left it looking heavy.

* The euro area economy grew more than expected in the third quarter, despite a global slowdown and uncertainties surrounding Brexit.

 

GBPINR

* GBPINR trading range for the day is 91.34-91.85.

* GBP remained under pressure as investors fear a full field of Brexit Party candidates could win over pro-Brexit voters from the ruling Conservatives

* Nigel Farage's announcement his Brexit Party would fight the ruling Conservatives for every seat if Britain's prime minister does not abandon his Brexit deal.

* The Purchasing Managers' Index (PMI) rose to 49.6 from 48.3 in September, its highest level since April.

 

JPYINR

* JPYINR trading range for the day is 65.33-65.62.

* JPY dropped against the dollar after a strong US monthly jobs report dented Japanese currency's safe-haven charm.

* The Bank of Japan maintained the interest rate at -0.10% unchanged, but hinted at further cuts below zero.

* Japan's manufacturing sector moved deeper into contraction in October largely due to a sharp fall in new orders, survey data from IHS Markit showed.

 

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