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Published on 6/11/2019 10:27:59 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 06 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 70.64-71.05

* 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 78.64-79.27.

* Euro dropped as dollar gained thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement.

* Euro area investor confidence rebounded strongly in November to its best level in five months as expectations were the highest since May.

* The euro area manufacturing sector shrank slightly less than initially estimated in October, final data from IHS Markit showed.

 

GBPINR

* GBPINR trading range for the day is 91.03-91.63.

* GBP dropped with investors' attention focused on political developments as election campaigning gets under way.

* UK PMI data showed that construction shrank for the sixth month in a row in October.

* The Brexit Party's leader Nigel Farage said that he would not stand in the election, choosing instead to campaign against Johnson's EU divorce deal.

 

JPYINR

* JPYINR trading range for the day is 64.94-65.45

* JPY dropped as the U.S. dollar rose as growing optimism around the United States and China reaching a preliminary agreement to scale back their long-drawn trade war

* BoJ's Kuroda: To keep carefully watching impact of FX on prices and economy. Desirable for forex to reflect economic fundamentals

* BoJ Governor Kuroda: Japan's domestic demand is solid, BoJ is paying close attention to downside risks

 

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