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Published on 16/07/2019 9:43:43 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 16 July 2019 - USD, EUR, GBP, JPY by Kedia Commodity

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

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USDINR

* USDINR trading range for the day is 68.53-68.75

* Rupee ended with losses on buying by nationalised banks likely on behalf of oil importers amid FII outflows from local stocks.

* The greenback steadied after stronger-than-expected and yet tame US inflation data tempered the prospect of an aggressive Fed interest rate cut this year.

*  India’s dominant services activity contracted for the first time in more than a year in June, dragged down by slowing new business growth.

 

EURINR

* EURINR trading range for the day is 77.4-77.65.

* Euro remained supported as dollar edged lower as stronger-than-expected U.S. inflation data failed to shake convictions that Fed will start cutting interest rates.

* Policymakers at the ECB agreed that they needed to be ready to ease the policy stance further, as uncertainties were likely to continue in the coming months

*  Germany's wholesale price inflation eased to the lowest since late 2016 in June, data from Destatis revealed.

 

GBPINR

* GBPINR trading range for the day is 86.06-86.53.

* GBP remained in range as investors remained wary about the British currency's outlook on growing economic headwinds and political fears.

* UK banks are resilient to a worst-case disorderly Brexit, but such an event will cause significant market volatility, the Bank of England said

* Hedge funds had ramped up their short bets against the pound to their highest levels since October 2018

 

JPYINR

* JPYINR trading range for the day is 63.51-63.86

* JPY traded in range as the U.S. dollar extended losses on continued Fed-driven momentum.

* Japan's industrial production grew at a less-than-initially-estimated rate in May, final data showed.

* Japan's tertiary activity declined in May after rebounding in the previous month, data from the Ministry of Economy, Trade and Industry showed.

 

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