Published on 17/07/2019 10:00:38 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 17 July 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 68.52-68.98.

* 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 trading range for the day is 77.2-77.54.

* Euro remained in range constrained by expectations for a dovish European Central Bank meeting next week.

* Investors are more bearish on the euro, since U.S. Treasury yields look set to remain among the highest in developed markets despite future Fed rate cuts.

* 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



* GBPINR trading range for the day is 85.11-86.42.

* GBP remained under pressure hampered by persistent worries over Brexit.

* Poor economic data and signals from the Bank of England that it could cut interest rates instead of raising them as previously expected have also hit the pound.

* UK house prices declined for the first time this year in July, reports said citing data from property website Rightmove.



* JPYINR trading range for the day is 63.45-64.05.

* JPY remained in range as the dollar edged higher with its potential upside limited by expectations the Federal Reserve will cut interest rates at next week’s policy meeting.

* Investors expect the Fed to reduce its key rate by 25 basis points and make another cut in September.

* Japan's industrial production grew at a less-than-initially-estimated rate in May, final data from the Ministry of Economy, Trade and Industry showed.


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