Published on 20/01/2020 9:28:28 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 20 January 2020 - 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 70.94-71.27.

* Rupee ended with losses on buying by nationalised banks likely on behalf of oil importers.

* India’s annual retail inflation has accelerated to its highest level in more than five years, increasing the likelihood of an extended pause in the central bank’s rate cutting cycle.

* India forecast 5% growth for the current financial year, the slowest pace in 11 years, which will likely prompt the finance minister to opt for extra fiscal stimulus



* EURINR trading range for the day is 78.95-79.4.

* Euro remained in range as dollar seen supported after upbeat U.S. retail sales and jobs data

* European Central Bank policymakers revealed mild optimism regarding the euro area economic outlook in December

* Growth in the euro zone’s major economies was also forecast to be tepid.



* GBPINR trading range for the day is 91.87-93.76.

* GBP remained in range after the inflation data and money markets now see around a 57% chance of a rate cut this month compared to 49% before the inflation reading.

* The Bank of England is likely to keep borrowing costs steady on Jan. 30, the eve of Britain’s departure from the European Union

* Official data showed inflation fell to a more than three-year low of just 1.3% in December, below all expectations



* JPYINR trading range for the day is 64.4-64.83.

* JPY remained under pressure as the formal signing of the Sino-U.S. trade agreement and the recent easing of tensions in the Middle East have removed uncertainty

* Japan's Finance Minister Taro Aso: Economic impact of China-US trade deal is hard to gauge

* Japan's tertiary industry activity rose at a faster-than-expected pace in November, data from the Ministry of Economy, Trade and Industry showed.


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