Published on 22/08/2019 10:14:15 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 22 Aug 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 71.29-71.81.

* Rupee gained on likely FPI, corporate inflows on expectations of a likely dovish Fed July policy meeting minutes.

* Central bankers from around the world will gather at Jackson Hole, Wyoming, with markets focused on a scheduled speech by Fed Jerome Powell.

* However, recent inversion of the US yield curve is widely hinting towards recession, boosting hopes of another Fed rate cut in September policy.



EURINR trading range for the day is 79.19-79.71.

Euro struggled to make headway against a dollar with markets mostly calm ahead of a crucial meeting of central bankers later this week.

The dollar has also been supported by talk of more spending - President Donald Trump said his administration was considering potential tax cuts

Italy’s Prime Minister Giuseppe Conte announced his resignation, with some investors believing the move made a snap general election less likely.



GBPINR trading range for the day is 86.47-87.23.

GBP gained after German chancellor Angela Merkel said the European Union would think about practical solutions to the backstop.

Prime Minister Boris Johnson’s demand that the EU reopen the Brexit divorce deal was rebuffed on Tuesday by the bloc.

Britain posted a smaller-than-expected budget surplus in July as government expenditure rose, underlining budget constraints on new Prime Minister Boris Johnson.



JPYINR trading range for the day is 66.92-67.5.

JPY dropped after Trump said he wanted to introduce new tax cuts and on reports that negotiations to agree a U.S.-Japan trade deal were making progress.

Japan posted a merchandise trade deficit of 249.6 billion yen in July, the Ministry of Finance said.

Investors looked ahead to the minutes of the Federal Reserve’s July meeting later in the day for fresh clues on the monetary policy outlook.


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