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Published on 22/07/2019 9:43:10 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 22 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 68.62-69.15.

* Rupee gained as bets on a likely Fed rate cut later this month hardened following dovish comments from Fed officials, leading to a weak greenback.

* Dovish comments from New York Fed President John Williams and Fed Vice Chairman Richard Clarida supported a rate cut strongly.

* Investors now price in with certainty that the Fed would opt to cut interest rates by 25 basis points at its July 30-31 policy meeting.

 

EURINR

* EURINR trading range for the day is 77.3-77.78.

* Euro prices gained amid a decline of the US Dollar across the board after comments from Fed’s Williams.

* In Europe, expectations are high for a 10 basis point cut as Mario Draghi hosts one of his final rate meetings at the bank with his term is set to conclude in November.

* In the US, the Federal Reserve is expected to cut rates for the first time in over a decade to the tune of 25 basis points

 

GBPINR

* GBPINR trading range for the day is 86.06-86.71.

* GBP prices gained after the EU’s chief Brexit negotiator hinted that an alternative plan for managing the Irish border may be developed

* House of Commons passed an amendment that restricts the new PM from suspending the UK Parliament before Brexit.

* Increasing odds for a solution to the Irish border adds strength to Brexit optimism.

 

JPYINR

* JPYINR trading range for the day is 63.83-64.25.

* JPY gained as U.S. dollar stayed weak on expectations the Federal Reserve will cut interest rate later this month.

* Worries about weak housing market data and continued uncertainty about U.S.-China trade negotiations weighed on the dollar.

* The all industry activity index rose 0.3 percent month-on-month in May, slower than 0.8 percent rise in April.

 

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