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Published on 11/06/2019 11:01:17 AM | Source: LKP Securities Ltd

Currency Trading Ideas 11 June 2019 - USD, EUR, GBP, JPY by LKP Securities

Posted in Top Stories| #Currency Tips #LKP Securities Ltd

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USDINR

* USDINR trading range for the day is 69.41-69.97.

* Rupee dropped on dollar buying by nationalised banks likely on behalf of oil importers.

* India’s retail inflation likely accelerated to a seven-month high in May on rising food prices, but it is expected to remain well below the RBI’s target.

* The RBI changed its stance to “accommodative” from “neutral” last week and cut interest rates for the third time in a row

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUN 2019 @ 69.30 SL 69.16 TGT 69.45-69.58. NSE

 

EURINR

* EURINR trading range for the day is 78.54-79.22.

* Euro remained supported as U.S. dollar index fell after the U.S. Department of Labor’s employment report showed that job growth slowed sharply in May.

* Germany's central bank downgraded Germany's growth projections citing lackluster exports amid trade disputes.

* Suggesting a weak start to the second quarter, Germany's industrial production and exports declined more-than-expected in April as global trade disputes.

* RBI Reference Rate for EURINR was at 77.7024.

* BUY EURINR JUN 2019 @ 77.75 SL 77.55 TGT 77.95-78.20.

 

GBPINR

* GBPINR trading range for the day is 88.27-88.81.

* GBP remained in range after weak U.S. jobs data weighed on the dollar and bolstered the case for a Federal Reserve interest rate cut.

* The opposition Labour Party beat off the insurgent Brexit Party - which has sought to seize on anger with mainstream parties by pushing for a no-deal Brexit

* UK house prices increased for the second straight month in May, but the pace of growth slowed from April.

* RBI Reference Rate for GBPINR was at 90.4756.

* BUY GBPINR JUN 2019 @ 88.20 SL 88.00 TGT 88.45-88.65. NSE

 

JPYINR

* JPYINR trading range for the day is 63.97-64.44.

* JPY traded in range as dollar dropped after the Labor Department's employment report showed that job growth slowed sharply in May.

* Japan's gross domestic product gained a seasonally adjusted 0.6 percent on quarter in the first three months of 2019, the Cabinet Office said.

* Japan had a current account surplus of 1,707.4 billion in April, the Ministry of Finance said - down 9.5 percent on year.

* RBI Reference Rate for JPYINR was at 62.52.

* BUY JPYINR JUN 2019 @ 63.45 SL 63.25 TGT 63.58-63.70. NSE

 

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