Published on 23/01/2019 9:34:12 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 23 January 2019 - USD, EUR, GBP,JPY by Kedia Commodity Ltd

Posted in Top Stories| #Kedia Commodity Ltd #Currency Tips

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* USDINR trading range for the day is 71.09-71.76.

* Rupee dropped on dollar demand to meet likely foreign investor outflows from local stocks

* The International Monetary Fund (IMF) projected India to grow at 7.5% in 2019 amidst slowdown in the world economy.

* IMF projected that India will grow at 7.5% in 2019 and 7.7% in 2020 stating that the country will be one of the fastest growing economy in the world.



* EURINR trading range for the day is 80.92-81.46.

* Euro traded in range as dollar held near highs as investors sought the relative safety of the U.S. currency after IMF cut its forecasts for the world economy in 2019 and 2020.

* Euro zone banks expect to tighten credit standards for business and housing loans in the first quarter and experience a moderation in loan demand.

* The European Commission would not comment on the lower 2019 economic growth forecast for Italy issued by the International Monetary Fund.



* GBPINR trading range for the day is 91.45-92.79.

* GBP gained after British PM Theresa May promised to be more open with parliament in negotiating the country’s future relationship with the European Union.

* UK PM May does not rule out customs union but does not back it fully either

* My focus continues to be on what is needed to secure the support of Parliament for a deal with the EU: PM May



* JPYINR trading range for the day is 64.93-65.62.

* JPY remained firm as the Bank of Japan is widely expected to keep its policy unchanged at its upcoming meeting later in the week.

* Japanese Finance Minister Taro Aso: Market volatility high since late last year

* BoJ's Kuroda: Trade friction is the biggest risk now, BOJ will take appropriate policy as needed


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