Published on 22/07/2019 10:08:21 AM | Source: LKP Securities Ltd

Currency Trading Ideas 22 July 2019 - USD, EUR, GBP, JPY by LKP Securities

Posted in Currency Report| #Currency Tips #LKP Securities Ltd

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* 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.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUL 2019 @ 68.60 SL 68.48 TGT 68.75-68.85. NSE



* 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.

* RBI Reference Rate for EURINR was at 77.7024.

* SELL EURINR JUL 2019 @ 78.00 SL 78.32 TGT 77.72-77.64. NSE



* 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.

* RBI Reference Rate for GBPINR was at 90.4756.

* SELL GBPINR JUL 2019 @ 89.10 SL 89.45 TGT 88.85-88.65. NSE



* 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.

* RBI Reference Rate for JPYINR was at 62.52.

* SELL JPYINR JUL 2019 @ 63.40 SL 63.70 TGT 63.15-63.02. NSE



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