Published on 19/07/2019 10:47:06 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 19 July 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 68.67-69.24.

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

* The International Monetary Fund (IMF) said the greenback was overvalued by 6% to 12%, based on near-term economic fundamentals.

* The Fed is widely expected to lower interest rates by 25 basis points at its July 30-31 monetary policy meeting, with few expecting a larger 50 bps cut.



* EURINR trading range for the day is 77.27-77.76.

* Euro traded in range as it was restrained by expectations of easing from the European Central Bank as early as next week.

* Eurozone construction output declined for the third straight month in May, data from Eurostat showed.

* Italy's industrial orders rose in May after falling in the previous month, figures from Istat showed.



* GBPINR trading range for the day is 85.42-86.66.

* GBP gained after stronger-than-expected retail sales numbers and as traders betting against the currency took some profits following this week’s plunge

* With economic data also showing the UK economy struggling, putting more pressure on the Bank of England to ease monetary policy.

* The hard Brexit risk was boosted when both Johnson and Hunt said they would not accept the so-called Northern Irish backstop in Theresa May’s proposed Brexit agreement.



* JPYINR trading range for the day is 63.66-64.32.

* JPY remained supported as the dollar slipped as risk aversion in the broader markets pushed benchmark U.S. yields to a nine-day low.

* Expectations have risen sharply that the Bank of Japan's next policy move will be to ease further.

* Japan posted a merchandise trade surplus of 589.5 billion yen in June, the Ministry of Finance said


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