Published on 20/09/2019 11:05:00 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 20 Sept 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 70.99-71.63.

* Rupee remained under pressure after rise in crude prices amid reports of Saudi Arabia seeking crude from Iraq to support refineries.

* Fed cut interest rates again to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs.

* India’s retail inflation rate increased to a 10-month high in August but stayed below the central bank’s 4% medium-term target



*  EURINR trading range for the day is 78.52-79.34.

*  Euro recovered on short covering after prices dropped as dollar stood tall after the U.S. Federal Reserve cut rates by 25 basis points, as expected.

* The U.S. central bank, lowered the Fed funds target rate to a range of 1.75% to 2.00% “in light of the implications of global developments for the economic outlook.”

* Eurozone inflation was stable in August at its lowest level in nearly three years, latest data from the Eurostat showed.



* GBPINR trading range for the day is 88.45-89.38.

* GBP remained in range as Prime Minister Boris Johnson stuck to his pledge to take Britain out of the European Union by Oct. 31.

* Prime Minister Johnson is required by a law passed this month to ask the EU for a three-month delay to Brexit if a deal is not approved by Oct. 19

* With less than seven weeks until the Brexit deadline, Johnson is hoping a Brexit deal can be clinched at an EU summit on Oct. 17-18.



* JPYINR trading range for the day is 65.64-66.64.

* JPY dropped as the dollar rose as oil markets slowly recovered from a supply shock

* Japan posted a merchandise trade deficit of 136.329 billion yen in August, the Ministry of Finance said.

* Japan's industrial production expanded as estimated in July, final data from the Ministry of Economy, Trade and Industry showed.


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