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Published on 30/03/2020 10:04:33 AM | Source: Kedia Advisory

Technical Currency Outlook 30 th March 2020 - USD, EUR, GBP, JPY by Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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USDINR

* USDINR trading range for the day is 74.41-77.35.

* Rupee gained on overseas inflows into local debt after rbi cut repo rate by a sizeable 75 basis points.

* RBI slashed interest rates, following other central banks, in an emergency move to counter economic fallout from a fast-spreading coronavirus.

* Reserve Bank of India (RBI) to cut cash reserve ratio (CRR) by 100 bps to 3% for all banks.

 

EURINR

* EURINR trading range for the day is 81.72-84.5.

* Euro gained as a series of stimulus measures around the world, including a $2.2 trillion U.S. package, helped temper a rout in global markets

* ECB has no plans to deploy OMT emergency bond purchase scheme to combat coronavirus crisis

* The Ifo economic institute’s German employment barometer fell in March to its lowest level since January 2010.

 

GBPINR

* GBPINR trading range for the day is 90.73-93.63.

* GBP rallied as grim U.S. unemployment data weakened the dollar across the board.

* The Bank of England said it was prepared to take further action to limit the economic fallout from the outbreak in Britain and held benchmark rates at rock-bottom levels.

* The Bank of England kept its key interest rate at a record-low 0.1% and said it was ready to ramp up its recently expanded bond-buying programme further if needed.

 

JPYINR

* JPYINR trading range for the day is 68.03-70.31.

* JPY gained as the dollar dropped due largely to Japanese repatriating funds ahead of their fiscal year end on March

* BoJ Summary of Opinions: Can purchase more bonds up to current 80t Yen guideline

* Bank of Japan Governor Haruhiko Kuroda said unrealised losses on its holdings of exchange-traded funds (ETFs) stood around 2-3 trillion yen.

 

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