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Published on 24/05/2019 9:23:03 AM | Source: Kedia Commodity Ltd

Currency Trading Ideas 24 May 2019 - USD, EUR, GBP, JPY by Kedia Commodity

Posted in Currency Report| #Kedia Commodity Ltd #Currency Tips

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USDINR

* USDINR trading range for the day is 69.14-70.53.

* Rupee dropped as the dollar hit its highest level in a month as economic and political uncertainties swept through Europe and Asia.

* Earlier in the day Rupee rallied after vote count suggested the ruling party led National Democratic Alliance was leading in several seats across the country.

* The United States is not without its own worries a trade conflict with China being a major one investors see the greenback as a relative safe haven.

 

EURINR

* EURINR trading range for the day is 77.17-78.53.

* Euro remained under pressure as worries about a slowdown in China and eurozone and continued uncertainty over Brexit supported the dollar.

* Italy is forecast to expand less than previously estimated this year, according to the latest Economic Outlook published by the statistical office Istat.

* Eurozone consumer confidence rose more-than-expected in May to its highest level in seven months, after weakening in the previous month.

 

GBPINR

* GBPINR trading range for the day is 87.46-89.28.

* GBP dropped battered by dollar strength and growing fears that UK PM May will fail to persuade cabinet colleagues to back an amended version of her EU withdrawal deal.

* Brexit uncertainty has grown in recent weeks after the breakdown of talks between May and the opposition Labour party.

* Rejection of the deal yet again would likely pave the way for May to be replaced by a more hardline eurosceptic Tory, possibly Boris Johnson.

 

JPYINR

* JPYINR trading range for the day is 62.61-64.24.

* JPY remained in range as persistent U.S.-China trade fears and Brexit concerns fanned risk aversion BoJ's Deputy Governor Wakatabe:

* BoJ is not yet at the stage to discuss exit, will still take time to reach stable price goal

* Japan's Finance Minister Taro Aso: Want to raise sales tax in October as planned, it is needed to secure stable funds

 

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