Buy EURINR Feb @ 89.4 SL 89.2 TGT 89.65-89.8 - .Kedia Advisory
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USDINR:
Observations:
USDINR trading range for the day is 82.84-83.06.
Rupee ended little changed as dollar demand from state-run banks, likely on behalf of importer clients.
Fed concerned about the risks of cutting interest rates too soon
India recorded a trade deficit of $17.5 billion in January 2024, the lowest in nine months
SELL USDINR FEB @ 83 SL 83.1 TGT 82.9-82.8.
EURINR:
Observations:
EURINR trading range for the day is 89.47-89.83
Euro remained in range as investors assessed data indicating a slowdown in wage growth across the Eurozone
ECB revealed that negotiated wage growth in the Eurozone decelerated to 4.5% in the final quarter of last year
ECB Lagarde recently stated her preference to await the outcomes of first-quarter wage agreements before considering any rate cuts.
BUY EURINR FEB @ 89.4 SL 89.2 TGT 89.65-89.8
GBPINR:
Observations:
GBPINR trading range for the day is 104.48-104.9
GBP steadied as investors digested somewhat dovish remarks from Bank of England policymakers
Governor Bailey acknowledged that investors' bets on interest rate cuts this year were not unwarranted.
Public sector net borrowing, in the UK was in surplus by £16.7 billion in January 2024
BUY GBPINR FEB @ 104.5 SL 104.2 TGT 104.8-105.
JPYINR:
Observations:
JPYINR trading range for the day is 55.24-55.52.
JPY stabilises amid fears that Japanese authorities will intervene in the markets to stem any further weakness
Japan's trade deficit narrowed sharply to JPY 1,758.311 billion in January 2024
The Reuters Tankan sentiment index for manufacturers in Japan fell sharply to -1 in February 2024
BUY JPYINR FEB @ 55.2 SL 55 TGT 55.45-55.65.
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