Buy EURINR OCT @ 87.7 SL 87.5 TGT 87.95-88.1 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.21-83.37.
Rupee traded in a narrow range after RBI kept its benchmark policy repo at 6.5 percent for the fourth consecutive meeting
US nonfarm payrolls increased by 336K in September, the most in 8 months, compared to an upwardly revised 227K in August
The S&P Global India Services PMI increased to 61.0 in September 2023 from 60.1 in August, beating market forecasts of 59.5
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12.
EURINR
Observation
EURINR trading range for the day is 87.73-88.19.
Euro edged up as investors digested remarks from several ECB officials and a set of US labor market data.
Euro zone economy likely contracted in Q3 amid waning demand
HSBC lifts 2023 euro zone growth forecast to 0.5% on economic resilience
BUY EURINR OCT @ 87.7 SL 87.5 TGT 87.95-88.1.
GBPINR
Observation
GBPINR trading range for the day is 101.23-102.03.
GBP ticked higher as traders continue to digest the possibility that BOE might be done with its most extensive rate-hiking cycle
The Halifax House Price Index dropped by 4.7% yoy in September 2023
Traders are now placing a 73% chance of no change in rates at the Bank of England's next policy meeting on November 2
BUY GBPINR OCT @ 101.3 SL 101.05 TGT 101.6-101.8
JPYINR
Observation
JPYINR trading range for the day is 55.94-56.38.
JPY dropped despite weaker-than-expected US jobs data which lowered the odds that Fed would raise interest rates
Reserve assets in Japan fell to $1.237 trillion in September 2023 from $1.251 trillion in August
Household spending in Japan declined in real terms by 2.5% yoy in August 2023
BUY JPYINR OCT @ 55.7 SL 55.5 TGT 55.95-56.15
