Buy Gbpinr Apr @ 105.2 SL 104.9 TGT 105.5-105.8 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.32-83.7.
Rupee ended lower weighed down by dollar demand from local oil companies and weakness in its Asian peers.
India’s HSBC Manufacturing PMI rose to 59.1 in March from the flash estimate of 56.9
According to the CME FedWatch Tool, investors are now pricing in about a 65% odds of a rate cut by June, down from about 70%.
SELL USDINR APR @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observations
EURINR trading range for the day is 89.68-90.58.
Euro gains after an unexpected slowdown in the Eurozone inflation rate
ECB could start cutting interest rates in June as inflation may fall quicker than expected
The business environment for German carmakers and their suppliers improved noticeably in March
BUY EURINR APR @ 90.2 SL 90 TGT 90.4-90.6.
GBPINR
Observation
GBPINR trading range for the day is 104.7-105.6.
GBP gains after data showed Britain's manufacturing sector expanded in March
UK banks approved the highest number of mortgages in February since September 2022
Investors see a roughly 60% chance the BoE will cut rates by June, up from 15% at the start of March
BUY GBPINR APR @ 105.2 SL 104.9 TGT 105.5-105.8.
JPYINR
Observations
JPYINR trading range for the day is 54.95-56.05.
JPY remained in range amid speculations that Japanese authorities will intervene in the markets
The au Jibun Bank Japan Services PMI was revised lower to a seven-month high of 54.1 in March 2024
The au Jibun Bank Japan Composite PMI was revised downward to 51.7 in March 2024
SELL JPYINR APR @ 55.6 SL 55.8 TGT 55.4-55.2.
