BUY GBPINR JAN @ 106 SL 105.7 TGT 106.3-106.5 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.15-83.59.
Rupee weakened as month-end dollar demand from oil companies pressured
India's total trade in GDP has expanded from around 15% in the early 1990s to nearly 50% in 2022.
Fitch Ratings anticipated India’s GDP growth of 6.5% during fiscal 2024–25.
SELL USDINR JAN @ 83.45 SL 83.6 TGT 83.3-83.2.
EURINR
Observations
EURINR trading range for the day is 91.7-92.56.
Euro gains buoyed by the anticipation of Fed initiating interest rate cuts in the first quarter of 2024.
Euro zone consumer confidence rose by 1.8 points in December from the November number
The European Commission said a flash estimate showed euro zone consumer morale improved to -15.1 this month
BUY EURINR JAN @ 92.2 SL 92 TGT 92.4-92.6
GBPINR
Observations
GBPINR trading range for the day is 105.73-106.37.
GBP gains as investors hope that the BoE will start its rate-cut campaign later than the Fed
The Fed is expected to cut rates sooner than the BoE.
A recession in the UK economy is highly likely.
BUY GBPINR JAN @ 106 SL 105.7 TGT 106.3-106.5
JPYINR
Observations
JPYINR trading range for the day is 58.66-58.96.
JPY settled flat as board members discussed the potential timing of exiting the central bank’s massive stimulus
Japan housing starts fall more than estimated
BOJ Governor Kazuo Ueda recently stated that the likelihood of Japan's economy getting out of the low-inflation environment.
BUY JPYINR JAN @ 58.7 SL 58.5 TGT 58.9-59.1
