BUY GBPINR JUN @ 105.8 SL 105.5 TGT 106.1-106.4 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.33-83.61.
Rupee strengthened following a bout of dollar sales from state-run banks on behalf of merchant clients.
Fitch raises India's FY25 growth forecast but isn't that optimistic about global growth
India's disinflation process proving to be arduous thanks to stubborn food inflation: RBI Guv Das
SELL USDINR JUN @ 83.5 SL 83.6 TGT 83.36-83.25.
EURINR
Observations
EURINR trading range for the day is 89.33-89.69.
Euro remained in range as traders focus on key economic releases and important monetary policy decisions
German investor morale improves less than expected
Annual inflation rate in the Euro Area increased to 2.6% in May 2024 from 2.4% in each of the previous two months
BUY EURINR JUN @ 89.4 SL 89.2 TGT 89.6-89.8.
GBPINR
Observations
GBP surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September.
GBP dropped as investors waited for inflation figures and BOE’s interest rate decision the day after that.
BoE Survey: UK public inflation expectations for year ahead drop from 3.0% to 2.8% in May.
UK’s steady wage growth has raised concerns of persistent inflation in the services sector.
BUY GBPINR JUN @ 105.8 SL 105.5 TGT 106.1-106.4.
JPYINR
Observations
JPYINR trading range for the day is 52.87-53.47.
JPY stabilized in the aftermath of the latest BOJ policy decision as hawkish signals from the central bank head provided some support.
Japan finance minister: will continue appropriate debt management through market dialogue
Japan's core machinery orders, fell 2.9% month-on-month to 885.3 billion yen in April 2024, reversing from a 2.9% gain in March
SELL JPYINR JUN @ 53.2 SL 53.4 TGT 53-52.8.
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