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USDINR

Observations

USDINR trading range for the day is 83.51-83.67.

Rupee closed flat even as dollar demand from local oil companies and other importers put pressure.

Fed kept the funds rate unchanged but dot-plot projections showed a sole 25bps rate cut this year

US annual inflation rate declined to 3.3% in May, below April's expectations of 3.4%

SELL USDINR JUN @ 83.65 SL 83.75 TGT 83.55-83.45.

EURINR

Observations

EURINR trading range for the day is 89.8-90.06.

Euro stabilized as traders analyze political developments in France.

ECB delivered its first rate cut in five years, but adopted a cautious approach towards additional cuts.

Consumer confidence in the Euro Area rose by 0.4 points from the previous month to -14.3 in May 2024

BUY EURINR JUN @ 89.8 SL 89.6 TGT 90-90.2.

GBP

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 remained in range as fresh data pointed to a halt in Britain's economic recovery.

The UK economy stalled in April, in line with forecasts, while industrial production and construction output fell way more than forecasts.

Labour data showed wage growth remains elevated but the unemployment rate unexpectedly rose to 4.4%.

BUY GBPINR JUN @ 106.4 SL 106.2 TGT 106.7-107.

JPYINR

Observations

JPYINR trading range for the day is 53.22-53.44.

JPY steadied despite hotter-than-expected domestic producer inflation figures

Data showed that producer prices in Japan jumped 2.4% year-on-year in May 2024, accelerating from an upwardly revised 1.1% gain in April

Investors look forward to the Bank of Japan’s policy decision, with a focus on whether the central bank will reduce its monthly bond purchases.

https://vid.investmentguruindia.com/report/2024/2024-Graph/curruncy 4.jpg