Buy GBPINR May @ 105.2 SL 105 TGT 105.5-105.8 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.48-83.58.
Rupee remained in range as traders awaited the U.S. consumer inflation data for cues on when the Federal Reserve may kick off rate cuts.
The annual inflation rate in the US inched lower to 3.4% in April from a 6-month high of 3.5% in March
India's merchandise trade deficit increased to $19.1 billion in April from $15.60 billion in March
SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.
EURINR
Observation
EURINR trading range for the day is 90.14-90.52.
Euro gains as investors adjusted their expectations for interest rate cuts by major central banks.
Easing eurozone inflation creates room for rate cuts, ECB's Knot says
The ZEW Indicator of Economic Sentiment for the Euro Area rose by 3.1 points to 47 in May 2024, the highest since February 2022.
BUY EURINR MAY @ 90.3 SL 90.1 TGT 90.5-90.7.
GBPINR
Observation
GBPINR trading range for the day is 104.68-105.54.
GBP strengthened driven by a weakened dollar after Federal Reserve Chair Jerome Powell reassured no rate hikes are imminent
BoE Chief Economist Huw Pill hinted at possible rate cuts over the summer, spurring confidence.
Governor Bailey suggested future rate cuts, with traders now seeing a higher chance of a cut in June and a predicted 25 basis points reduction in August.
BUY GBPINR MAY @ 105.2 SL 105 TGT 105.5-105.8.
JPYINR
Observation
JPYINR trading range for the day is 53.26-53.86.
JPY weakened stoking fears that Japanese authorities could intervene again to support the currency.
Japan’s Suzuki said the government is coordinating with BOJ to ensure aligned policy objectives when it comes to foreign exchange.
Producer prices in Japan increased by 0.9% yoy in April 2024, holding steady for the second straight month
BUY JPYINR MAY @ 53.5 SL 53.25 TGT 53.75-54.
