Buy GBPINR Nov @ 105.7 SL 105.4 TGT 106-106.2 - Kedia advisory
USDINR
Observations
USDINR trading range for the day is 84.16-84.42.
Rupee steadied amid renewed Dollar demand driven by strong US economic data, and US President-elect Trump’s plan on new tariffs.
However, inflows from MSCI's index rebalancing, declining US bond yields and lower crude oil prices could lift the INR in the near term.
India's economic outlook for coming months 'cautiously optimistic': Finmin Report
SELL USDINR NOV @ 84.35 SL 84.45 TGT 84.25-84.18.
EURINR
Observations
EURINR trading range for the day is 88.14-89.06.
Euro remained in range on expectations for deeper ECB rate cuts.
Euro zone business activity took a surprisingly sharp turn for the worse this month
ECB policy should not remain restrictive for too long, otherwise, price growth could fall below target – ECB’s Lane.
SELL EURINR NOV @ 88.7 SL 88.9 TGT 88.5-88.3.
GBPINR
Observations
GBPINR trading range for the day is 105.04-106.58.
GBP dropped as investors expect that the policy-easing cycle of the BoE will be slow and shallow.
BoE’s Lombardelli said she was more worried about the risk that inflation comes in higher – not lower – than the central bank has forecast.
Money markets have priced in nearly 70 basis points of more BoE interest rate reductions by the end of 2025.
BUY GBPINR NOV @ 105.7 SL 105.4 TGT 106-106.2.
JPYINR
Observations
JPYINR trading range for the day is 54.75-55.11.
JPY firm as US President-elect Trump threatened additional tariffs on China, Mexico, and Canada, dampening global risk sentiment.
BOJ Ueda recently hinted at the possibility of another interest rate hike as soon as December, citing concerns over the yen’s recent weakness.
A leading indicator of Japan's service-sector inflation held near 3% in October
BUY JPYINR NOV @ 54.9 SL 54.7 TGT 55.1-55.3
