Buy JPYINR Apr @ 55.4 SL 55.2 TGT 55.6-55.8. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.79-82.97.
Rupee closed stronger aided by an uptick in most of its Asian peers.
US fed signals rate cuts in 2024, but progress towards 2% inflation target uncertainty
Private businesses in US hired 140K workers in February 2024, following an upwardly revised 111K in January
SELL USDINR MAR @ 82.95 SL 83.05 TGT 82.85-82.75.
EURINR
Observations
EURINR trading range for the day is 89.95-90.31.
Euro gains as investors turned their attention to the European Central Bank's upcoming monetary policy meeting
Germany's trade surplus increased to EUR 27.5 billion in January 2024
Eurozone Construction PM rose to 42.9 in February 2024 from 41.3 in January
SELL EURINR MAR @ 90.3 SL 90.5 TGT 90.1-89.9.
GBPINR
Observations
GBPINR trading range for the day is 105.13-105.65.
GBP gains amid uptick in British private sector activity for February
The S&P Global UK Manufacturing PMI was revised up to 47.5 in February 2024, the highest in ten months
Investors are eyeing the possibility of an initial rate cut by the Bank of England in August.
SELL GBPINR MAR @ 105.5 SL 105.8 TGT 105.2-105.
JPYINR
Observations
JPYINR trading range for the day is 55.82-56.24.
JPY gains as the Tokyo CPI rebounded from a 22-month low in February
Investors seem convinced that another bumper pay hike this year should allow the BoJ to end its ultra-loose policy settings.
The BoJ is expected to revise down its assessment on consumption and factory output this month.
BUY JPYINR APR @ 55.4 SL 55.2 TGT 55.6-55.8.
