BUY JPYINR DEC @ 57.5 SL 57.3 TGT 57.75-57.95 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.05-83.33. Rupee dropped as Fed policymakers tempered
U.S. rate cut expectations, while demand for the greenback from importers also hurt.
Indian economy to grow 6.3% in FY24 and FY25: IMF
Fed’s Goolsbee said the central bank is not pre-committing to cutting interest rates soon.
SELL USDINR DEC @ 83.25 SL 83.4 TGT 83.1-83.
EURINR
EURINR trading range for the day is 90.66-91.26.
Euro gains as traders continue to assess the monetary policy outlook and bet major central banks will start cutting interest rates next year
ECB’s Villeroy said that “we will not raise interest anymore.
ECB officials continued to push back against the market expectations for a cut in key rates in the first half of next year.
SELL EURINR DEC @ 91.3 SL 91.6 TGT 91-90.8.
GBPINR
GBPINR trading range for the day is 105-106.04.
GBP remained steady as investors turn cautious ahead of UK inflation data.
The UK inflation is seen falling further due to BoE’s tight interest rate policy.
BoE Broadbent turns spotlight on wage growth related inflation.
SELL GBPINR DEC @ 106 SL 106.3 TGT 105.6-105.5.
JPYINR
JPYINR trading range for the day is 56.88-58.86.
JPY weakened after the central bank maintained its ultra-loose monetary policy
BoJ maintained its key short-term interest rate at -0.1% and that of 10-year bond yields at around 0%
BoJ aims to achieve a price stability target of 2% in a sustainable manner, accompanied by wage increases.
BUY JPYINR DEC @ 57.5 SL 57.3 TGT 57.75-57.95
