Buy JPYINR Feb @ 55.2 SL 55 TGT 55.4-55.6 - Kedia Advisory
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USD/INR:
Observations:
USDINR trading range for the day is 83-83.2
Rupee ended slightly lower as US hotter-than-expected inflation data raised expectations that Fed will likely not cut rates until June
India’s wholesale prices rose by 0.27% year-on-year in January 2023
USD/INR 1-year forward implied drops to 1.75%, lowest since the first week of January
SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.9.
EURINR:
Observations:
EURINR trading range for the day is 88.75-89.41
Euro received downward pressure after better-than-expected CPI data.
US Dollar rose on the diminished possibility of a Fed interest rate cut in the March meeting
Traders factor in the possibility of a rate cut by the Federal Reserve in June.
BUY EURINR FEB @ 88.9 SL 88.7 TGT 89.1-89.3.
GBPINR:
Observations:
GBPINR trading range for the day is 103.59-105.49.
GBP dropped after data showed UK inflation did not accelerate in January as expected
UK’s inflation rate was unchanged at 4.0% in January 2024, holding close to November's two-year low
Factory gate prices of goods produced by UK manufacturers dropped 0.6% year-on-year in January 2024
BUY GBPINR FEB @ 104.1 SL 103.8 TGT 104.4-104.6.
JPYINR:
Observations:
JPYINR trading range for the day is 55.17-55.57.
JPY dropped as dollar rose after data showed U.S. inflation rose more than expected in January
Japan's top currency officials warned against what they described as rapid and speculative yen moves
Japan's service sector fell to 50.2 in January 2024 from an upwardly revised 51.8 in the previous month
BUY JPYINR FEB @ 55.2 SL 55 TGT 55.4-55.6.
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