Buy JPYINR Jul @ 51.7 SL 51.5 TGT 51.9-52.1 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.51-83.65.
Rupee closed marginally weaker amid dollar demand from local corporates and state-run banks alongside weakness in Asian currencies.
The HSBC India Services PMI was revised higher to 60.5 in June 2024 from a flash reading of 60.4
The HSBC India Composite PMI was at 60.9 in June 2024, aligning with flash data and accelerating from May's five-month low of 60.5.
SELL USDINR JUL @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observation
EURINR trading range for the day is 89.61-90.15.
Euro gains after policy makers signaled they need more evidence that price pressures are under control.
The euro zone is "very advanced" on the disinflationary path but there remain "question marks" hanging over the outlook for economic growth
ECB's Makhlouf sees one more interest rate cut this year, two is 'too far'
BUY EURINR JUL @ 89.8 SL 89.6 TGT 90.05-90.2.
GBPINR
Observations
GBPINR trading range for the day is 105.72-106.24.
GBP strengthens against the US Dollar as Fed’s Powell seems confident that disinflation has resumed
BOE policymakers worry about stubborn inflation in the United Kingdom (UK) service sector.
The S&P Global UK Services PMI fell to 52.1 in June of 2024 from 52.9 in May
BUY GBPINR JUL @ 106 SL 105.7 TGT 106.3-106.5.
JPYINR
Observations
JPYINR trading range for the day is 51.39-52.05.
JPY dropped pinned down by stark interest rate differentials between Japan and the US.
The au Jibun Bank Japan Services PMI was revised downward to 49.4 in June 2024 from flash data of 49.8.
Traders continue to evaluate the Bank of Japan's monetary policy outlook amid a sharply depreciating Japanese Yen.
BUY JPYINR JUL @ 51.7 SL 51.5 TGT 51.9-52.1.
