15-07-2024 10:32 AM | Source: Kedia Advisory
Buy JPYINR JUL @ 52.25 SL 52.05 TGT 52.5-52.7 - Kedia Advisory
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USDINR

Observations

USDINR trading range for the day is 83.48-83.62.

Rupee gains after a soft U.S. inflation reading boosted hopes of rate cuts by the Federal Reserve.

Odds of a September rate cut by the Fed rose above 90% after the data

Dollar-rupee forward premiums ticked up with the 1-year implied yield up 2 basis points at 1.68%

 

SELL USDINR JUL @ 83.65 SL 83.75 TGT 83.55-73.45.

 

EURINR

Observations

EURINR trading range for the day is 90.57-91.21.

Euro surged driven by a weakening dollar following US inflation data.

Concerns over political risks in France eased post the parliamentary elections

Germany's wholesale prices dropped by 0.6% year-on-year in June 2024

 

BUY EURINR JUL @ 90.8 SL 90.6 TGT 91-91.2.

 

GBPINR

Observations

GBPINR trading range for the day is 107.47-108.45.

GBP surged as US dollar weakened sharply after the US inflation report showed annual inflation slowed more than expected Stronger-than-expected

GDP data in the UK reduced the chances of an August rate cut

BoE chief economist Huw Pill highlighted that while the central bank is moving closer to cutting interest rates

 

SELL GBPINR JUL @ 108.6 SL 108.9 TGT 108.3-108.1

 

JPYINR

Observations

JPYINR trading range for the day is 51.61-52.89. 

JPY jumped after data showed U.S. inflation cooled a lot more than expected the previous month.

Japan top FX diplomat says authorities to take action as needed on yen

Japan industrial output growth revised higher

 

BUY JPYINR JUL @ 52.25 SL 52.05 TGT 52.5-52.7

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