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
