BUY JPYINR OCT @ 56.2 SL 56 TGT 56.4-56.6. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 84.03-84.15.
Rupee ended little changed as the slump in crude oil prices offset the impact of weakness in Asian peers.
Foreign investors have pulled out about $8 billion from local stocks, a sharp reversal from inflows of about $11.1 billion in September.
Consumer inflation soared to 5.5% in September, well above expectations of 5%.
SELL USDINR OCT @ 84.15 SL 84.25 TGT 84.05-83.95.
EURINR
Observations
EURINR trading range for the day is 91.53-91.95.
Euro dropped as oil prices slid, soothing fears of renewed inflation pressures
Euro zone banks see rebound in loan demand as rates fall, ECB survey shows
Germany’s wholesale prices dropped by 1.6% year-on-year in September 2024
SELL EURINR OCT @ 91.8 SL 92 TGT 91.6-91.4
GBPINR
Observations
GBPINR trading range for the day is 109.59-110.21.
GBP steadied after fresh labour data for the UK reinforced the bets the BOE will continue to cut borrowing costs.
Wage growth continued to slow and hit a fresh tow-year low in the three months to August, indicating easing pay pressures in the economy.
Inflation data and retail sales figures are also due this week and will provide further insights on price pressures and consumer strength.
SELL GBPINR OCT @ 110.2 SL 110.5 TGT 109.9-109.7
JPYINR
Observations
JPYINR trading range for the day is 55.92-56.82.
JPY dropped as the dollar rallied further on bets that Fed will take a more moderate approach to cutting interest rates.
Industrial production in Japan declined by 3.3% month-over-month in August 2024
Dovish signals from BOJ Governor Ueda and an opposition to further rate hikes by new Prime Minister Shigeru Ishiba pressured further.
BUY JPYINR OCT @ 56.2 SL 56 TGT 56.4-56.6.
