Buy JPYINR Sep @ 57.9 SL 57.7 TGT 58.15-58.35 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.92-84.08.
Rupee ended marginally lower amid weakness in its Asian peers and dollar demand from importers
The Indian economy retained its growth momentum in the opening quarter (April-July) of the current financial year
Investors are currently pricing in 100 bps worth of policy easing by the U.S. Federal Reserve over 2024.
SELL USDINR SEP @ 84.05 SL 84.15 TGT 83.95-83.85.
EURINR
Observations
EURINR trading range for the day is 93.52-93.98.
Euro steadied as the prospect of interest rate cuts in the US and in Europe lifted market sentiment.
German business morale fell for a third consecutive month in August, a survey showed
The GfK Consumer Climate Indicator for Germany dropped to -22.0 heading into September 2024
SELL EURINR SEP @ 93.9 SL 94.1 TGT 93.7-93.5.
GBPINR
Observations
GBPINR trading range for the day is 110.29-111.41.
GBP gains due to UK economy strength and dovish comments from Federal Reserve Chair Jerome Powell.
Stronger-than-expected economic data suggests the BoE shouldn't rush to cut interest rates.
British consumer confidence reached a three-year high in August.
SELL GBPINR SEP @ 111.4 SL 111.6 TGT 111.1-110.8.
JPYINR
Observations
JPYINR trading range for the day is 57.36-58.26.
JPY remained in range as the US dollar gained some ground, although geopolitical risks in the Middle East drove safe-haven demand
The Bank of Japan reaffirmed its commitment to raise interest rates if inflation sustainably touched the 2% target.
The index of coincident economic indicators in Japan, fell to 113.7 in June 2024 from a final 117.1 in the prior month
BUY JPYINR SEP @ 57.9 SL 57.7 TGT 58.15-58.35.
