BUY JPYINR SEP @ 58.5 SL 58.3 TGT 58.7-58.9. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.95-84.07.
Rupee ended slightly lower tracking a dip in its Asian peers but managing to hold above a key support level
The US jobs report showed that while the U.S. economy created fewer than expected jobs in August
India's forex reserves hit a fresh high of $683.99 bn: RBI data
SELL USDINR SEP @ 84.05 SL 84.15 TGT 83.95-83.78.
EURINR
Observations
EURINR trading range for the day is 92.64-92.98.
Euro dropped as investors assessed the latest economic data for hints on the magnitude of rate cuts by the ECB and the Fed.
The annual inflation rate in Germany was confirmed at 1.9% in August 2024
GDP growth in the Eurozone was revised lower to 0.2% during the second quarter.
SELL EURINR SEP @ 93 SL 93.2 TGT 92.8-92.6.
GBPINR
Observations
GBPINR trading range for the day is 109.62-110.32.
GBP remained in range as traders digest the latest labour market figures.
Wage growth in the UK slowed to 5.1%, the lowest in about two years
The unemployment rate edged down to 4.1% as expected and the British economy added 265K jobs
SELL GBPINR SEP @ 110.1 SL 110.4 TGT 109.8-109.6.
JPYINR
Observations
JPYINR trading range for the day is 58.4-58.9.
JPY remained in range ahead of key US inflation data that could offer clues on the path for expected Federal Reserve interest rate cuts.
Japan’s machine tool orders dropped 3.5% year-on-year to JPY 110,771 million in August 2024
Japan’s economy grew an annualized 2.9% in the second quarter, lower than the advance figure of 3.1% and market forecasts of 3.2%.
BUY JPYINR SEP @ 58.5 SL 58.3 TGT 58.7-58.9.
