Buy USDINR Aug @ 83.95 SL 83.85 TGT 84.05-84.15 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.94-84.04.
Rupee slipped pressured by a decline in its Asian peers while intervention by RBI remained intact.
Fed’s interest rate futures are currently pricing in about 100 bps worth of rate cuts over 2024, starting in September.
Dollar-rupee forward premiums slipped, with the 1-year implied yield down 2 basis points at 2.02%.
BUY USDINR AUG @ 83.95 SL 83.85 TGT 84.05-84.15.
EURINR
Observations
EURINR trading range for the day is 91.6-91.92.
Euro remained in range as investors awaited U.S. inflation data to gauge the extent of Fed’s interest rate cuts this year.
Germany's wholesale prices inched down by 0.1% year-on-year in July 2024
The German economy unexpectedly contracted 0.1% on quarter in the second quarter of 2024
SELL EURINR AUG @ 92 SL 92.2 TGT 91.7-91.5.
GBPINR
Observations
GBPINR trading range for the day is 106.94-107.28.
GBP steadied as investors await crucial economic data for insights on future monetary policy.
BoE's Mann says UK wage pressures may last for years
British employers expect to raise pay by 3% over the coming year, the lowest planned increase in two years
SELL GBPINR AUG @ 107.3 SL 107.6 TGT 107-106.8.
JPYINR
Observations
JPYINR trading range for the day is 57.04-57.38.
JPY dropped as the dollar strengthened on better-than-expected US economic data
Bank of Japan’s hawkish shift led to a rapid unwinding of yen carry trades.
BOJ Deputy Governor Shinichi Uchida saying the central bank won’t raise rates when the market is unstable.
SELL JPYINR AUG @ 57.25 SL 57.45 TGT 57.05-56.9.
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Buy Gbpinr Apr @ 105.2 SL 104.9 TGT 105.5-105.8 - Kedia Advisory