Buy usdinr Jan@ 83.05 SL 82.95 TGT 83.18-83.3 - Kedia Advisory
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USD/INR:
Observations:
USDINR trading range for the day is 83.01-83.23.
Rupee closed stronger supported by dollar sales from foreign banks
India must sustain growth momentum, secure at least 7% growth in FY25 – RBI bulletin
A reassessment of rate cut expectations in us supported the dollar aided by strength in U.S. economic data.
BUY USDINR JAN @ 83.05 SL 82.95 TGT 83.18-83.3.
EURINR:
Observations:
EURINR trading range for the day is 90.28-90.72.
Euro dropped amid dollar strength as investors reassess their interest rate cut bets.
ECB President Lagarde indicated a probable interest rate cut in the summer, but emphasized that caution is required
Producer prices in Germany fell 8.6% year-on-year in December 2023
BUY EURINR JAN @ 90.4 SL 90.2 TGT 90.65-90.8
GBPINR:
Observations:
GBPINR trading range for the day is 105.02-105.9.
GBP drops as the UK Retail Sales contracted significantly in December.
The BoE may continue to reiterate the need for higher interest rates for longer.
There is a risk of the economy entering a recession in Q4
BUY GBPINR JAN @ 105.4 SL 105.1 TGT 105.7-105.9.
JPYINR:
Observations:
JPYINR trading range for the day is 55.88-56.48.
JPY remains under pressure following the release of domestic consumer inflation figures.
Japanese consumer inflation eases as expected and reaffirms bets for a BoJ status quo.
Reduced bets for a March Fed rate cut and rising US bond yields favour the USD bulls.
SELL JPYINR JAN @ 56.4 SL 56.6 TGT 56.2-56.
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