Sell EURINR Feb@ 89.9 SL 90.1 TGT 89.7-89.5 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.81-83.03.
Rupee struggled on dollar demand from oil companies and other importers, and Fed's wariness over cutting interest rates early.
India Ratings expects GDP growth to slow to 6.5% in FY25
India Services PMI increased to 62.0 in February 2024 from 61.8 in the previous month
SELL USDINR FEB @ 82.95 SL 83.05 TGT 82.85-82.75.
EURINR
Observations
EURINR trading range for the day is 89.63-89.93.
Euro seen pressure amid a slowdown in the pace of the Eurozone's business activity contraction.
The Ifo Business Climate indicator for Germany was slightly up at 85.5 in February 2024
Median consumer expectations for Euro Area inflation over the next 12 months edged up to 3.3% in January of 2024
SELL EURINR FEB @ 89.9 SL 90.1 TGT 89.7-89.5.
GBPINR
Observations
GBPINR trading range for the day is 104.79-105.35.
GBP steadied as BoE policymaker cautioned about downside risks to economy.
The GfK Consumer Confidence indicator in UK unexpectedly fell to -21 in February 2024
The UK preliminary Manufacturing PMI for February came in at 47.1 versus 47.0, better than expected
SELL GBPINR FEB @ 105.2 SL 105.5 TGT 104.9-104.7.
JPYINR
Observations
JPYINR trading range for the day is 55.01-55.19.
JPY seen pressured amid the BoJ policy uncertainty and the risk-on mood.
Geopolitical risks and intervention fears to help limit the downside for the safe-haven JPY.The Fed’s higher-for-longer narrative favours the USD bulls and lends support to USD/JPY.
BUY JPYINR FEB @ 54.9 SL 54.7 TGT 55.15-55.3.
