Sell EURINR Feb @ 91.3 SL 91.6 TGT 91-90.7 - Kedia Advisory
USDINR
SELL USDINR FEB @ 87.65 SL 87.8 TGT 87.5-87.4.
Observations
USDINR trading range for the day is 87.1-87.88.
Rupee remains under pressure due to increased risk aversion following rising trade tensions between the US and China.
India Services PMI was revised lower to 56.5 in January 2025, down from 56.8 in the preliminary estimates
India Composite PMI stood at 57.7 in January 2025, below the flash reading of 57.9 and December's figure of 59.2
EURINR
SELL EURINR FEB @ 91.3 SL 91.6 TGT 91-90.7.
Observations
EURINR trading range for the day is 90.22-91.88.
Euro strengthened as dollar weakened, with investors reacting to the potential economic impact of President Trump's trade tariffs.
The euro zone's beleaguered manufacturing industry showed some signs of stabilisation at the start of the year.
Euro zone inflation accelerated but remained on an anticipated course that could let the ECB cut interest rates further.
GBPINR
SELL GBPINR FEB @ 109.8 SL 110.1 TGT 109.5-109.2.
Observations
GBPINR trading range for the day is 108.15-110.65.
GBP gains driven by a weaker dollar and investor focus on the Bank of England’s upcoming decision on Thursday
Expectations for BoE rate cuts have increased, with markets now pricing a 95% chance of a 25bps cut to 4.5% on Thursday.
The S&P Global Flash UK Manufacturing PMI increased to 48.2 in January 2025 from 47 in December 2024
JPYINR
BUY JPYINR FEB @ 57.8 SL 57.6 TGT 58-58.2.
Observations
JPYINR trading range for the day is 56.81-58.59.
JPY gains as strong wage and services data bolstered expectations of a more hawkish stance from the Bank of Japan.
Japan's services PMI for January was revised upward to 53, from a flash reading of 52.7.
Data revealed that real wages in Japan rose for the second consecutive month in December
