Sell GBPINR Aug @ 107.5 SL 107.8 TGT 107.2-107 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.41-84.61.
Rupee sank pressured by a global aversion to emerging market currencies as investors flee to safe-haven assets.
Indian rupee forward premiums surge to 14 – month high on bets of rapid Fed rate cuts
The HSBC India Services PMI was revised lower to 60.3 in July 2024 from 61.1 in preliminary estimates
SELL USDINR AUG @ 84.2 SL 84.3 TGT 84.1-84.
EURINR
Observations
EURINR trading range for the day is 90.58-92.96.
Euro rose from dollar weakness, amid concerns about the strength of the US economy following a disappointing jobs report.
Traders continue to price in at least two more rate reductions by the ECB this year, with the next likely in September.
ECB official Stournaras highlighted the potential for inflation to dip below the 2% target due to the struggling Eurozone economy
SELL EURINR AUG @ 92.2 SL 92.4 TGT 92-91.8.
GBPINR
Observations
GBPINR trading range for the day is 106.54-107.78.
GBP grapples to extend gains due to dovish sentiment surrounding the Fed’s policy stance.
The recent US labor data increased the probability of a 50-basis point Fed rate cut to 74.5% in September.
BoE Governor Bailey mentioned after the policy decision that the overall inflation trajectory is now closer to the 2% target.
SELL GBPINR AUG @ 107.5 SL 107.8 TGT 107.2-107
JPYINR
Observations
JPYINR trading range for the day is 56.17-60.73.
JPY rallied on bets that the Bank of Japan would raise interest rates further in the coming months
Markets are betting on two more rate increases this fiscal year that ends March 2025, with the next hike seen in December.
Japan coincident index highest in near 5 years
SELL JPYINR AUG @ 59.1 SL 59.35 TGT 58.8-58.6.
