Sell GBPINR JUN @ 106.3 SL 106.6 TGT 106-105.7. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.14-83.34.
Rupee ended slightly weaker as dollar demand from local corporates pressured the currency.
Fed’s Kashkari stated Fed should hold off on cutting interest rates until there is substantial progress on inflation
The focus this week will be on the release of U.S. personal consumption expenditure (PCE) data due on Friday.
SELL USDINR JUN @ 83.3 SL 83.4 TGT 83.2-83.1.
EURINR
Observations
EURINR trading range for the day is 90.07-90.69.
Euro remained in range as investors await the inflation surveys to seek cues on the ECB’s monetary policy outlook
Germany's wholesale prices dropped by 1.8% year-on-year in April 2024, easing from a revised 2.6% decrease in the previous month.
Easing inflation is set to raise the probability of a rate cut in June
SELL EURINR JUN @ 90.6 SL 90.8 TGT 90.4-90.2.
GBPINR
Observation
GBP surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September.
GBP gains as markets continued to assess the timing for the BOE and Fed to loosen interest rates.
British Retail Consortium noted that retail inflation in the UK fell to its lowest in two years, favoring looser policy by the BoE.
UK inflation neared the Bank of England's target in April, but did not slow as much as expected
SELL GBPINR JUN @ 106.3 SL 106.6 TGT 106-105.7.
