Sell JPYINR Aug @ 57.4 SL 57.6 TGT 57.2-57 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.81-83.99.
Rupee closed stronger aided by a rally in Asian currencies that helped the local unit touch its highest in two weeks.
A dovish tone from Fed officials may spur an uptick given that the Indian central bank is broadly expected to keep policy rates unchanged this year.
Dollar-rupee far forward premiums were nearly unchanged.
SELL USDINR AUG @ 83.9 SL 84 TGT 83.8-83.7.
EURINR
Observations
EURINR trading range for the day is 92.39-92.89.
Euro recovers as investors braced for a week packed with economic data and a meeting of central bankers at Jackson Hole.
Euro Area GDP grew 0.3% in Q2, unchanged from the previous period and matching preliminary estimates.
In the euro zone, traders were betting on over a 95% chance of a 25 bps European Central Bank rate cut in September.
BUY EURINR AUG @ 92.6 SL 92.4 TGT 92.8-93.
GBPINR
Observations
GBPINR trading range for the day is 108.15-108.97.
GBP gains as healthy growth in UK Retail Sales could diminish bets of a second straight BoE interest-rate cut.
The British economy expanded 0.9% year-on-year in Q2 2024, the biggest annual growth rate since Q3
Manufacturing production in the UK climbed 1.1 month-over-month in June 2024
BUY GBPINR AUG @ 108.5 SL 108.2 TGT 108.8-109.
JPYINR
Observations
JPYINR trading range for the day is 56.69-57.91.
JPY gains as the dollar weakened on an increasingly dovish outlook on Federal Reserve monetary policy.
Japan's core machinery orders, rose by 2.1% month-over-month to JPY 876.1 billion in June 2024, exceeding market estimates of 1.1%
Markets now look ahead to Japanese inflation figures later this week to gain clarity on the Bank of Japan’s monetary policy path.
SELL JPYINR AUG @ 57.4 SL 57.6 TGT 57.2-57.
