Sell JPYINR Dec @ 56.15 SL 56.35 TGT 55.85-55.65 - Kedia advisory
USDINR
Observations
USDINR trading range for the day is 84.8-85.16.
Rupee declined hurt by a rise in U.S. bond yields and data India's merchandise trade deficit widened to a record high
India Manufacturing PMI rose to 57.4 in December 2024, accelerating from 56.5 in November.
India Services PMI rose to 60.8 in December 2024, from 58.4 in the previous month.
BUY USDINR DEC @ 84.95 SL 84.85 TGT 85.05-85.15.
EURINR
Observations
EURINR trading range for the day is 88.96-89.46.
Euro gains as decline in euro zone business activity eased this month
Euro zone industry did not fall in Oct but recovery not in sight
Moody’s unexpectedly downgraded France's credit rating to Aa3 from Aa2
BUY EURINR DEC @ 89.1 SL 88.9 TGT 89.35-89.5.
GBPINR
Observations
GBPINR trading range for the day is 106.95-107.75.
GBP gains as the UK Composite PMI showed a steady growth.
This week, investors will focus on monetary policy decisions from the Fed and the BoE as well as UK employment and inflation data.
Traders price in an interest-rate reduction from the Fed while the BoE is expected to leave them unchanged.
BUY GBPINR DEC @ 107.4 SL 107.1 TGT 107.7-107.9.
JPYINR
Observations
JPYINR trading range for the day is 55.7-56.38.
JPY dropped amid bets that the Bank of Japan will forgo an interest rate hike this week.
BOJ officials have indicated they want to see more evidence of wage growth before proceeding with additional policy adjustments.
The au Jibun Bank Japan Manufacturing PMI increased to 49.5 in December 2024, from November’s eight-month low of 49.0.
SELL JPYINR DEC @ 56.15 SL 56.35 TGT 55.85-55.65.
