SELL JPYINR DEC @ 56.6 SL 56.8 TGT 56.4-56.2. - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.91-85.01.
Rupee fell to an all-time low pressured by a lingering depreciation bias and heightened demand for the U.S. dollar.
The annual inflation rate in India eased to 5.48% in November of 2024 from 6.21% in the previous month
Dollar-rupee forward premiums rose in reaction to the heightened odds of a Fed rate cut.
BUY USDINR DEC @ 84.9 SL 84.8 TGT 85-85.1
EURINR
Observations
EURINR trading range for the day is 88.98-89.62.
Euro gains ahead of a ECB policy meeting that is expected to deliver a 25 basis point rate cut and some dovish guidance.
ECB has decided to cut its key interest rates for the fourth time this year by 25 bps in December 2024
The Eurozone economy continues to exhibit signs of weakness, compounded by political uncertainty in France
SELL EURINR DEC @ 89.3 SL 89.5 TGT 89.1-88.9.
GBPINR
Observations
GBPINR trading range for the day is 107.95-108.77.
GBP gains boosted by expectations of a relatively cautious Bank of England (BoE).
The RICS UK Residential Market Survey's house price balance, jumped to +25% in November 2024.
The BoE is likely to hold interest rates steady next week and proceed cautiously next year
SELL GBPINR DEC @ 108.35 SL 108.65 TGT 108-107.7
JPYINR
Observations
JPYINR trading range for the day is 56.33-56.91.
JPY gains as the Bank of Japan sees little cost to wait before raising interest rates again
Japan's economy is expanding moderately, while wages are rising steadily
Investors are now looking ahead to Friday’s Japanese business sentiment figures for further insight into the country's economic outlook.
SELL JPYINR DEC @ 56.6 SL 56.8 TGT 56.4-56.2.
