Sell JPYINR FEB @ 55.3 SL 55.5 TGT 55.1-54.95 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.75-83.03.
Rupee gains aided by an uptick in its Asian peers and on the back of dollar inflows into the domestic share and bond markets.
India Manufacturing PMI inched up to 56.7 in February 2024 from 56.5 in the previous month
India Services PMI increased to 62.0 in February 2024 from 61.8 in the previous month
BUY USDINR FEB @ 82.8 SL 82.7 TGT 82.9-83.
EURINR
Observations
EURINR trading range for the day is 89.48-90.46.
Euro gains as investors tempered their expectations for interest rate cuts by the European Central Bank this year
Eurozone Services PMI increased to 50 in February 2024, the highest in seven months
Eurozone Composite PMI rose to 48.9 in February 2024, up from 47.9 in the previous month
SELL EURINR FEB @ 90 SL 90.2 TGT 89.8-89.6.
GBPINR
Observations
GBPINR trading range for the day is 104.5-105.58.
GBP gains as investors recalibrated their expectations for future rate cuts by major central banks
The S&P Global Flash UK Manufacturing
PMI edged up to 47.1 in February 2024 from 47 in January
BoE's Greene wants more evidence before cutting rates
SELL GBPINR FEB @ 105.1 SL 105.4 TGT 104.8-104.6
.JPYINR
Observations
JPYINR trading range for the day is 55.11-55.39.
JPY remains on the defensive amid the BoJ policy uncertainty.
The flash Japan PMIs do little to impress the JPY bulls or lend any support.
Intervention fears help limit deeper losses amid subdued USD price action.
SELL JPYINR FEB @ 55.3 SL 55.5 TGT 55.1-54.95.
