SELL JPYINR FEB @ 55.6 SL 55.8 TGT 55.4-55.2. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.01-83.07.
Rupee ended little changed as dollar demand from importers eroded the impact of supportive global cues.
Producer prices in the US were up 0.3% in January, the biggest increase in five months, and compared to forecasts of 0.1%.
USD/INR forward premiums ended the week lower with the 1-year implied yield down 3 basis points week-on-week at 1.76%.
SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.9.
EURINR
Observations
EURINR trading range for the day is 89.3-89.62.
Euro gains as investors digested cautious sentiments regarding monetary policy easing from various ECB officials.
Germany’s wholesale prices fell by 2.7% year-on-year in January 2024
Euro zone's low productivity may slow inflation's fall – ECB's Schnabel
BUY EURINR FEB @ 89.2 SL 89 TGT 89.4-89.6.
GBPINR
Observations
GBPINR trading range for the day is 104.29-104.85.
GBP gains as UK retail sales rise the most in nearly 3 years
Retail sales volumes in the United Kingdom rebounded by 3.4% month-over-month in January 2024
BOE’s Bailey, expressed encouragement over the nation's recent inflation figures and highlighted early indications of economic resurgence.
BUY GBPINR FEB @ 104.2 SL 103.9 TGT 104.5-104.7
JPYINR
Observations
JPYINR trading range for the day is 55.32-55.48. .
JPY dropped as investors continued to assess the economic and monetary policy outlook in US.
Japan’s Suzuki reiterated that the government will closely monitor FX moves and it is important for currencies to move in a stable manner.
Japan's economy unexpectedly contracted in the fourth quarter on weak domestic demand and slipped into a recession.
SELL JPYINR FEB @ 55.6 SL 55.8 TGT 55.4-55.2.
