Sell JPYINR Feb@ 56.25 SL 56.45 TGT 56.05-55.9 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 82.91-83.33.
Rupee fell weighed down by dollar demand from local oil companies and a jump in U.S. Treasury yields
India Services PMI was revised higher to 61.8 in January 2024
India Composite PMI was revised upward to 61.2 in January 2024
SELL USDINR FEB @ 83.15 SL 83.25 TGT 83.05-82.95.
EURINR
Observations
EURINR trading range for the day is 89.27-89.87.
Euro dropped as stronger-than-expected US economic data and another pushback from Fed further dented sentiment.
Germany's trade surplus increased to EUR 22.2 billion in December 2023, surpassing market forecasts of EUR 18.8 billion
Euro zone inflation dips but core figures may disappoint
SELL EURINR FEB @ 89.6 SL 89.8 TGT 89.4-89.2.
GBPINR
Observations
GBPINR trading range for the day is 104.4-105.16.
GBP lost ground as dollar surged after blockbuster US jobs data.
BoE’s Huw Pill mentioned that the right time for the rate cuts is probably still some time away
Fed Chair Jerome Powell reiterated that the March meeting is too soon to start rate cuts.
SELL GBPINR FEB @ 104.7 SL 105 TGT 104.4-104.2.
JPYINR
Observations
JPYINR trading range for the day is 56.1-56.38.
JPY dropped as a stronger-than-expected US jobs report and another pushback from Fed
The au Jibun Bank Japan Composite PMI was revised upward to 51.5 in January 2024
The au Jibun Bank Japan Services PMI was revised higher to 53.1 in January 2024
SELL JPYINR FEB @ 56.25 SL 56.45 TGT 56.05-55.9.
