Sell JPYINR Jan @ 55.7 SL 55.9 TGT 55.5-55.3 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 86.1-86.46.
Rupee posted its biggest weekly rise more than a year, after U.S. President Trump not levying tariffs immediately on taking office.
The HSBC India Manufacturing PMI rose to 58 in January 2025, up from 56.4 in December.
The 1-year implied yield on dollar/rupee forwards is down almost 50 basis points from its recent highs, at 2.29%.
SELL USDINR JAN @ 86.35 SL 86.45 TGT 86.22-86.12.
EURINR
Observations
EURINR trading range for the day is 89.92-90.86.
Euro gains as US President Donald Trump called for lower interest rates and cheaper oil prices.
Euro zone business began the new year with a modest return to growth
Recent comments from the ECB policymakers indicated that a rate cut was likely.
SELL EURINR JAN @ 90.6 SL 90.85 TGT 90.3-90.1.
GBPINR
Observations
GBPINR trading range for the day is 106.58-107.48.
GBP gains after US President Trump supported immediate interest rate cuts from the Fed.
The S&P Global Flash UK Manufacturing PMI increased to 48.2 in January 2025 from 47 in December 2024.
The GfK Consumer Confidence Index in the United Kingdom dropped by 5 points to -22 in January 2025
SELL GBPINR JAN @ 107.25 SL 107.55 TGT 106.9-106.7.
JPYINR
Observations
JPYINR trading range for the day is 55.3-55.86.
JPY strengthened after the Bank of Japan raised interest rates by 25 basis points to 0.5%.
The central bank also projected that inflation would reach its 2% target in the second half of its forecast period.
The BOJ expressed confidence that businesses would offer solid wage hikes in this spring’s wage negotiations.
SELL JPYINR JAN @ 55.7 SL 55.9 TGT 55.5-55.3.
