Sell JPYINR NOV @ 55.85 SL 56.05 TGT 55.65-55.45. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.22-83.38.
Rupee closed slightly weaker, pressured by persistent equity outflows and elevated U.S. Treasury yields
The US economy expanded 4.9% in Q3, the most since Q4 of 2021, compared to a 2.1% expansion in Q
Fed Chair Powell arguing that inflation is "still too high" and warning additional monetary policy tightening may be needed
SELL USDINR NOV @ 83.45 SL 83.6 TGT 83.35-83.2
EURINR
Observations
EURINR trading range for the day is 87.8-88.12.
Euro dropped as Euro zone economic sentiment fell and weaker-than-expected PMI data.
ECB interest rates at multi-year highs during its October meeting, marking a significant shift from its 15-month streak of rate hikes
The October flash surveys revealed that the Eurozone's private sector activity contracted the most in nearly three years
BUY EURINR NOV @ 87.8 SL 87.6 TGT 88.05-88.2.
GBPINR
Observations
GBPINR trading range for the day is 100.57-100.91.
GBP dropped after gloomy economic data affirmed the view that the Bank of England will likely hold rates steady
S&P Global UK Purchasing Managers' Index (PMI) for the services sector fell in October to 49.2
Money market traders also think UK rates have peaked, with rate cuts fully priced by the end of next year.
BUY GBPINR NOV @ 100.7 SL 100.45 TGT 101-101.2
JPYINR
Observations
JPYINR trading range for the day is 55.48-56.14.
JPY dropped as dollar rose as Treasury yields rose and investor appetite for riskier currencies dimmed.
The yen breached 150 per dollar to keep traders jittery about the prospect of intervention.
Japan’s headline inflation rate fell to a one-year low of 3% in Septembe
SELL JPYINR NOV @ 55.85 SL 56.05 TGT 55.65-55.45.
