Sell JPYINR Sep @ 58.8 SL 59 TGT 58.6-58.4. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.5-83.88.
Rupee hit a two-month high after the Federal Reserve delivered a 50 basis points interest rate cut.
Fed Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.
Dollar-rupee forward premiums rose with the 1-year implied yield touching 2.33%, its highest level since April last year.
SELL USDINR SEP @ 83.7 SL 83.8 TGT 83.6-83.52.
EURINR
Observations
EURINR trading range for the day is 92.78-93.88.
Euro appreciated after the Federal Reserve lowered interest rates by a jumbo 50bps.
The current account surplus in the Euro Area widened sharply to €48 billion in July 2024 from €25.5 billion a year earlier.
Annual inflation rate in the Eurozone eased to 2.2% in August 2024, the lowest since July 2021
SELL EURINR SEP @ 93.45 SL 93.65 TGT 93.2-93.
GBPINR
Observations
GBPINR trading range for the day is 110.16-111.66.
GBP gains after the Bank of England left interest rates steady at 5.5%
Annual inflation rate in the UK steadied at 2.2% in August 2024, the same as in July.
Traders now parse about 42bps of rate cuts by the central bank by the year-end, below 52bps before the decision.
SELL GBPINR SEP @ 111.2 SL 111.5 TGT 110.9-110.7.
JPYINR
Observations
JPYINR trading range for the day is 58.16-59.22.
JPY fell even after the US Federal Reserve delivered a supersized half-percentage point interest rate cut.
Fed Powell said that they are not in a rush to ease policy and that half-percentage point cuts are not the “new pace.”
Bank of Japan is widely expected to keep policy unchanged on Friday but will likely signal further rate hikes.
SELL JPYINR SEP @ 58.8 SL 59 TGT 58.6-58.4.
