Sell USDINR FEB @ 83.15 SL 83.25 TGT 83.05-82.95 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.06-83.16.
Rupee ended unchanged as mixed cues from the strength in most of its Asian peers.
OECD raised India’s growth outlook for 2024-25 (FY25) to 6.2% from the 6.1% forecasted.
The RBI interest rate decision on Thursday will be the highlight of this week.
SELL USDINR FEB @ 83.15 SL 83.25 TGT 83.05-82.95.
EURINR
Observation
EURINR trading range for the day is 89.08-89.66.
Euro remained in range as strong US economic data and Fed’s hawkish signals dampened interest rate cut expectations
Factory orders in Germany unexpectedly climbed by 8.9% mom in December 2023
Investor morale in the euro zone improved for the fourth consecutive month in February
BUY EURINR FEB @ 89.3 SL 89.1 TGT 89.5-89.7.
GBPINR
Observation
GBPINR trading range for the day is 104.03-104.73.
GBP dropped as investors tempered expectations of interest rate cuts following the release of strong US jobs 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.
BUY GBPINR FEB @ 104.3 SL 104 TGT 104.6-104.8
JPYINR
Observation
JPYINR trading range for the day is 56.02-56.32.
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
BUY JPYINR FEB @ 56.1 SL 55.9 TGT 56.3-56.45.
