Sell USDINR JAN @ 83.2 SL 83.35 TGT 83.05-82.95 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.91-83.35.
Rupee ended higher for a sixth consecutive session on expected foreign inflows.
The National Statistical Office estimated that the Indian economy will grow at 6.2% in the next fiscal year.
Markets are currently pricing in a 66% chance of the Fed easing rates in March.
SELL USDINR JAN @ 83.2 SL 83.35 TGT 83.05-82.95.
EURINR
Observations
EURINR trading range for the day is 90.8-91.22.
Euro steadied as investors analyzed comments from ECB policymakers
ECB Vice President confirms possibility of technical recession in 2023
ECB plans to reduce interest rates once 2% inflation target is met
BUY EURINR JAN @ 91 SL 90.8 TGT 91.2-91.35.
GBPINR
Observations
GBPINR trading range for the day is 105.44-105.92.
GBP drops further ahead of BoE Bailey’s speech.
The UK economy is on the brink of shifting into a technical recession.
Market mood remains downbeat ahead of US Inflation data.
BUY GBPINR JAN @ 105.7 SL 105.4 TGT 106-106.2.
JPYINR
Observations
JPYINR trading range for the day is 57.35-57.85.
JPYINR FEB-JAN 0.3400 BUY JPYINR JAN @ 57 SL 56.8 TGT 57.2-57.4.
JPY weakens following the release of weaker domestic wage growth data.
Elevated US bond yields lend support to the USD and support prospects for further gains.
A positive risk tone further undermines the JPY and lifts USD/JPY to a fresh weekly top.
BUY JPYINR JAN @ 57 SL 56.8 TGT 57.2-57.4.
