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USDINR

Observations

USDINR trading range for the day is 82.77-83.67.

Rupee strengthened amid election results deemed favorable by financial markets and a strong GDP.

The HSBC India Manufacturing PMI came at 57.5 in May 2024, below preliminary estimates and market forecasts of 58.4.

Indian GDP expanded by 7.8% from the previous year in the quarter ending in March.

SELL USDINR JUN @ 83.25 SL 83.35 TGT 83.15-83.05.

EURINR

Observations

EURINR trading range for the day is 90.15-90.41.

Euro dropped as markets anticipate a ECB rate cut this week, the first since 2016.

The HCOB Eurozone Manufacturing PMI rose to 47.3 in May from 45.7 in April, slightly below the preliminary estimate of 47.4.

The HCOB Germany Manufacturing PMI was confirmed at 45.4 in May 2024, the highest in four months.

BUY EURINR JUN @ 90.2 SL 90 TGT 90.4-90.6.

GBPINR

Observation

GBP surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September.

GBP dropped as markets continued to assess the economic backdrop for hints on how restrictive monetary policy will remain this year.

The UK Manufacturing PMI rose to 51.2 in May from 49.1 in April, marking its highest reading since July 2022

UK’s stubborn service inflation keeps the uncertainty about the timing of BoE rate cuts.

BUY GBPINR JUN @ 105.7 SL 105.4 TGT 106-106.3.

JPYINR

Observation

JPYINR trading range for the day is 53.14-53.5.

JPY weakened as Minister Yoshitaka Shindo expressed the goal for the primary balance to achieve surplus territory by 2025.

The Jibun Bank Manufacturing PMI rose 50.4 MoM in May, indicating the first expansion since May 2023.

The US Dollar depreciated as Fed officials suggested no further interest rate hikes.

SELL JPYINR JUN @ 53.4 SL 53.6 TGT 53.2-53.