Sell USDINR Jun @ 83.4 SL 83.5 TGT 83.3-83.2 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.21-83.59.
Rupee ended higher supported by dollar inflows related to the rebalancing of the MSCI equity indices.
The US economy expanded an annualized 1.3% in Q1 2024, below 1.6% in the advance estimate
Indian economy is on a firm footing: RBI annual report
SELL USDINR JUN @ 83.4 SL 83.5 TGT 83.3-83.2.
EURINR
Observations
EURINR trading range for the day is 90.06-90.44.
Euro dropped as markets continued to assess the monetary policy outlook for the European Central Bank.
EU-harmonized inflation gauge for Germany was slightly ahead of expectations for May and rebounded to 2.8%.
Hawkish signals from Fed members further trimmed expectations of a US rate cut by the third quarter, pressuring the currency pair.
SELL EURINR JUN @ 90.3 SL 90.5 TGT 90.1-89.9.
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 some support for the greenback countered the strong momentum stemming from a hawkish BoE.
The International Monetary Fund (IMF) expected two to three rate cuts from the BoE.
Investors now favor the BoE’s first rate cut in September instead of the previous consensus of June.
SELL GBPINR JUN @ 106.2 SL 106.5 TGT 105.9-105.6.
JPYINR
Observation
JPYINR trading range for the day is 53.16-53.62.
JPY gains as a broad selloff in risk assets triggered safe-haven buying for the currency.
Japan's benchmark 10-year yield reaching 1.1% this week for the first time since July 2011
BOJ’s Adachi said that the central bank may raise interest rates if sharp falls in the yen leads to further inflation.
SELL JPYINR JUN @ 53.6 SL 53.8 TGT 53.4-53.2.
