SELL USDINR Jun @ 83.6 SL 83.7 TGT 83.5-83.4. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.52-83.6.
Rupee closed unchanged as intervention from Indian central bank prevented it from hitting a lifetime low.
India’s merchandise trade deficit was at $23.8 billion in May of 2024
Dollar-rupee forward premiums rose with the 1-year implied yield up 3 basis points at 1.63%.
SELL USDINR JUN @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observations
EURINR trading range for the day is 88.97-90.37.
Euro dropped pressured by political uncertainty in France.
ECB delivered its first rate cut in five years last week, but adopted a cautious approach towards additional cuts
Industrial production in the Euro Area declined by 0.1% month-over-month in April 2024
BUY EURINR JUN @ 89.4 SL 89.2 TGT 89.6-89.8.
GBPINR
Observations
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 dollar rises amid hawkish stance of Fed on the interest rate outlook.
BoE Survey: UK public inflation expectations for year ahead drop from 3.0% to 2.8% in May.
UK’s steady wage growth has raised concerns of persistent inflation in the services sector.
BUY GBPINR JUN @ 106 SL 105.7 TGT 106.3-106.5.
JPYINR
Observations
JPYINR trading range for the day is 53-53.5.
JPY weakened as the Bank of Japan decided to keep interest rates unchanged in June as widely expected
The BOJ also said it will buy Japanese government bonds at the same pace as decided in March until its next policy meeting in July.
Japan’s machine tool orders increased by 4.2% year-on-year to JPY 124,554 million in May 2024
