Sell USDINR Jun @ 83.7 SL 83.85 TGT 83.55-83.4 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.85-84.07.
Rupee dropped after counts showed that incumbent PM Modi’s BJP is due for a much narrower win than expected.
Indian GDP expanded by 7.8% from the previous year in the quarter ending in March, well above market expectations of 6.7%
Manufacturing activity eases to a three-month low of 57.5 in May
SELL USDINR JUN @ 83.7 SL 83.85 TGT 83.55-83.4.
EURINR
Observations
EURINR trading range for the day is 90.09-91.05.
Euro gains as expectations grow for a closer alignment in monetary policy between the US and Europe.
Germany's seasonally adjusted jobless rate held at 5.9% for the sixth consecutive month in May 2024, close to three-year highs.
The ECB is expected to announce a 25 bps interest rate cut on Thursday along with quarterly forecasts.
BUY EURINR JUN @ 90.6 SL 90.4 TGT 90.8-91.
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 gains as dollar dropped on growing speculation that Fed will start reducing interest rates from the September meeting.
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 @ 106.4 SL 106.1 TGT 106.7-106.9.
JPYINR
Observation
JPYINR trading range for the day is 53.31-53.65.
JPY appreciated as the US dollar declined on weak US manufacturing data
BOJ Governor Kazuo Ueda said the central bank's basic stance is to allow market forces to set long-term interest rates
Investors look ahead to Japanese wage and household spending data this week that could influence the outlook for domestic monetary policy
BUY JPYINR JUN @ 53.5 SL 53.3 TGT 53.75-53.9.
