Sell USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3. - Kedia Advisory
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USDINR
Observation
* USDINR trading range for the day is 83.43-83.71.
* Rupee ended lower as dollar demand from local oil companies and other importers
* The HSBC India Services PMI was revised lower to 60.8 in April 2024 from 61.7 in the preliminary estimates
* Fed officials have emphasised that they expect inflation to decline with the central bank holding rates steady.
SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.
EURINR
Observation
* EURINR trading range for the day is 89.39-90.13.
* Euro gains as traders revised their expectations for interest rate cuts
* Euro zone business activity grows at fastest pace in almost a year
* German services sector picks up pace in April, PMI shows
SELL EURINR MAY @ 90 SL 90.2 TGT 89.8-89.6.
GBPINR
Observation
* GBPINR trading range for the day is 104.45-105.07.
* GBP gains as traders recalibrated their expectations for the timing of interest rate cuts in 2024
* Bank of England is expected to keep rates unchanged next week but investors are fully pricing the first cut in August instead of September.
* BoE Governor Andrew Bailey expressed optimism as British inflation appeared on track to meet the 2% target.
SELL GBPINR MAY @ 105 SL 105.3 TGT 104.7-104.45.
JPYINR
Observation
* JPYINR trading range for the day is 54-54.54.
* JPY dropped as most investors were away for a public holiday, although intervention risks remain.
* US Treasury Secretary counsels caution on currency intervention from Japanese authorities.
* The BOJ kept interest rates ultra-low despite high borrowing costs abroad
SELL JPYINR MAY @ 54.35 SL 54.55 TGT 54.15-54.
