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Published on 14/08/2019 11:07:34 AM | Source: LKP Securities Ltd

Currency Trading Ideas 14 Aug 2019 - USD, EUR, GBP, JPY by LKP Securities

Posted in Currency Report| #Currency Tips #LKP Securities Ltd

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USDINR

* USDINR trading range for the day is 70.96-71.77.

* Rupee dropped to six months high on likely overseas outflows from local stocks amid heightened risk-aversion in the market supporting safe haven dollar demand.

* Rupee also dropped on the lack of positive outcome from the talks between Finance Minister Nirmala Sitharaman and a group of foreign investors.

* Indian government has not yet decided whether it would issue an overseas sovereign bond, as announced in the annual budget last month

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR AUG 2019 @ 71.10 SL 70.96 TGT 71.28-71.42. NSE

 

EURINR

* EURINR trading range for the day is 79.39-80.7.

* Euro edged higher after Italian bond yields pulled back from five-week highs on relief that rating agency Fitch left the country’s credit rating unchanged.

* Longer-term prospects for the euro remain grim with the European Central Bank widely expected to ease policy as early as September

* The dollar dropped earlier on expectations that a prolonged U.S.-China trade war would have a negative impact on American economic growth.

* RBI Reference Rate for EURINR was at 77.7024.

* SELL EURINR AUG 2019 @ 78.00 SL 78.32 TGT 77.72-77.64. NSE

 

GBPINR

* GBPINR trading range for the day is 85.53-87.04.

* GBP clawed back some ground, benefiting from political ructions in Italy, but concerns over Brexit kept the UK currency within sight of multi-year lows.

* With the Brexit deadline approaching, leveraged funds increased their net short positions on sterling in the week to Aug. 6 to a total of $7.83 billion.

* The UK economy unexpectedly contracted for the first time in more than six years in the second quarter.

* RBI Reference Rate for GBPINR was at 90.4756.

* SELL GBPINR AUG 2019 @ 89.10 SL 89.45 TGT 88.85-88.65. NSE

 

JPYINR

* JPYINR trading range for the day is 67.16-68.46.

* JPY gained as unrest in Hong Kong and gyrations in Argentina’s markets heightened investor risk aversion.

* Producer prices in Japan were flat on month in July, the Bank of Japan said, following the 0.5 percent drop in June.

* Japan's gross domestic product gained a seasonally adjusted 0.4 percent on quarter in the second quarter of 2019, the Cabinet Office said.

* RBI Reference Rate for JPYINR was at 62.52.

* SELL JPYINR AUG 2019 @ 63.40 SL 63.70 TGT 63.15-63.02. NSE

 

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