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Published on 16/05/2019 10:04:34 AM | Source: LKP Securities Ltd

Currency Trading Ideas 16 May 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 70.19-70.67.

* Rupee gained as support seen after trade tensions between the US and China seemed easing.

* The government has a fiscal deficit target of 3.4% of gross domestic product for 2019/20.

* The finance ministry official said the RBI needs to provide additional liquidity to ensure rate cuts pass to bank customers.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR MAY 2019 @ 71.30 SL 71.16 TGT 71.44-71.56. NSE

 

EURINR

* EURINR trading range for the day is 78.67-79.43.

* Euro dropped after weaker after Italy’s deputy prime minister said the country was ready to break EU budget rules on debt levels if necessary to boost employment.

* The dollar was also buoyed as U.S. and Chinese officials said the two countries would continue to negotiate on trade.

* The ECB’s latest economic forecasts are still valid and its monetary policy stance appears to be appropriate, ECB policymaker Francois Villeroy de Galhau said.

* RBI Reference Rate for EURINR was at 77.7024.

* BUY EURINR MAY 2019 @ 80.90 SL 80.60 TGT 81.10-81.40. NSE

 

GBPINR

* GBPINR trading range for the day is 90.62-91.38.

* GBP remained under pressure as British employment data showed wage growth in the quarter ending March was lower than expected.

* Wages in Britain had grown at strong rates over the past year or so but slowed to 3.2 percent in the first quarter of 2019, data showed.

* The Bank of England has said in the past that a rate hike would be contingent on strong wage growth pushing up inflation.

* RBI Reference Rate for GBPINR was at 90.4756.

* BUY GBPINR MAY 2019 @ 92.00 SL 91.70 TGT 92.32-92.56. NSE

 

JPYINR

* JPYINR trading range for the day is 63.79-65.12.

* JPY dropped as the dollar was supported as trade issues remained foremost on investors’ minds after U.S. President insisted that trade talks with China had not collapsed.

* BoJ's Governor Haruhiko Kuroda: Japanese banks making reasonable management of CLOS, will continue to carefully monitor investment by banks

* Japanese Finance Minister Taro Aso says that he is not thinking about additional fiscal measures and is unsure how the US-China trade war will affect Japan's economy

* RBI Reference Rate for JPYINR was at 62.52.

* SELL JPYINR MAY 2019 @ 64.60 SL 64.78 TGT 64.40-64.20. NSE

 

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