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Published on 17/05/2019 10:32:34 AM | Source: LKP Securities Ltd

Currency Trading Ideas 17 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 70.09-70.83.

* Rupee broke through the psychological Rs 70/$1 mark helped by the overall dollar rally.

* India’s annual retail inflation rate rose in March to 2.86 percent, from 2.57 percent in the previous month, but remained below the central bank’s target

* India's foreign exchange (forex) reserves increased by $5.23 billion during the week ended March 29, official data showed.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR MAY 2019 @ 69.60 SL 69.45 TGT 69.85-69.98. NSE

 

EURINR

* EURINR trading range for the day is 78.47-79.02.

* Euro remained under pressure after renewed worries about a growth slowdown in Germany.

* The European Central Bank pushed back plans for its first post-crisis interest rate hike.

* German business morale deteriorated in April, a survey showed, bucking expectations for a small rise.

* RBI Reference Rate for EURINR was at 77.7024.

* BUY EURINR MAY 2019 @ 78.45 SL 78.25 TGT 78.64-78.80. NSE

 

GBPINR

* GBPINR trading range for the day is 90.64-91.34.

* GBP dropped amid fading hopes of a breakthrough in Brexit talks between the British government and the opposition.

* PM May told her top team of ministers that talks with the opposition Labour Party aimed at finding a way forward on Brexit were serious but difficult in some areas.

* Data showed speculative net positions in the pound turned slightly in favour of holding long sterling positions for the first time since June 2018.

* RBI Reference Rate for GBPINR was at 90.4756.

* SELL GBPINR MAY 2019 @ 90.90 SL 91.25 TGT 90.65-90.40. NSE

JPYINR

* JPYINR trading range for the day is 62.71-63.44.

* JPY gained as worries about global economic growth lifted the appeal of safe-haven assets.

* Bank of Japan cites uncertainties over sales tax hike and overseas economies, downgrades view on business sentiment

* Japan Finance Minister Toshimitsu Motegi will be meeting with USTR Robert Lighthizer on April 25

* RBI Reference Rate for JPYINR was at 62.52.

* SELL JPYINR MAY 2019 @ 62.15 SL 62.35 TGT 61.95-61.70. NSE

 

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