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Published on 19/07/2019 9:45:24 AM | Source: LKP Securities Ltd

Currency Trading Ideas 19 July 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 68.67-69.24.

* Rupee dropped as dollar gained on buying by nationalised banks likely on behalf of oil importers.

* The International Monetary Fund (IMF) said the greenback was overvalued by 6% to 12%, based on near-term economic fundamentals.

* The Fed is widely expected to lower interest rates by 25 basis points at its July 30-31 monetary policy meeting, with few expecting a larger 50 bps cut.

* RBI Reference Rate for USDINR was at 69.1713.

* BUY USDINR JUL 2019 @ 68.60 SL 68.48 TGT 68.75-68.85. NSE

 

EURINR

* EURINR trading range for the day is 77.27-77.76.

* Euro traded in range as it was restrained by expectations of easing from the European Central Bank as early as next week.

* Eurozone construction output declined for the third straight month in May, data from Eurostat showed.

* Italy's industrial orders rose in May after falling in the previous month, figures from Istat showed.

* RBI Reference Rate for EURINR was at 77.7024.

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

 

GBPINR

* GBPINR trading range for the day is 85.42-86.66.

* GBP gained after stronger-than-expected retail sales numbers and as traders betting against the currency took some profits following this week’s plunge

* With economic data also showing the UK economy struggling, putting more pressure on the Bank of England to ease monetary policy.

* The hard Brexit risk was boosted when both Johnson and Hunt said they would not accept the so-called Northern Irish backstop in Theresa May’s proposed Brexit agreement.

* RBI Reference Rate for GBPINR was at 90.4756.

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

 

JPYINR

* JPYINR trading range for the day is 63.66-64.32.

* JPY remained supported as the dollar slipped as risk aversion in the broader markets pushed benchmark U.S. yields to a nine-day low.

* Expectations have risen sharply that the Bank of Japan's next policy move will be to ease further.

* Japan posted a merchandise trade surplus of 589.5 billion yen in June, the Ministry of Finance said.

* RBI Reference Rate for JPYINR was at 62.52.

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

 

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