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Published on 16/05/2019 9:34:00 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 16 May 2019 - USD, EUR, GBP, JPY by Kedia Commodity

Posted in Currency Report| #Kedia Commodity Ltd #Currency Tips

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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.

 

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.

 

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.

 

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

 

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