Technical Currency Outlook 17 June 2019 – USD, EUR, GBP, JPY by Kedia Commodity
# USDINR trading range for the day is 69.48-70.14.
# Rupee dropped on buying by natioanlised banks likely on behalf of oil importers amid overseas inflows into local stocks.
# Investors were wary about the country’s plans to impose higher tariffs on some U.S. goods, amid higher food prices in the domestic market.
# The Reserve Bank of India will conduct purchase of government securities under Open Market Operation (OMO) for 125 billion rupees on June 20, 2019, the central bank said.
# EURINR trading range for the day is 78.42-79.03.
# Euro traded in range after International Monetary Fund Managing Director Christine Lagarde warned that escalating trade tensions pose risks to the euro zone.
# EU finance ministers failed to agree in overnight talks on some of the key features of a future euro zone budget and decided to continue discussions in the coming months
# Germany’s wholesale price inflation slowed in May after accelerating in April, figures from Destatis showed.
# GBPINR trading range for the day is 88.11-88.63.
# GBP remained in range after Boris Johnson won by far the most support from Conservative lawmakers in the first round of the contest to replace PM May.
# Broader market sentiment has also conclusively turned negative against the British pound in recent weeks with net speculative positions flipping towards a bearish position.
# UK house prices increased in May as the delay in Brexit helped to curb continuous fall in prices.
# JPYINR trading range for the day is 64.16-64.83.
# JPY traded in range as investors were reluctant to take large positions before next week’s Federal Reserve meeting and the G20 summit in Japan.
# The total value of core machine orders in Japan advanced a seasonally adjusted 5.2 percent on month in April, the Cabinet Office said.
# Producer prices in Japan were down 0.1 percent on month in May, the Bank of Japan.