> BUY USDINR JUN 2018 @ 67.75 SL 67.60 TGT 67.88-68.00. NSE
Yesterday rupee appreciated by 0.48 percent as dollar index remained flat. Rupee ended the day at a 2 week high against the dollar after a surprise crash in crude oil prices quickly fading away near term trade deficit worries and inflation. India’s trade deficit widened slightly to $13.72 billion in April from $13.25 billion a year ago. However, CPI inflation increased to 4.6% in Apr’18 as compared to market estimates of 4.4%.
The latest FOMC meeting minutes suggested that higher inflation may not result in faster interest rate hikes. Existing home sales data for Apr’18 came in 5.46 million against market expectations of 5.56 million. Manufacturing PMI from US came in line market expectations at 56.6 for Apr’18. Meanwhile, the third round of the US China trade talks to start this week in Beijing when US commerce Secretary Wilbur Ross will travel to China in order to attain a more defined goal in the trade talks. Officials from US and North Korea are trying hard to resurrect the Trump-Kim Summit.
> SELL EURINR JUN 2018 @ 78.85 SL 79.30 TGT 78.44-7.20. NSE
EURUSD depreciated by 0.24 percent while EURINR appreciated by 0.66 percent during the same time frame. Euro zone manufacturing PMI came in at 55.5 against market expectations of 56.1 for Apr’18. Meanwhile, political turmoil in Italy has exposed Italy’s euro fault line. President Sergio Mattarella yesterday rejected a proposed anti-establishment government amid fears it could take country of the single currency. Also, new elections are likely to push euro membership to the top of the political agenda.
> SELL GBPINR JUN 2018 @ 90.40 SL 90.85 TGT 90.10-89.85. NSE
GBP appreciated against the US dollar by 0.03 percent while GBPINR appreciated by 0.45 percent. CPI from UK came in at 2.4% for Apr’18 against market expectations of 2.5%. Retail sales data from UK came in at 1.6% for Apr’18 against market expectations of 0.8%. Meanwhile, BOE governor stated that the central bank could retain the stimulus after Brexit if needed. UK markets remained closed yesterday on account of Spring Bank Holiday.
> BUY JPYINR JUN 2018 @ 62.20 SL 61.85 TGT 62.56-62.85. NSE
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