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Today USD, EUR, GBP, JPY and INR Trading Outlook Report : 20/07/2018

Jul 20, 2018 TECHNICAL REPORT 0

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TODAY USDINR TRADING

• USDINR trading range for the day is 68.58-69.39.
• Rupee weakened sharply to three-week low as dollar surged to over one-year high after Federal Chairperson, Powell hinted at more rate hikes this year.
• India’s wholesale price inflation accelerated at a faster-than-expected pace in June to the highest level in four-and-a-half years.
• Activity in India’s service industry rebounded in June from a mild contraction the prior month, expanding at its quickest pace in a year.

TODAY EURINR TRADING

• EURINR trading range for the day is 79.83-80.47.
• Euro seen supported as the dollar retreated as investors cashed in on gains the currency made after two days of testimony by U.S. Federal Chairman Powell.
• EU is said to prepare rebalancing measures in case of car tariffs
• Eurozone’s construction output growth improved for a third straight month, preliminary data from Eurostat showed.

TODAY GBPINR TRADING

• GBPINR trading range for the day is 89.46-90.23.
• GBP recovered on short covering after prices tumbled as data showed British inflation failed to rise as expected.
• UK Cabinet minister says Conservative Party has come to its senses and will work together on Chequers deal
• Market expectations for a 25 basis point August interest rate rise by the Bank of England fell back to 72 percent from close to 80 percent earlier this week.

TODAY JPYINR TRADING

• JPYINR trading range for the day is 60.96-61.32.
• JPY gains as support seen after the Bank of Japan lowered purchases of longer-maturity bonds for the first time since January.
• Japan’s exports to the United States fell for the first time in 17 months and Japanese business sentiment soured.
• Japan’s global exports rose 6.7 percent in June, while imports gained 2.5 percent.

AFTER POST CONTENT

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