The Indian rupee opened higher against the dollar

The Indian rupee opened higher against the dollar

18 Nov 2019 09:16 AM
 

USD/INR – The Indian rupee opened higher against the dollar amid tepid regional cues as investor focus remains on U.S.-China trade developments. The rupee opened at 71.68 to a dollar compared with its previous close of 71.78. However, regional risk appetite is only marginally positive since there has been no concrete development so far, apart from positive remarks, on the trade-talk front. USDINR is expected to trade in a range between 70.40 - 71.90.

EUR/USD – EUR/USD's has extended its bounce from the Nov. 14 low, putting recently established short positions in jeopardy. U.S. dollar sales, driven buy a dip in the U.S. rate complex, after today's economic results led to EUR/USD breaking above the 55- and 10-DMAs while also increasing the daily RSI's bull bias. EUR/USD also received a lift from expectations for central bank policy moves. Euribor markets suggest no additional ECB cuts are expected while U.S. short-term rate markets are pricing in a 25bps Fed rate cut for September 2020. Options markets bolster concerns for EUR/USD shorts. A Morgan Stanley report said the dollar will soon come under pressure and options highlight that view as dollar puts are being bought. The EURO was last trading at $1.1062.

GBP/USD GBP/USD-Bounce extends - 1.3010 range top test viable as British Prime Minister Boris Johnson's Conservatives have a 14 point lead over the opposition Labour Party ahead of a Dec. 12 election, a poll published by Good Morning Britain showed on Monday. The opinion poll, carried out by Survation, put support for the Conservatives on 42%, compared to 28% for Labour. The pro-European Union Liberal Democrats were on 13% and the Brexit Party was on 5%. It did not give changes in levels of support as this was the first in the poll series. The pound was last trading at $1.2930.

USD/JPY - USD/JPY is recovering on improved U.S.-China trade deal expectations due to Kudlow and Ross's comments but to sustain the rebound from Thursday's break below the well-defined uptrend line from August, it must close above key resistance at 108.86. Today's U.S. economic data) were mediocre, showing struggles with the trade war and fallout from the GM strike and followed dour data from China and elsewhere yesterday. U.S. talk of a phase one trade deal with China being close is taken with a grain of salt by the markets given the checkered negotiation history and thorny bargaining hurdles. The USD/JPY was last trading at $108.82

 

Currency range for today

Currency Lower Upper
USD/INR 71.40 71.90
EUR/INR 78.80 79.60
GBP/INR 92.20 93.00
JPY/INR 0.6550 0.6610
 No Important data releases today

 

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