Analysts at Westpac are recommending to go long on the 1M USD/INR NDF outright at the current market price of 70.20 for the target price of 72.43, while maintaining a stop loss of 69.24. Key Quotes “Rationale: “The recent downward move in USD/INR appears to have associated more with oil prices than overall risk sentiment.” “The Putin/MBS meeting at the sidelines of G20 points to a higher possibility of an oil production cut.” “Oil prices impact both India’s fiscal and current account positions; Using FY18 as a reference point, a USD10 increase in oil prices translates into a USD13bn deduction in a year from the current account via trade (not taking into account remittances), which is significant compared with the annual C/A deficit at around USD50bn.” “Risks: Risk sentiment supports high yielders in Asia Final oil production cut decision Market perception of a dovish Fed” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBA to keep the cash rate at 1.5% – TDS FX Street 4 years Analysts at Westpac are recommending to go long on the 1M USD/INR NDF outright at the current market price of 70.20 for the target price of 72.43, while maintaining a stop loss of 69.24. Key Quotes "Rationale: "The recent downward move in USD/INR appears to have associated more with oil prices than overall risk sentiment." "The Putin/MBS meeting at the sidelines of G20 points to a higher possibility of an oil production cut." "Oil prices impact both India's fiscal and current account positions; Using FY18 as a reference point, a USD10 increase in oil prices translates into a USD13bn deduction… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
